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Security Analytics Market to Soar at 24.3% CAGR till 2027; Rising Demand for Efficient Virtual Safeguards from Financial Institutions to Aid Market Growth

May 15, 2020 | Information & Technology

The global security analytics market size is forecasted to reach USD 28.55 billion by 2027 owing to increasing vulnerability of web services to cyber-attacks, states Fortune Business Insights™ in its new report, titled “Security Analytics Market Size, Share & Industry Analysis, By Component (Solutions, and Services), By Application (Network Security Analytics, Web Security Analytics, Endpoint Security Analytics, and Application Security Analytics), By Vertical (BFSI, Government and Defense, IT and Telecommunication, Manufacturing, Healthcare, Energy and Utilities, and Others), and Regional Forecast, 2020-2027”. The report further states that the market value was at USD 5.05 billion in 2019 and is expected to exhibit an impressive CAGR of 24.3% from 2020 to 2027.


McAfee Launches Integrated Security Solution for Cloud


McAfee, the US-based computer security company, introduced advancements to its trusted cloud-based MVISION platform in the form of Unified Cloud Edge (UCE) in February 2020. The new addition will enable a well-integrated tool for data protection from various threats for both the device and the cloud. The launch of the UCE makes McAfee the only company to offer a unified security analytics solution, which will also facilitate smooth adoption of Secure Access Service Edge architecture among organizations. Together, these solutions will raise the security quotient and at the same time, make cyber-security technologies cost-effective and efficient. Thus, development of comprehensive data security solutions by key players will elevate the potential of this market during the forecast period.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/security-analytics-market-102772


COVID-19 Pandemic to Fuel Adoption of Security Analytics


The unprecedented spread of the COVID-19 infection has created new working trends in the corporate sector. Of these, the most prominent one is that of ‘work from home’, an extension of social distancing measures and a necessity due to enforced lockdowns, wherein employees and employers perform their job duties sitting at home. This has substantially raised the demand for video-conferencing tools such as Zoom and Skype, which are cloud-based applications, designed to enable virtual-visual communication. However, in April 2020, when the Zoom app was already being widely by companies, the Indian Ministry of Home Affairs announced that the app was unsafe and the data generated and stored by it was susceptible to cyber-attacks. This announcement carries weight in these troubled times as the COVID-19 outbreak has provided cyber-criminals the perfect opportunity to harvest data and infringe privacy of users. As a result, the security analytics market growth is set to surge as the pandemic creates chaos around globe.


Strategic Partnerships among Players to Characterize Market Competition


Key players are taking decisive steps to crystallize their position in this market. To that end, many companies are actively and enthusiastically entering into strategic collaborations to explore and exploit different avenues of innovation. Higher innovation capacity will also aid smaller players to widen their offerings and diversify their revenue streams. Moreover, collaborations with larger companies will expand their presence globally, tap new markets, and broaden their customer base.


Industry Development:



  • February 2020: The US-based security analytics specialist, Rapid7, teamed up with another software security company, Snyk, to develop and deliver end-to-end security for applications to organizations. The companies aim at providing integrated security solutions to enterprises to enable them to develop safe cloud-native applications.


List of Companies Covered in this Market Report:



  • RSA Security LLC.

  • McAfee, LLC.

  • Huntsman Security

  • Fortinet, Inc.

  • Cisco Systems Inc.

  • Splunk Inc.

  • Rapid7, Inc.

  • IBM Corporation

  • Hewlett Packard Enterprise Development LP

  • FireEye, Inc.

  • Broadcom Inc.


Further Report Findings:



  • The Banking, Financial Services, and Insurance (BFSI) segment led the market in 2019 with a share of 26.1% and is expected to continue its dominance as financial institutions are heavily investing in cloud security solutions to ensure safe business transactions.

  • Having generated USD 1.71 billion in revenue in 2019, North America is anticipated to command this market share owing to a robust cyber-security infrastructure in the region.

  • Increasing use of social media and smartphones will drive the market in the Middle East & Africa, while rising frequency of cyber-attacks on banks in Mexico and Chile will boost market prospects in Latin America.


Table of Segmentation:











































 ATTRIBUTE



 DETAILS



Study Period



  2016 - 2027



Base Year



  2019



Forecast Period



  2020 - 2027



Historical Period



  2016 - 2018



Unit



  Value (USD billion)



Segmentation



By Component



  • Solutions


    • Cloud

    • On-Premise


  • Services


    • Professional Services


      • Consulting

      • Training and Education

      • Support and Maintenance


    • Managed Services




By Application



  • Network Security

  • Web Security

  • Endpoint Security

  • Application Security



By Vertical



  • Banking, financial services and insurance

  • Government and Defense

  • IT and Telecommunication

  • Manufacturing

  • Healthcare

  • Energy and Utilities

  • Others (Retail, Education, and Transportation)



By Region



  • North America (the U.S. and Canada)

  • Europe (the U.K., Germany, France, Russia, and Rest of Europe)

  • Asia-Pacific (Japan, China, India, Southeast Asia, and Rest of Asia-Pacific)

  • Middle East & Africa (South Africa, GCC, and Rest of the Middle East & Africa)

  • Latin America (Brazil, Mexico, and Rest of Latin America)


Security Analytics Market
  • PDF
  • 2019
  • 2016-2018
  • 150

    CHOOSE LICENSE TYPE

  • 4850
    6850
    8850

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