According to a research report "Security Analytics Market with COVID-19 Impact Analysis by Component, Application (Customer Retention and Engagement and Personalized Recommendation), Deployment Mode, Organization Size, Vertical, Capability, and Region - Global Forecast to 2026" published by MarketsandMarkets, the security analytics market size to grow from USD 12.0 billion in 2021 to USD 25.4 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 16.2% during the forecast period. Various factors such as demand to discover patterns, prioritization of network-based threats with actionable intelligence to avert data losses, and prevention of onward intrusion and increasing focus on maintaining regulatory compliance.
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Security analytics is a security approach that investigates security events and analyzes inconsistent behavior across networks and systems to bring situational awareness and understanding of security risks within organizations. These solutions help protect the critical resources and systems against cyberattacks and breaches to fortify security infrastructure. Security analytics redefines the power of Security Information and Event Management (SIEM) capabilities by providing effective and better network security to predict and mitigate potential cyber threats. With an increase in the number of new security threats, the need for security analytics is growing rapidly across the globe.
Security analytics solutions can assimilate large and diverse data sets into their detection algorithms, depending on the types of solutions deployed. Security analytics data can be gathered in various ways, including but not limited to network traffic, endpoint and user behavior data, cloud resources, business applications, identity and access management data, and external threat intelligence sources. The various security analytics solutions are SIEM, endpoint security analytics, network security analytics, enterprise security analytics, User Entity and Behavior Analytics (UEBA), and Security Orchestration and Automation and Response (SOAR). These solutions help organizations secure their networks, endpoints, applications, and cloud-based services. The managed services segment is expected to show a higher growth rate during the forecast period.
The services segment to hold higher CAGR during the forecast period
Based on components, the security analytics is segmented into solutions and services. The services segment has been further divided into professional and managed services. These services play a vital role in the functioning of security analyticss, as well as ensure faster and smoother implementation that maximizes the value of the enterprise investments. The growing adoption of security analytics is expected to boost the adoption of professional and managed services. Professional service providers have deep knowledge related to the products and enable customers to focus on the core business, while MSPs help customers improve business operations and cut expenses.
The endpoint security analytics application to grow at a highest CAGR during the forecast period
The number of connected endpoints is rapidly increasing due to IoT and BYOD trends. Businesses are serving their customers through these connected endpoints that are vulnerable to APTs, making endpoint security the prime objective of organizations. Endpoint security analytics is a process of collecting security information from endpoints, such as smartphones, PCs, laptops, and Point of Sale (POS) terminals, and analyzing this information to detect malicious activities. The endpoint security analytics solution studies the behavior of attack and proactively mitigates the risk to secure endpoints and their data. Advanced attacks cannot be detected by outdated security systems, and this increases the popularity of security analytics solutions. Security analytics solutions are integrated with threat intelligence and user behavior analytics techniques to provide valuable insights into threats and secure the critical infrastructure of organizations. An increasing number of endpoints and BYODs among enterprises, with the rising endpoint attacks and breaches, would drive the demand for endpoint security analytics. The need to uncover security threats hiding in encrypted traffic is expected to further boost the demand for endpoint security analytics.
Support and maintenance services to hold the largest market size during the forecast period
Support and maintenance services include the assistance provided by professionals to implement and maintain security analytics solutions. These services include assistance for troubleshooting, upgradation of existing software, problem-solving, emergency response management, software maintenance, proactive services, and technical support provided by security analytics vendors. The major vendors providing support and maintenance services in the security analytics market are Cisco, HPE, and Symantec.
The large enterprises segment to hold a larger market size during the forecast period
The security analytics market has been segmented by organization size into large enterprises and SMEs. The market for large enterprises is expected to register a higher CAGR during the forecast period. These enterprises are early adopters of security analytics solutions. They are faced with the troublesome task of effectively managing security because of the diverse nature of IT infrastructure, which is complex in nature.
BFSI segment to have the largest market size during the forecast period
The security analytics market by vertical has been categorized into banking, financial services, and insurance, Retail and eCommerce, media and entertainment, IT and telecom, healthcare, travel and hospitality, and others (automobile, government, and education). The BFSI vertical is expected to have the largest market size during the forecast period. The larger market size of the BFSI vertical can be attributed to the increasing usage of mobile devices to access banking services is driving the adoption of security analytics solutions in the BFSI vertical.
APAC to hold higher CAGR during the forecast period
The security analytics market has been segmented into five major regions: North America, Europe, APAC, Latin America, and MEA. APAC is expected to grow at a good pace during the forecast period. Security spending in APAC is increasing significantly due to the ever-growing threat landscape. Traditional methods are no longer adequate to manage and mitigate advanced cyberattacks. Hence, security analytics vendors in this region focus on innovations related to their product line. China, Japan, India, and Singapore have displayed ample growth opportunities in the security analytics market.
The major vendors in the global security analytics market include IBM (US), HPE (US), Cisco (US), Broadcom (US), Splunk (US), RSA Security (US), McAfee (US), FireEye (US), Juniper Networks (US), LogRhythm (US), Fortinet (US), Huntsman Security (Australia), Gurucul (US), Securonix (US), Hillstone Networks (US), Exabeam (US), Rapid7 (US), Alert Logic (US), Forcepoint (US), Assuria (UK), Haystax (US), Uptycs (US), Snowflake (US).
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