According to the latest publication from Meticulous Research®, the Security Analytics Market is projected to reach $43.9 billion by 2029, at a CAGR of 18.7% during the forecast period 2022–2029. The growth of this market is attributed to the constantly rising demand for proactive security solutions, the surge in the number of cyber exploits, the growing demand for threat analysis solutions/platforms, the rapidly increasing number of endpoint IoT devices, the increasing demand for real-time intelligence, and increasing complexity in the enterprise network.
In addition, the surge in telecomputing, the proliferation of cloud computing, integration of cutting-edge technologies including AI, machine learning, and blockchain for cyber defense, and leveraging cloud security solutions among SMEs are expected to offer significant growth opportunities for this market. However, the lack of a preventive firewall is hindering the implementation of security analytics solutions. The lack of awareness with respect to security analytics measures is a major challenge to the growth of this market.
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Based on deployment mode, the security analytics market is segmented into on-premise and cloud. In 2022, the on-premise segment is expected to account for the largest share of the security analytics market. The growing need for consistent analytics of server hardware and its security, high usage of internal networks, and high reliance of government & defense sector on the on-premise environment in developing countries are expected to drive the market growth. However, the cloud segment is projected to register the highest CAGR during the forecast period.
Based on security type, the security analytics market is segmented into network security, endpoint security, application security, cloud security, and other securities. In 2022, the network security segment is expected to account for the largest share of the security analytics market.
Factors such as the increasing need to protect connected network infrastructure, the growing demand for network analytics solutions for threat detection and response, the surge in malware in encrypted or unencrypted network traffics, and the growing emphasis on Network Traffic Analysis (NTA) to secure the digital enterprise are expected to drive the market growth.
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Based on application, the security analytics market is segmented into cloud security monitoring, network traffic analysis, data exfiltration detection, insider threat detection, threat hunting, incident investigation, behavior analysis, and other applications. In 2022, the network traffic analysis segment is expected to account for the largest share of the security analytics market.
The consistent development in web security, the rapid use of web & smartphone applications, the lack of development of long-term complex networks against threats, unlawful messages, and attacks from malicious sources, and the growing demand for real-time branch threat detection solutions are driving the growth of this segment. However, the cloud security monitoring segment is projected to register the highest CAGR during the forecast period.
Based on end-use industry, the security analytics market is segmented into BFSI, manufacturing, retail, government, smart consumer electronics, healthcare, automotive, energy & utilities, transportation, supply chain logistics, IT & telecom, and other end-use industries. In 2022, the BFSI segment is expected to account for the largest share of the security analytics market.
The growth of this segment is attributed to the rapidly increasing number of cloud-based QR/UPI transactions, the emergence of payment-enabled mobile phones, the surge in transition from in-house shared banking services to third-party networks, and the growing emergence of mobile banking applications. However, the IT & telecom segment is projected to register the highest CAGR during the forecast period.
Based on geography, the security analytics market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2022, North America is expected to account for the largest share of the security analytics market. The large market share of this region is attributed to the presence of key market players, the growing demand for innovative security analytics solutions, the high IoT penetration, and the growing importance of web security & privacy concerns. In addition, the growing proliferation of cloud computing and smartphones and the increasing internet & mobile infrastructure development are expected to boost the market growth in this region. However, the Asia-Pacific region is slated to register the highest CAGR during the forecast period.
The key players operating in the security analytics market are IBM Corporation (U.S.), Hewlett Packard Enterprise Company (U.S.), Cisco Systems, Inc. (U.S.), Juniper Networks, Inc. (U.S.), Broadcom Inc. (U.S.), Splunk Inc. (U.S.), McAfee Corp. (U.S.), FireEye, Inc. (U.S.), LogRhythm, Inc. (U.S.), Fortinet, Inc. (U.S.), Huntsman Security (Australia), Gurucul (U.S.), Securonix (U.S.), Hillstone Networks (U.S.), Exabeam (U.S.), Rapid7, Inc. (U.S.), Forcepoint (U.S.), Uptycs (U.S.), Snowflake Inc. (U.S.), Checkpoint Software Technologies, Ltd. (Israel), and Sumo Logic, Inc. (U.S.).
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Key questions answered in the report-
Which are the high-growth market segments based on offering, deployment mode, security type, platform, organization size, application, and end-use industry?
What was the historical market for security analytics solutions?
What are the market forecasts and estimates for the period 2022–2029?
What are the major drivers, restraints, opportunities, and challenges in the security analytics market?
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