Security Analytics Global Market Report 2024

The security analytics market size has grown rapidly in recent years. It will grow from $14.6 billion in 2023 to $17.0 billion in 2024 at a compound annual growth rate (CAGR) of 16.4%. The growth observed in the historical period can be attributed to several factors, including the rise in cyber threats, the need for regulatory compliance, the expansion of big data and IoT, incidents of data breaches, the existing skills gap in cybersecurity, and the widespread adoption of cloud technologies.

The security analytics market size is expected to see rapid growth in the next few years. It will grow to $30.8 billion in 2028 at a compound annual growth rate (CAGR) of 16%. The anticipated growth in the forecast period can be linked to advancements in AI and machine learning, the increasing adoption of zero-trust architecture, the emergence of Extended Detection and Response (XDR), challenges posed by 5G and IoT security, and the complexities associated with cloud security. Noteworthy trends during this period encompass the integration of AI and machine learning, the implementation of behavioral analytics, the rise of cloud security analytics, and the expansion of the zero-trust security market.

The growth of the security analytics market is expected to be driven by the increasing demand for cloud-based solutions. Cloud computing, also known as cloud services, involves delivering services, applications, or resources over the Internet rather than relying on local servers or personal computers. The popularity of cloud-based solutions is rising rapidly due to their inherent benefits in scalability, flexibility, and cost-effectiveness. Security analytics, which often involves processing large volumes of data from diverse sources, can benefit from the scalability offered by cloud-based solutions. These solutions enable organizations to dynamically scale resources based on demand, without the limitations of on-premises infrastructure. In December 2021, Eurostat reported that 41% of EU enterprises used cloud computing, with large businesses adopting it at a rate of 72%, emphasizing the growing need for cloud-based solutions and its impact on the security analytics market.

Major companies are focusing on innovation to enhance their profitability. This includes the development of new technological platforms, such as next-gen XDR and AI capabilities platforms. XDR capabilities encompass a wide range of native security sensors for comprehensive protection across different tiers such as network, server, cloud, and IoT. For instance, Trend Micro Inc., a Japan-based IT security company, launched Trend Vision One in June 2023. This next-gen XDR and AI capabilities platform leverage companion AI and generative AI to improve security operations, enhance efficiency, and expedite threat detection, response, and cyber risk management. The platform aims to provide a unified and integrated approach to threat detection, investigation, and response, thereby transforming cyber resilience.

In November 2022, Splunk, a US-based software company, made a strategic move in the security analytics market by acquiring TwinWave Security LLC for an undisclosed amount. This acquisition was intended to strengthen Splunk's position in the market and provide security analysts with cloud-native automated threat analysis. The addition of TwinWave Security LLC's capabilities reinforced Splunk's security leadership and offered essential new tools to assess and address security threats. TwinWave Security LLC, a US-based threat analysis company, contributed to Splunk's portfolio with its expertise in security analytics services.

Major companies operating in the security analytics market report are The International Business Machines Corporation, Cisco Systems Inc., Palo Alto Networks Inc., Fortinet, Akamai Technologies, Nortonlock life, F5 Networks Inc., Micro Focus International PLC, Check Point Software Technologies, CrowdStrike, FireEye, RSA Security, Rapid7, Forcepoint, Darktrace, SentinelOne, LogRhythm, Trustwave, Alert Logic Inc., Exabeam, CyberArk, Arbor Networks Inc., Securonix, Splunk, Darktrace Limited.

North America was the largest region in the security analytics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the security analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the security analytics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Security analytics is the practice of analyzing diverse data sources within an organization's IT infrastructure with the goal of identifying and mitigating risks to cybersecurity. This method aids organizations in proactively detecting, responding to, and mitigating cybersecurity threats, ultimately enhancing their overall security posture and reducing the likelihood of cyberattacks and data breaches.

Security analytics comprises key components such as a platform, services, and professional services. The platform is a robust and unified software solution offering diverse capabilities to detect, analyze, and respond to cybersecurity threats. Its applications span web security analytics, network security analytics, endpoint security analytics, application security analytics, and more. This solution finds utility in various sectors including banking, financial services, and insurance (BFSI), retail and e-commerce, media and entertainment, travel and hospitality, telecom and information technology, healthcare, and other verticals.

The security analytics market research report is one of a series of new reports that provides security analytics market statistics, including security analytics industry global market size, regional shares, competitors with security analytics market share, detailed security analytics market segments, market trends, and opportunities, and any further data you may need to thrive in the security analytics industry. This security analytics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The security analytics market includes revenues earned by entities by providing services such as log management and analysis, behavioral analytics, threat intelligence, network traffic analysis, vulnerability management, and incident response and forensics security analytics. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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