Security Analytics Market is Expected to Register Considerable Growth by 2028

Stratview Research delivers key insights into the global Security Analytics Market. According to Stratview Research, the market is segmented by Application Type (Web Security Analytics, Network Security Analytics, End-point Security Analytics, Application Security Analytics, and Others), by Component Type (Solutions and Services [Professional Services and Managed Services]), by Deployment Mode Type (Cloud and On-Premises), by Organization Size Type (Small & Medium-Sized Enterprises and Large Enterprises), by Industry Vertical Type (Government and Defense; Banking, Financial Services, and Insurance; Consumer Goods and Retail; IT and Telecom; Healthcare; Energy & Utilities; and Manufacturing), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).

Market Insights

The report suggests that the overall security analytics market was estimated at USD 12.1 billion in 2021 and is likely to grow at a CAGR of 16.23% during 2022-2028 to reach USD 34.84 billion in 2028.

What are security analytics?

Security analytics check for the presence of malware and detect and mitigate it before it can enter the network and hamper network security. Through the implementation of real-time monitoring of servers, endpoints, network traffic, network logs, and diverse event data from applications and execution of forensic analysis with the help of security analytic solutions, organizations can better understand such network attacks. Nowadays, the next-generation advanced threats easily hack valuable information by going past traditional security solutions. Thus, in order to improve visibility in the network and quickly respond to such malicious activities, the deployment of security analytic solutions is becoming a trend in the security industry.

Market Drivers

The major factors driving the market growth are-

• The demand to discover patterns,
• Prioritization of network-based threats with actionable intelligence to avert data losses,
• Prevention of onward intrusion,
• Increased focus on regulatory compliance.

Market Segments' Analysis

Based on the application type, the market is segmented as web security analytics, network security analytics, end-point security analytics, application security analytics, and others. The network security analytics segment held the largest share of the market in 2021 and is expected to remain dominant during the forecast period. Network security analytics collect and analyze different types of network security event information and generate comprehensive security analytic solutions in order to secure the network from advanced threats.

Based on the component type, the market is segmented into solutions and services. The services segment is expected to grow at a higher rate, over the forecast period, owing to the increased rate of security-related instances, demanding organizations to adopt security analytic services in order to address the risks in the constantly evolving global threat landscape. Security vendors assist their customers by offering support for the efficient use and maintenance of security analytic solutions, which constitute the services segment, an integral part of the security analytics market.

Based on the deployment mode type, the market is segmented as cloud and on-premises. The cloud segment is expected to grow at a higher rate, during the forecast period, driven by its advantages such as enabling cost savings by eliminating the need for an Information Technology (IT) staff to manage the software. Monitoring the security system can be done internally or it can be granted to the vendor. As this deployment mode requires low startup costs, it is being used by Small & Medium-Sized Enterprises (SMEs), offering web-based management and enterprise-class protection.

Another factor driving the market for cloud-based security analytic solutions is that it provides scalability and flexibility. The Software-as-a-Service (SaaS) model of deployment is generating demand for cloud-based security analytic solutions, further fueling the market growth.

In terms of regions, North America is estimated to be the largest market during the forecast period, with the USA and Canada being the major countries with lucrative growth opportunities. This growth can be attributed to a large number of security breach incidents, leading to fast technological adoptions, and the presence of a number of leading players in North America. Cybersecurity has been identified by the government as the most serious economic and national security challenge in the region.

The region has experienced tremendous technological growth owing to the emergence of trends such as Bring Your Own Device (BYOD), the Internet of Things (IoT), and the Internet of Everything (IoE). This major trend has, in turn, led to a rise in next-generation threats, added complexities, and increased concerns and vulnerabilities for the existing technological infrastructure in the region. Europe and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.

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