Revenue USD 16,820.4 Million of Threat Intelligence market, share, trends, & analysis

ReportCrux Market Research has published a new report titled "Threat Intelligence Market by Component (Solution [Unified Threat Management, Incident Forensics , SIEM, IAM, and Log Management], and Services [Managed Service, Professional Services, Subscription Services, and Training & Support]); by Deployment (Cloud-Based and On-Premise); by Organization Size (Small Size Organization, Medium Size Organization and Large Size Organization); by Application (BFSI, Healthcare, Retail, IT & Telecom, Government & Defense, Manufacturing, and Others), and by Region: Global Industry Trends, Dynamics, Competitive Insights and Forecast Analysis, 2020 – 2027”.

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Market Size

Threat Intelligence market was valued at approximately USD 4,845.1 Million in 2019 and is expected to generate revenue of around USD 16,820.4 Million by end of 2027, growing at a CAGR of around 16.8% between 2020 and 2027

IoT (Internet of Things) has become a next-generation technology revolution which is helping the business in reducing the cost and also in improving employee productivity. Due to its varied benefits and features IoT has attracted many business leaders to set up this technology and increase their business productivity.

However, these internet-connected devices have brought along with the many vulnerabilities, as many SMEs adopt basic security practices.

The adoption of BYOD (Bring Your Own Device) trend has become very common among employees. Its key applications like cost reduction and number of corporate endpoints have also largely increased, along with the growing concerns to protect them.

Market Overview

The demand for threat intelligence market is mainly driven various factors like simple management, increased efficiency and usability, and reduced cost to the companies. Besides, cloud video in the meeting room through a range of devices. It is acting as a boon to various companies in different geographical locations which require frequent collaborations.

However, the biggest challenge faced by many enterprises is lack of cyber-security skills that is hampering their ability to meet evolving IT security needs. Many organizations are hiring security professionals who lack the skills to identify and analyze advanced threats in a cyber attack.

As per a Report by Cybersecurity Job Trends, more than two-thirds of organizations feel the shortage of skilled cyber-security professionals in the industry. Thus, lack of competent and skilled cyber-security professional has become a major restraint in the market growth for threat intelligence.

Segmentation Analysis

By Component

Based on the component, the global market for threat intelligence is segmented into solutions, and services. The solutions market is further segmented into unified threat management, SIEM, IAM, incident forensics, and log management.

The services segment is further divided into professional services, managed service, subscription services, and training & support. From this, solutions market accounted for almost 56% share of the market by component.

This is mainly due to the rising need to increase the threat detection process which is driving the use of SIEM and UTM solutions market. Besides, the SIEM technology also uses correlation mechanisms and event discovery to raise the speed of network event monitoring process by combining the alerts & error logs in a unified solution.

By Deployment

Based on deployment, the market is categorized into on-premise, and cloud-based. The on-premise segment held almost 63% share of the market in 2019. However, the market for cloud-based solutions is likely to grow at high CAGR in the forecast period as many medium and large enterprises have been finding difficulties in managing the on-premise solutions due to issues like lack of resource and expertise as well as budget constraints.

Thus, the adoption of cloud-based solutions is accelerating at high pace due to demand for cloud-based security solutions.

By Application

Based on applications, the market is categorized into IT & telecom, BFSI, retail, government & defense, healthcare, manufacturing, and others. The BFSI segment held almost 23.2% share of the market in 2019 as the frequency of cyber attacks is rising in the banking sector thus there is a need to develop a strong security posture in this sector.

Regional Analysis

North America held almost 38% share of the overall market

By region, the market is divided into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America held almost 38% share of the overall market due to the presence of well recognized and established enterprises in this region and rising use of tracking devices and remote monitoring are encouraging companies to adopt advanced security solutions in this region.

Asia-Pacific is expected to grow at high CAGR owing to the developing nations like India, and China. Many small and large-scale enterprises are now adopting the low cost threat intelligence solutions which are propelling the market growth.

Major players in Threat Intelligence market are Symantec Corporation, IBM Corporation, Check Point Software Technologies Ltd., Dell Inc., McAfee LLC, Webroot, Inc., Fortinet, Inc., CrowdStrike, Inc., Farsight Security, Inc., and Anomali, Inc. among others.

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