Security Analytics Market: Increasing Demand for User Behavior Monitoring Amid COVID-19 Crises to Drive Market Growth

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Security Analytics Market: Increasing Demand for User Behavior Monitoring Amid COVID-19 Crises to Drive Market Growth

Status : May, 2021 | Technology & Media

Report Digest

Security analytics is a cybersecurity discipline where data is aggregated and analyzed to   produce proactive security measures for security monitoring and threat protection. With the ever growing threat landscape, there is need for analyzing network traffic, detecting data exfiltration, and monitoring user behavior which has boosted the demand for such threat detection systems for the past few years. Security analytics is a combination of software, analytic processes and algorithms, to maintaining regulatory compliance and improved network forensics capabilities. Security analytics solution provides a wide range of applications for both real-time and historical data to detect and diagnose sophisticated threats such as zero day malwares, advanced persistent threats and other sophisticated cyber threats. Such proactive solutions can help security professionals to speed-up threat detection and response and also protect the organizations from such potential data breaches which can cost millions of dollars to recover.

Increasing Adoption of Security Analytics Solution amid the COVID-19 Pandemic outbreak

The COVID-19 pandemic outbreak has created disruption in many industries, including the cybersecurity market. Many private as well as government organizations have allowed their employees to work from home amid the lockdowns, which has created need for monitoring the network security proactively, as people are remotely connected consuming enterprise resources and sharing documents using collaboration tools. Business are increasingly adopting security solutions to manage such security risks in the new home-working environment.

Amid the COVID-19 lockdown, there has been surge in potential cyber-attacks such as email phishing, VPN-based attacks, enterprise network attacks and other threat vectors. According to a leading IT security company Barracuda Networks, there has been a surge in spear-phishing email attacks since January 2020, where they detected more than 9000 phishing emails linked to COVID-19 financial donation subjects, alone in the month of March 2020. As VPN servers are becoming vital to enterprises, there is been a significant spike in DDoS attacks against VPN infrastructure. DDoS attacks rose about 180% in 2019 as compared to the year 2018, which could further rise to more than 200% in 2020. Moreover, about 85% cyberattacks in the year 2019 used 2 or more attack vectors, which could rise to nearly 90% in 2020 as cyber criminals are exploiting COVID-19 crisis. Hence, implementation of security analytics tools would be highly valuable for the enterprises to conduct forensics investigation by analyzing such security incidents to safeguard the intellectual enterprise data.

Security Analytics Market: Drivers and Restraints

The global security analytics market is expected to witness significant growth during the forecast period, which can be attributed to the increasing adoption of security analytics solution such as network analysis and visibility (NAV), security orchestration, automation, and response (SOAR) and growing demand for data protection worldwide. The security analytics technology offers various benefits such as behavioral analytics, external threat intelligence, access and identity management, and rapid detection and response. The growing demand for a security monitoring and threat analysis to help the business to protect the integrity of systems and data is expected to create a huge opportunity for the global security analytics market. In addition, the need for security technology for transitioning from protection to detection and increasing importance of a unified security view across enterprise, are anticipated to drive the security analytics market growth.

However, as the threat landscape continues to grow, security analytics solution providers are not regularly upgrading their software and solutions when it comes to security updates, which could poses a bigger challenge. Complex security testing and restricted development environment, among other factors, are anticipated to restrict the growth of the security analytics market over the forecast period.

Security Analytics Market: Segmentation

The security analytics market has been segmented on the basis of Component, Deployment, Organization size, Industry and Region.

The security analytics market is segmented on the basis of Component:

  • Solutions
    • Network Analysis and Visibility (NAV)
    • Security Orchestration, Automation, and Response (SOAR)
    • Others
  • Services
    • System Integration
    • Security Consulting
    • Support & Maintenance

The security analytics market is segmented on the basis of Deployment:

  • Cloud
  • On-premises

The security analytics market is segmented on the basis of Organization Size:

  • Small and Medium-sized Enterprises (SMEs)
  • Large Enterprises

The security analytics market is segmented on the basis of Industry:

  • Banking, Financial Services, and Insurance (BFSI)
  • Consumer Goods and Retail
  • Telecommunication
  • Healthcare
  • Aerospace and Defense
  • Energy and Utilities
  • Manufacturing
  • Others

Security Analytics Market: Competition Landscape

Some of the prominent players in security analytics market are IBM, Cisco, McAfee, Splunk, FireEye, LogRhythm, Inc., Assuria, Haystax, and among others.

Security Analytics Market: Regional overview

Based on the region, security analytics market has been segmented into North America, Europe, East Asia Latin America, South Asia & Pacific, and MEA (the Middle East & Africa). North America followed by Europe accounted for largest market share as many security analytics provider are present in these regions due to advancement in technology and high business growth rate in this region. South Asia & Pacific is expected to grow at highest growth rate during the forecast period due to increasing adoption of security analytics in BFSI, IT & Telecom, and Retail industries.

The security analytics market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with security analytics market attractiveness as per segment. The security analytics market report also maps the qualitative impact of various market factors on security analytics market segments and geographies.

The report covers exhaustive analysis on:                                      

  • Security Analytics Market Segments
  • Security Analytics Market Dynamics
  • Security Analytics Market Size
  • Supply & Demand Analysis
  • Current Trends/Issues/Challenges
  • Competition & Companies Involved in the Market
  • Impact of COVID-19 on market growth
  • Value Chain Analysis
  • Security Analytics Market Drivers and Restraints

Report Highlights:

  • Detailed overview of parent security analytics market
  • Changing security analytics market dynamics in the industry
  • In-depth security analytics market segmentation
  • Historical, current, and projected security analytics market size in terms of value
  • Recent industry trends and developments
  • Competitive landscape
  • Strategies of key players and products offered
  • Potential and niche segments, geographical regions exhibiting promising growth
  • A neutral perspective on market performance
  • Must-have information for market players to sustain and enhance their market footprint

This study provides a particularized anatomy according to the L.E.A.P mechanism

  • Latest trends and cardinal growth prospects
  • Existing and future insights in growth
  • Ascensions in technology
  • Pain points

The regional analysis offers market assays across:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.

Latest Trends and Cardinal Growth Prospects

The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.

Existing and Future Insights in Growth

The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.

Ascensions in Technology

Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.

Pain Points

The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.

The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.

An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.

The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!

This report is the key to questions such as:

What are the prominent factors that will help in reshaping the market growth?

Which trends have the potential to bring expansive growth for the market?

What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?

Which regions will emerge as champion growth contributors for the market?

Which aspects will serve as game-changers for the market?

What are the latest innovations in the market?

Which factors will hinder the growth of the market?