Security Analytics Market Forecast to Grow at 16.2% CAGR from 2024 to 2031 | SkyQuest Technology

Skyquest Technology

Security Analytics Market was valued at USD 12 billion in 2022 and is expected to rise from USD 13.94 billion in 2023 to reach a value of USD 53.86 billion by 2031, at a CAGR of 16.2% during the forecast period (2024–2031).

The rising ability of mature threat actors to carry out undetected threat attacks employing preconfigured security tools or signature-matching technologies is prompting enterprises to use security analytics solutions. Furthermore, the sector is being fueled by new cyber risks including advanced targeted assaults (ATA) and advanced persistent threats (APT). APTs or ATAs frequently go unnoticed and stay on enterprise networks for extended periods, causing massive harm to network infrastructure. As a result, security analytics are being employed to detect and manage such risks.

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Top Players Company Profiles

• IBM
• Cisco Systems, Inc.
• FireEye, Inc.
• RSA Security LLC (a subsidiary of Dell Technologies Inc.)
• LogRhythm, Inc.
• McAfee, LLC (a subsidiary of Intel Corporation)
• Hewlett Packard Enterprise Development LP (HPE)
• Rapid7, Inc.
• Splunk Inc.
• Securonix, Inc.
• Symantec Corporation (a subsidiary of Broadcom Inc.)
• AlienVault, Inc. (a subsidiary of AT&T Cybersecurity)
• Juniper Networks, Inc.
• NetIQ Corporation
• Forcepoint LLC (a subsidiary of Raytheon Technologies Corporation)
• Proofpoint, Inc.
• Exabeam, Inc.
• LogPoint A/S
• Verint Systems Inc.
• Trend Micro Incorporated

Tackling and Securing Network Security Challenges

• Global demand for security analytics solutions is mostly driven by network security applications. Security analysis, unlike other more manageable issue categories, is difficult to statistically assess. In most circumstances, programmers lack the data required to create an accurate analytical engine.
• Given attackers’ inclination to adapt to changes, programmers confront a nearly difficult task when building network security analytics tools. Furthermore, in recent years, there have been numerous instances of network and web-app security breaches that have resulted in massive damage to various large corporations and governments across the globe.

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How Security Firms are Innovating and Collaborating to Gain Market Share

The security analytics market is very competitive. It comprises both established competitors and developing businesses. As a result, these market competitors are diversifying their product offerings and forging strategic alliances to enhance market share and meet organizational objectives. Established security businesses are ready to incorporate new technologies such as artificial intelligence, analytics tools, user behavior tracking, and machine learning to detect Advanced Target Attack (ATA) events and attack patterns in real-time.

Segments covered

Component

Solutions, Services (Professional Services {Consulting, Support and maintenance, Training and education}, Managed Services)

Application

Web Security Analytics, Network Security Analytics, Endpoint Security Analytics, Application Security Analytics, Others

Organization Size

SMEs, Large Enterprises

Industry Vertical

BFSI, Telecom & IT, Consumer Goods and Retail, Healthcare, Government & Défense, Manufacturing, Energy and Utilities, Others

Deployment Mode

Cloud, On-premises

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Key Technological and Strategic Developments in Security Analytics

• February 2024: Measured Analytics and Insurance signed a strategic partnership agreement with KnowBe4, an integrated security awareness training and simulated phishing platform. This cooperation will combine Measured’s cyber risk management expertise with KnowBe4’s security training programs, providing customers with accurate cybersecurity solutions.
• March 2024: Alkira and RestorePoint.AI announced strategic partnership at the Gartner data and analytics conference in Orlando. This aims to create a cloud-based data management service on a private, secure network for mid-market organizations. It will allow firms to reduce time to value and overall ownership costs with little resources. This is to develop their own analytics and generative AI integrations.
• June 2024: Interface systems cooperated with robots to provide AI-powered video analytics services. The system will use the existing security camera infrastructure to give real-time analytics that will help clients streamline operations and protect assets.

From Crisis to Opportunity: The Future of Security Analytics in a Cloud-Driven World

Cloud computing and the Internet of Things (IoT) have been recognized as important market trends, with the novel corona virus outbreak expected to boost growth. For instance, industry participants are improving security services to combat cyber risks. Collaborations and collaborations among industry participants are likely to boost the use of analytics tools. Furthermore, due to the overall digital transformation, there is a greater desire for companies to deploy comprehensive security services, which are predicted to boost the revenue generation of analytics-driven security platforms.

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