Threat Intelligence Market Size, Share & COVID-19 Impact Analysis, By Component (Solutions, Services), By Type (Strategic, Tactical, Operational), By Deployment (Cloud, On-Premise), By Enterprise Type (SMEs, Large Enterprise), By End-user (BFSI, IT & Telecom, Manufacturing, Healthcare, Energy & Utilities, Retail, Others), and Regional Forecast, 2023-2030

The global threat intelligence market size was valued at USD 4.24 billion in 2022 and is projected to grow from USD 4.93 billion in 2023 to USD 18.11 billion by 2030, exhibiting a CAGR of 20.4% during the forecast period.

In the scope, we have considered threat intelligence services provided by key players in the market, such as IBM Corporation, CrowdStrike, Kaspersky, VMware, Check Point, and Cisco Systems, Inc., among others.

These platforms centralize the collection of threat data from numerous data sources and formats. These are designed to aggregate the data in one place and present it in an understandable and usable form.

COVID-19 IMPACT

Increased Cyber Vulnerability Contributed to Market Growth

The COVID-19 pandemic has positively impacted the market, with government agencies worldwide developing implementations of new strategies to support the cyber concerns expressed by the organizations. Due to COVID-19, many organizations are going through stages of response, recovery, and renewal. By building business resilience and enabling agility, an organization can sustain the COVID-19 crisis and adapt to the new normal.

Government-imposed restrictions in response to the coronavirus pandemic forced employees to work from home. As a result, technology became extremely important in work and personal lives. Government agencies and private companies in all regions are invested in research and development to deploy advanced threat intelligence solutions.

Further, increased malware and cyber-attacks in COVID-19 contributed to the threat intelligence market growth. For instance,

• The U.S. Department of Homeland Security (DHS) Cybersecurity and Infrastructure Security Agency (CISA) reported a surge in phishing and malware using COVID-19 decoys.

The adoption of this solution increased due to malware and cyber-attacks around the globe.

LATEST TRENDS

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Rising Implementation of Artificial Intelligence (AI) in Security Solutions to Aid Market Growth

Artificial intelligence (AI) has the potential to transform cybersecurity significantly.

Threat intelligence provides contextual and actionable advice on cyber threats targeting the organization. Integrating AI into this intelligence provides deeper insight and ensures scalability as attack volumes increase. It has become an important information security technology as AI quickly analyzes loads of events to identify threats, from malware exploiting zero-day vulnerabilities to identifying dangerous behaviors that could lead to attacks.

Due to the above factors, security leaders are investing in AI. According to a 2020 survey conducted by Centrify:

• 64% of security leaders believe that AI lowers the cost of detecting and responding to breaches.


• 69% of enterprises see AI as a necessary investment for responding to cyber-attacks.


• 51% of executives see cyber threat detection as the primary use case for AI.

The AI built-in security characteristic is one of the key factors impelling the market growth.

DRIVING FACTORS

Rising Digital Technologies in Data Security Owing to Increased Cyber Attacks to Drive the Market Growth

Cybercrime has been rising for years and shows no sign of slowing down. The pandemic has led to an increase in working-from-home situations, resulting in increased cyberattack rates. Organizations are adopting a work-from-home model, which is raising concerns about corporate security.

On an average, a new company falls victim to ransomware every 10 seconds worldwide. Harris Federation, Channel Nine, Florida Water System, CAN Financial, Bombardier, Acer, Microsoft Exchange, and Sierra Wireless are some companies that faced major cyberattacks in 2021.

Besides, the advent of cloud computing and cybersecurity have pushed the boundaries from single networks to distributed networks. Threat intelligence solutions provide insight into attacks as they occur. Therefore, organizations' increasing use of threat intelligence programs to analyze global cyberattacks and threat data is expected to boost the market growth.

According to Endpoint security research at Tanium, 75% of organizations use threat intelligence on an ongoing and frequent basis. Thus, rising cyber-attacks are contributing to the global market growth.

RESTRAINING FACTORS

Lack of Skills and Trained Security Analysts to Create Challenges for Industry Expansion

The biggest obstacle to securing industry infrastructure is the lack of security professionals. Janet Manfra, deputy director of CISA, said talent shortages in public and private sectors could create national security risks. Countries such as Japan and the U.K. struggle to find qualified cybersecurity professionals.

Despite the ever-expanding digital marketplace, the shortage of security professionals managing critical infrastructure is growing. This leads to the search for trained and skilled security professionals to operate threat intelligence solutions effectively.

According to Vulcan Cyber Survey, 73% of managers stated that a lack of skills to control threat intelligence is a key problem.

The lack of trained security analysts creates a challenge for market players.

SEGMENTATION

By Component Analysis

Rising Need for Advanced Threat Management Solutions to Boost Market Growth

Based on component, the market is analyzed into solutions and services.

Solutions segment accounted for over 55% of the market share in 2022. Operational security teams can save time and increase effectiveness with real-time insights from threat intelligence solutions. the increasing adoption of solutions such as security information and event management, security and vulnerability management, log management, incident forensics, identity and access management, risk and compliance management, and user and entity behavior analytics positively impact the market.

The rising need for advanced threat management managed services, professional training, and support services among enterprises worldwide will help the growth of threat intelligence services with the highest CAGR from 2023 to 2030.

By Type Analysis

Increased Need for Data on Incoming Attacks to Propel the Operational Segment Growth

By type, the market is categorized into strategic, tactical, and operational.

Operational segment held a significant market share in 2022. This is on account of increased need for information on specific incoming attacks by cybercriminals. Operational segment offers information about the nature of the attack, capabilities and identity of the attacker, and indications of when the attack will hit the organization. The tactical segment will grow at the highest CAGR during the forecast period.

By Deployment Analysis

Rising Adoption of Cloud-Based Security Owing to Security Concerns to Boost the Market Growth

By deployment, the market is categorized into cloud and on-premise.

The cloud segment held a major market share in 2022. With the integration of cloud and threat intelligence, organizations can minimize attack surface by leveraging the global threat community and blocking cyber threats to detect unidentified threats and ultimately stop them before occurring. The cloud segment plays a significant role in opposing rising cyber threats. Thus, the adoption of cloud-based threat intelligence tools has witnessed an enormous rise over the last few years.

On the other hand, the on-premise segment will grow at a considerable CAGR during forecast period (2023-2030).

By Enterprise Type Analysis

Large Enterprises Segment to Gain Traction Due to Availability of Various Opportunities

By enterprise type, the market is categorized into SMEs and large enterprise.

The large enterprises segment held a major market share in 2022. Large companies can reduce the cost of the business in a large-scale business economy while maximizing their profit margins. This major advantage of a large business economy is creating opportunities and paving the growth of large enterprises.      

Further, SMEs will grow at the highest CAGR during the forecast period (2023-2030). This is attributed to the fact that small and medium-sized enterprises are often victims of cyberattacks. According to the Government Information Security Breaches Survey 2021, 74% of small businesses had experienced a breach over the past year, an increase of 60% compared to the previous year. To overcome security issues, SMEs are increasing the adoption of threat intelligence solutions & services, which will help to grow market revenue in the upcoming year.

By End-user Analysis

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Proliferation of Technologies and Digital Channels in the BFSI Industry to Boost the Market

By end-user, the market is categorized into BFSI, IT & telecom, manufacturing, healthcare, energy & utilities, retail, and others (education, government, and others).

Among these, the BFSI segment held a major market share in 2022. The BFSI industry is one of the major infrastructure segments facing multiple cyberattacks and data breaches. Cybercriminals have an extremely profitable operating model with incredible returns, including relatively low risk and detectability.

The threats to these attacks range from Trojans, ATM malware, ransomware, data breaches, mobile banking malware, data theft, interference with organizations, and tax breaches. Additionally, with the proliferation of technologies and digital channels, mobile banking and internet banking have become customers' preferred choices for banking services. Banks should leverage advanced authentication and access control processes, including threat intelligence strategies.

Further, IT & telecom segment holds the second largest share and will grow at the highest CAGR during the forecast period owing to rising security incidents in the telecommunication industry. According to PwC’s Global State of Information Security Survey, IT security incidents in the telecom sector increased by 45% compared to the previous year (2020).

REGIONAL INSIGHTS

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The market is divided geographically into key regions such as North America, Europe, Asia Pacific, the Middle East & Africa, and South America. They are further categorized into countries.

The North America market held the largest threat intelligence market share in 2022. Increased adoption of IoT devices by a large number of global financial institutions and internet users due to high availability of suitable infrastructure is expected to drive the market growth in the North America region. Government agencies and private companies in the region are investing in research & development to deploy advanced solutions. The U.S. Department of Homeland Security (DHS) Infrastructure Security Agency (CISA) and Cybersecurity reported a surge in phishing and malware using COVID-19 decoys and new domain names containing language related to coronavirus.

Asia Pacific is estimated to hold the highest CAGR during the forecast period. The region represents significant economies such as India, South Korea, Japan, China, and Oceania and is expected to see high growth in the market. The region is a mixture of developing and developed countries and has the largest presence of SMEs. The rise of cyberattacks has made critical data stored by businesses more vulnerable. These cyberattacks negatively affect product sales. Therefore, Asia Pacific businesses and governments have started investing in threat intelligence solutions related to these statistics.

An increase in sophisticated threats and the need to comply with government data security regulations are contributing to the expansion of the Europe market. Nations such as the United Arab Emirates (UAE), Bahrain, Qatar, Oman, and others are strongly moving toward digitization in the security and observation area, which is projected to increase the growth of the market. Further, South America and the Middle East & Africa markets are also growing at a considerable CAGR during the forecast period.

KEY INDUSTRY PLAYERS

Strategic Partnerships and Product Launch to Boost Market Expansion of Key Players

Key players enter into strategic partnerships with other technology providers. Major players are adopting this strategy to integrate threat intelligence with new technologies to increase revenue streams. Through business strategy, companies gain expertise and expand their business by reaching a large customer base.

List of Key Companies Profiled:

• CrowdStrike, Inc. (U.S.)


• AO Kaspersky Lab. (Russia)


• IBM Corporation (U.S.)


• Vmware, Inc. (U.S.)


• Cisco Systems, Inc. (U.S.)


• Dell, Inc. (U.S.)


• Fortinet, Inc. (U.S.)


• Anomali, Inc. (U.S.)


• Check Point Software Technologies (Israel)


• Huawei Technologies (China)

KEY INDUSTRY DEVELOPMENTS:

• October 2022: BlackBerry Limited announced the launch of its unique Cyberthreat Intelligence (CTI) solution at the BlackBerry Security Summit. This is designed to help organizations detect and respond to cyberattacks. The solution provides threat intelligence that details the latest threat actors, cyberattacks, and malicious campaigns.


• September 2022: CrowdStrike Holdings, Inc. acquired Reposify Ltd. to detect and eliminate risks from vulnerable and unknown assets before attackers can exploit them. CrowdStrike utilizes Reposify, part of its world-renowned suite of threat intelligence products, to deliver a radically differentiated EASM experience to its customers.


• August 2022: Microsoft and Indonesia's National Cyber Crypto Agency (BSSN) entered a strategic partnership to work together under Microsoft's Cyber Threat Intelligence Program (CTIP). This strategic partnership helps BSSN access Microsoft's cyber threat intelligence in Indonesia and gives greater insight into the cyber infrastructure of criminals.


• June 2022: SnapAttack, the threat-hunting platform, partnered with Securonix Inc. This partnership helped deliver robust behavioral detections at scale and drive threat-informed defense.  


• February 2022: SentinelOne, announced a new integration with Mimecast. This integration helps develop end-to-end threat protection, minimizes security team delays, and accelerates incident response. With Mimecast and SentinelOne, security groups can control synchronized countermeasures to respond speedily to threats across email and endpoints for a holistic approach to XDR automation incident response.

REPORT COVERAGE

An Infographic Representation of Threat Intelligence Market

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The research report highlights leading regions across the world to offer a better understanding of the market. Furthermore, the report provides insights into the latest industry and threat intelligence market trends and analyzes technologies deployed rapidly at the global level. It further highlights some growth-stimulating factors and restraints, helping the reader gain in-depth knowledge about the market.

REPORT SCOPE & SEGMENTATION