According to a report issued by Market Research Future (MRFR), the global market is slated to acquire a substantial market valuation at a moderate CAGR over the review period.
Drivers and Restraints
As cybersecurity threats and attacks continue to grow and advnace, advanced security solutions are becoming more and more important, with security intelligence leading the way.The increasing sophistication of cyber-attacks, rising need to secure enterprise communications, and growing adoption of BYOD trend across enterprises are the factors driving the growth of the global security intelligence market. Lack of qualified information security professionals is hampering the market growth. The market seeks opportunities from changing regulations across geopolitical boundaries, which demands compliance requirements. Data security Issue is the major challenge faced by the market. Emerging technologies such as blockchain and artificial intelligence (AI) in cybersecurity is expected to have a significant impact on the security intelligence market.
The global security Intelligence market has been segmented on the basis of component, organization size, deployment, vertical, and region.
Based on the component, the market for security intelligece has been segmented into solutions and services. The solution segment has been sub-segmented into log management, security information and event management, network forensics, and others. The services segment has been bifurcated into managed services and professional services. And the professional services have been further classified into consulting services and training and support.
On the basis of organization size, the security intrlligence market has been segmented into small and medium enterprises and large enterprises.
Based on the deployment, the security intelligence market has been segmented into on-cloud and on-premise.
On the basis of the vertical, the market has been categorized into BFSI, IT and telecommunications, government and defense, manufacturing, healthcare, retail, transportation, and others.
The geographical analysis of the global market has been conducted in four major regions, namely the Asia Pacific, North America, Europe, and the rest of the world (including Latin America and the Middle East and Africa.)
North America currently dominates Security Intelligence Industry. The region has established network infrastructure, is an early adopter of new technology, and holds the presence of a majority of cybersecurity solutions providers. The US, among all the countries in the region, accounts for the major market share owing to skilled expertise and research and development capabilities who aim at providing advanced capabilities to the solution. Europe is following North America and has a significant market share in the global security intelligence market. The rising number of initiatives taken by the European government to protect data and the adoption of cloud-based services is fueling the market growth in the regional market.
Asia-Pacific is projected to be the fastest-growing region during the forecast period. Countries in the region such as India, Japan, and China focus on cybersecurity issues, and a growing number of cybersecurity solutions providers are driving the market growth in the region. Furthermore, the rising number of small and medium enterprises demanding cloud-based security intelligence to protect the sensitive enterprise data from potential threats is further driving the market growth. The global security Intelligence market in the Middle East & Africa and South America is also expected to grow at a notable rate during the forecast period due to the rising demand for security intelligence solutions to protect the enterprise data from sophisticated cyber-attacks and adhere to compliance requirements.
The leading market players operating in the global market for security intelligence, as identified by MRFR in the global market are IBM Corporation (US), Palo Alto Networks (US), Symantec (US), Alienvault (US), Dell Technologies (US), Check Point (Israel), Trend Micro (Japan), Kaspersky Lab (Russia), LookingGlass Cyber Solutions (US), and Intel Corporation (US).
Logarithm (US), Fireeye (US), Mcafee (US), ANOMALY (US), j2 Global, Inc. (US), Exabeam (US), and Tata Communications (India) are some other players operating in the global market of security intelligence.
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