Security Analytics Market SWOT and PEST Analysis 2021-2031
The Security Analytics market size is projected to reach US$ 53.25 billion by 2031 from US$ 16.24 billion in 2023. The market is expected to register a CAGR of 16.0% during 2023–2031. Integration with big data and AI and ML technologies is likely to remain a key trend in the market.
Security Analytics Market Analysis
Security analytics is becoming more and more important for maintaining enterprise security as networks continue to change and security threats become more sophisticated. Security analytics assists IT and security teams in proactively (and reactively) identifying threats before they cause data loss or other negative consequences by merging software, algorithms, and analytical procedures.
Security Analytics Market Overview
Machine learning, behavioral analysis, and customization are the main forces behind advancement in security analytics technology today. Instead of requiring users to use proprietary data lakes, several SIEM packages now let enterprises use their current ones. Additionally, several solutions have made their machine learning, enrichment, and analytics models publicly available so that customers can better understand and adjust them as necessary. In order to tackle threat detection and response in a more automated and telemetry-rich manner, the industry is beginning to integrate SIEM, User Entity Behavioral Analytics (UEBA), Security Orchestration, Automation and Response (SOAR), and Extended Detection and Response (XDR). Security analytics have advanced rapidly in recent years.
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Security Analytics Market: Strategic Insights
Market Size Value in US$ 12,076.36 million in 2021 Market Size Value by US$ 34,226.73 million by 2028 Growth rate CAGR of 16.0% for 2021 to 2028 Forecast Period 2021-2028 Base Year 2021
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Security Analytics Market: Strategic Insights
| Market Size Value in | US$ 12,076.36 million in 2021 |
| Market Size Value by | US$ 34,226.73 million by 2028 |
| Growth rate | CAGR of 16.0% for 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Security Analytics Market Drivers and Opportunities
Rising Cyber Threats to Favor the Market
With its ability to leverage cutting-edge technologies to detect possible threats, reveal concealed vulnerabilities, and provide organizations with insights that enable them to strengthen their defenses and proactively mitigate risks, security analytics has become an indispensable instrument in the ongoing fight against cybercriminals. According to a 2024 report by Check Point Software Technologies Ltd., there has been a steady increase in cyber threats in 2023. Every week, there were an average of 1158 cyberattacks against businesses worldwide. This indicates a consistent and concerning trend in the digital threat landscape, with cyberattacks rising by 1% from 2022 and maintaining the notable growth from prior years. This is driving the market for security analytics.
Rising Awareness Among the SME Players
A CyberPeace Foundation survey states that 43% of all cyberattacks target startups and small companies. Also, roughly 46% of SMEs lacked knowledge of risk management in the digital realm. Cyber threats are a real threat, and their methods of operation are getting more sophisticated. While the majority of large, well-established organizations have the proper security measures in place to fend off dangers like malware and data breaches, small businesses are more vulnerable to cybersecurity risks because of their constrained resources. Thus, this opens up opportunities for the adoption of security analytics tools among the SMEs.
Security Analytics Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Security Analytics market analysis are type, solution, deployment, and industry vertical.
- Based on the type, the Security Analytics market is divided into solutions and services. The solutions segment held the largest share in 2023.
- Based on the solution, the market is divided into network security analytics, web security analytics, endpoint security analytics, and others.
- Based on the deployment, the market is divided into on-premise, cloud, and hybrid.
- Based on the industry vertical, the market is divided into BFSI, telecom and IT, government and defense, consumer goods and retail, and others.
Security Analytics Market Share Analysis by Geography
The geographic scope of the Security Analytics market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America holds a significant share of the Security Analytics market in 2023. North America is one of the most heavily impacted regions in the world by cyberattacks. This is due to the prominent presence of financial sectors, essential infrastructure, and shared opportunities, such as private-public partnerships, all of which contribute to a more robust cyber ecosystem. Regional governments concentrate on enhancing legislation and policies to combat cyber risks in their countries. This is driving the demand for the security analytics market in the region.
Security Analytics Market Report Scope
Security Analytics Market News and Recent Developments
The Security Analytics market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the Security Analytics market are listed below:
- IBM (NYSE: IBM) today announced a major evolution of its flagship IBM QRadar SIEM product: redesigned on a new cloud-native architecture, built specifically for hybrid cloud scale, speed and flexibility. IBM also unveiled plans for delivering generative AI capabilities within its threat detection and response portfolio – leveraging Watsonx, the company's enterprise-ready data and AI platform. (Source: IBM, Press Release, November 2023)
- Symantec, a division of Broadcom Inc. (NASDAQ: AVGO), is partnering with Google Cloud to embed generative AI (gen AI) into the Symantec Security platform in a phased rollout that will give customers a significant technical edge for detecting, understanding, and remediating sophisticated cyber-attacks. (Source: Broadcom Inc., Press Release, September 2023)
Security Analytics Market Report Coverage and Deliverables
The “Security Analytics Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Security Analytics market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Security Analytics market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Security Analytics market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the Security Analytics market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component, Deployment, Application, Organization Size, and Industry
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
North America dominated the Security Analytics market in 2023.
A rising number of cyber threats and regulatory compliances are expected to drive the Security Analytics market.
Integration with big data and AI and ML technologies are likely to remain key trends in the market.
IBM Corporation, Hewlett Packard Enterprise Development LP (HPE), Cisco Systems, Inc., Broadcom, Inc., McAfee, LLC, Splunk, Inc., Huntsman Corporation, SolarWinds Worldwide, LLC, Rapid7, and RSA Security LLC are among the leading payers operating in the Security Analytics market.
The Security Analytics market size is projected to reach US$ 53.25 billion by 2031
The Security Analytics market is expected to register a CAGR of 16.0% during 2023–2031
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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