Social media platforms are gaining popularity by giving a space to let out their voices. However, this has a side-effect as hackers can use such a place and identity of individuals for personal gains. The virtual platform is not that safe as most of the users are hardly aware of implications of their actions on such platforms. Hence, social media platforms like Twitter, Facebook, LinkedIn, Instagram, YouTube, and MySpace have started using these social media security systems. The global social media security system market is all set to achieve 17% CAGR during the forecast period (2018-2023). Market Research Future (MRFR) declared that the global social media security system market is on a path to surpass USD 1.9 billion valuation by the end of 2023.
Increasing inclusion of smartphones and laptops in regular practice, introduction of BYOD system, growing number of cyberattacks, malwares, and other factors are inspiring an intake of the social media security market.
The global social media security market trends, as claimed by MRFR in the recently-published report, is segmented into organization size, deployment, security type, solution, and verticals. This segmentation provides better analytical review of the market where factors and factorial data have been analyzed.
Based on the organization size, the social media security market includes large enterprise and small and medium enterprises (SMEs). The large enterprise segment is expected to notably contribute to the market growth.
Based on the deployment, the social media security market includes on-cloud and on-premise. The on-cloud segment is quickly gaining momentum due to its easy launching procedures and cost-affordable status.
Based on the security type, the social media security market comprises network security, web-based security, endpoint security, mobile application security, and cloud security.
Based on the solution, the social media security market includes risk monitoring, data security, compliance, advanced threat protection, and others.
Based on the vertical, the social media security market consists BFSI, IT & telecommunication, media & entertainment, retail & ecommerce, healthcare, government, education, and others. The media & entertainment segment is expected to provide substantial traction to the global market. The retail & ecommerce segment is also expected to change their strategies considerably to profit from these new technologies.
North America, Europe, Asia-Pacific (APAC), and the Rest of the World (RoW) are four regions that have been named in the region-specific description of the global social media security market. This analysis aims at bringing all the growth pockets into the light to properly outline the market.
North America’s dominance in the market is expected to continue during the forecast period. The region is profiting well from the inclusion of factors like the presence of well-established economies in the US, and Canada. These companies are spending substantially to integrate new changes in the market, which is why research and development sector is showing extraordinary changes. These changes are getting implemented by various companies to safeguard their own information.
The APAC market is also gaining from government initiatives. Governments are providing much support to the regional small and medium enterprises (SMEs). For branding, advertising, and other processes, SMEs have realized that this can provide them a much better solution in the coming years.
The highly competitive social media security market is all set to gain more from the tactical changes made by several companies like Sophos Ltd (UK), ZeroFOX. (US), RiskIQ (US), Symantec Corporation (US), Trend Micro Inc. (Japan), Micro Focus (UK), Centrify Corporation (US), Broadcom (CA Technologies) (US), SolarWinds Worldwide, LLC (US), Proofpoint (US), Hootsuite Inc. (Canada), Centrify Corporation (US), Digital Shadows Ltd (US), LookingGlass Cyber Solutions, Inc. (US), and Social Sentinel, Inc. (US) among others. MRFR recorded ongoing changes in the market to understand trends that could impact the global market considerably.
In July 2019, the UK army launched a new cyber warfare branch to tackle the growing threats from Russia. This department would engage themselves in protecting the social media scenario. The work would mostly include jamming and intercepting enemy comms to ensure better support to allied intelligence agencies.