Major shift toward bring your own device (BYOD) trend along with penetration of Internet of Things (IoT) devices drives the growth of the Security Analytics Market. Moreover, with growth in adoption of advanced technologies, the instances of cyber-attacks have also increased, which will drive the demand for security analytics, thus fueling the growth of the market. However, lack of expertise and awareness is expected to restrain the growth of the market. Furthermore, growth in adoption of big data analytics and cloud infrastructure due to COVID-19 pandemic is expected to provide lucrative opportunities for the market.
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Security analytics uses big data analytics and machine learning to gather, categorize, and analyze data collected from network devices to detect advanced threats. The data used in security analytics can be collected in several ways such as network traffic, end-point & user behavior data, cloud resources, business applications, non-IT contextual data, identity & access management, and external threat intelligence sources. The need of security analytics is increasing due to rapid advancements in malware and cyber exploits.
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By geography, it is analyzed across North America, Europe, Asia-Pacific, Latin America ,the middle East and Africa. Key players profiled in the report include IBM, HPE, Cisco, Broadcom, Splunk, RSA Security, McAfee, FireEye, Juniper Networks, LogRhythm, Huntsman Security.
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Impact of COVID-19 on Security Analytics Market
- The pandemic has created an enormous challenge for businesses worldwide to continue operating despite massive shutdowns of offices and other facilities.
- However, the changing nature of working has affected the IT security. Therefore, organization are able to witness the increased the risk of cyber-attacks.
- Moreover, organizations are realizing the importance of the security analytics market to give businesses the ability to foresee security threats using analytics software. Its value has increased exponentially during the COVID-19 pandemic as there are threats that could destroy the infrastructure of a business and its systems.
- In the wake of COVID-19, businesses are sensitive to anything that could damage their reputation and affect their already weak state. Businesses understand that they cannot afford to have any data breaches or security breaches that will damage their reputation.
- There is speculation that the work-at-home modality is expected become the new normal for many people. If this is true, businesses are expected to invest more money and energy into identifying intelligent management solutions tailored toward managing work-at-home security threats. Thus, the security analytics market is estimated to experience substantial growth over the next few years.
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