Security Analytics Market Share Is Expected To Reach Approx. USD 15 Billion By 2023 (SARS-CoV-2, Covid-19 Analysis)
Security Analytics Market Share
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The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Security Analytics Market Share. The growth sectors of the Security Analytics Market Share are identified with precision for a better growth perspective.
Security analytics market is estimated to exhibit high growth potential during the forecast period owing to rapid adoption of digital technology and increasing popularity of mobile communication devices and increasing adoption of cloud computing technologies. Major driving factor in the growth of security analytics market is the rapid increase increasing need for sophisticated security analytics techniques in order to secure data. Growth of digitization is another major factor driving the growth of security analytics market. Growing demand for innovations and increasing technological advancements is also another major factor responsible for fueling the growth of security analytics market.
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Major giants like Cisco Systems and IBM Corporation are driving the growth of security analytics market with continuous innovations in the security intelligence and analytics. IBM QRadar is recognized to be the market leader in the security analytics market. Due to increasing adoption of web based and cloud based applications, more and more amount of data is being generated and is exposed to malicious activities over the internet. To protect, analyze and make the most out of this data, it needs to be in a structured format. Increasing awareness about data security among end users is major factor driving the growth of security analytics market.
Security analytics market has been segmented on the basis of application, service, organization size, deployment and vertical. The service segment is bifurcated into professional services and managed services. Out of which, the managed services sub segment is expected to hold the largest market share in the security analytics market. This is owing to the growing need of organizations to comply with various regulatory compliances across the world. Increasing adoption of internet of things and growing popularity of BYOD are other major factors driving the growth of security analytics market.
The major factor restraining the growth of security analytics market is the lack of awareness and knowledge among end users about the effects of threats. High costs of implementation is another major factor hindering the growth of security analytics market. Budget constraint could be a major factor that could cause hindrance in the growth of security analytics market.
According to Market Research Future Analysis, security analytics market has been valued at approx. USD 15 Billion by the end of forecast period with 27% of CAGR during forecast period 2017 to 2023.
Market Research Future (MRFR) recognizes the following companies as the key players in the Security analytics market – Cisco Systems, Inc. (U.S.), IBM Corporation (U.S.), Hewlett-Packard Enterprise (U.S.), EMC RSA (U.S), FireEye, Inc. (U.S.), Arbor Networks, Inc. (U.S.), LogRhythm, Inc. (U.S.), Alert Logic, Inc. (Click Security) (U.S.), Blue Coat Systems, Inc. (U.S.), Alien Vault, Inc. (U.S.) and others.
Commenting on the report, an analyst from Market Research Future (MRFR)’s team said:
Security analytics market can be segmented on the basis of application, service, organization size, deployment and vertical. The vertical segment is further bifurcated into BFSI, healthcare, manufacturing, retail, education, IT & Telecommunication, transportation and government & defense and others. Out of which, the government and defense vertical is expected to hold the largest market share in security analytics market. This is owing to maintaining critical data and application security for the same. Other verticals like retail, IT and telecommunication and healthcare are expected to grow at a significant rate during the forecast period.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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