Security Analytics Market: Increasing Demand for User Behavior Monitoring Amid COVID-19 Crises to Drive Market Growth
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:
The security analytics market is segmented on the basis of Deployment:
The security analytics market is segmented on the basis of Organization Size:
The security analytics market is segmented on the basis of Industry:
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.
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