Security Analytics Market (2022-2029)

The surge in incidences of cyber exploits, the proliferation of advanced technologies, including cloud computing, AI, and big data, the increasing complexity in the enterprise network, the increasing usage of endpoint IoT devices, and the rising need for real-time innovative security analytics platform are the major factors driving the growth of this market. In addition, the growing emphasis on cloud security analytics solutions among SMEs, the surge in telecomputing, and the integration of cutting-edge technologies, such as machine learning and blockchain are expected to offer significant opportunities for this market. However, the lack of a preventive firewall is hindering the implementation of security analytics solutions. Additionally, the lack of awareness regarding security analytics measures is a major challenge to the growth of this market.

The COVID-19 pandemic has adversely hit several economies around the globe. The combat measures against the pandemic, such as complete lockdown, social distancing, and quarantine, adversely impacted many industries across the globe. With many employees working from home and students learning virtually, enterprise virtual private network (EVPN) servers have become a lifeline to organizations and institutions. Thus, the rapid adoption of new approaches, including context-aware security, extended detection and response (XDR), and behavioral analytics are the various approaches that will grave the cyber risks and threats for organizations. One of the major factors responsible for the rise of corporate e-mail attacks is spurts of COVID-19 websites offering fake prepositions in exchange for personal information. For instance, spear-phishing e-mail attacks related to COVID-19 have increased by 667% from the end of February 2020 to March 2020.

As most IT companies adopted work-from-home policies in response to the COVID-19 pandemic, cybersecurity has become a grave issue for organizations across the globe. Attackers are also taking advantage of the fact that many people working from home have not applied the same security on their networks that would be in place in a corporate environment or that enterprises haven’t deployed the right technologies or corporate security policies. For instance, while working at home, 47% of individuals fall for a phishing scam in 2020, and the average cost of a data breach resulting from remote working was around $137,000. In addition, according to National Cyber Security Center, 350 cases were reported for cyberattacks in June 2020.

Additionally, the pandemic tested the strength of healthcare systems around the globe, turning healthcare providers to chats, phones, e-mails, and telemedicine portals for remote counseling and diagnoses. Organizations are using digital infrastructure to procure vital protective supplies for healthcare and hygiene workers and counsel them on rendering services safely. The surge in digital communications and the wholesale shift to operate online businesses have increased the risk of cyberattacks. All these factors accelerate the demand and are expected to provide some relief to the global security analytics market, which will help the market recover faster in the coming years. Many organizations have increased their investments in security solutions despite the disruption.

The present hyper-connected business environment significantly drives the rapid development of digital solutions, infrastructure, and associated services. Currently, employees are connecting to the network from many places and multiple devices, enabling organizations to accelerate business outcomes and move toward digitization. These factors not only increased digitalization but also have increased the opportunities for threat across businesses. For instance, between February 2020 and May 2020, a cyberattack with the help of a tool named ‘OpenBullet’ affected more than half a million people across the globe by stealing and selling the personal data of video conferencing services’ users on the dark web. In addition, hackers use credential stuffing techniques to gain control of employees’ credentials and then sell them to other cybersecurity criminals. This surge in cyber exploits compels organizations to deploy security analytics solutions to safeguard businesses, driving the growth of the security analytics market.