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 : June, 2020 | Technology & Media | PPT format

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

The study presents a granular assessment and quantitative evaluation of:

  • Key growth factors and prominent trends
  • Size and share of key segments in overall market
  • Key challenges and winning imperatives
  • Factors shaping competitive landscape
  • Insights into how contours of market will change in coming years
  • Technological advances
  • New avenues and imminent investment pockets
  • Regulatory landscape shaping current and future strategies of companies

The region-wise assessment includes market dynamics in:

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

The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.

The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:

  • Which key factors will shape the competitive landscape?
  • Which trends will stimulate research and development activities in different geographies?
  • Which are the lucrative growth areas and what is the size of potential they are likely contribute to the overall market?
  • Which disruptions in market growth are likely to come with the new business models?
  • Which are some of the recent overhauls in policies that may change the course of the market significantly?
  • Which are the geographies that will form sizable sources of new streams to new and established players alike?
  • How are top players likely to realign their strategy to counter the forces of competition?
  • Which key strategies emerging players are likely to focus on to consolidate their position?
  • Which changes in end-user preferences might affect the status quo held by the leading players?
  • Which are some of the game-changing innovations influencing the projected share and revenue of the market and its segments?

Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.