Market Research Future (MRFR) reveals in an exhaustive analysis that the global intelligent threat security market 2020 can advance at a healthy rate of 18.1% during the evaluation period (2017 to 2023). The market size is set to touch USD 8.6 billion by 2023-end, adds MRFR.
Market Drivers and Primary Barriers
The intelligence aspect has gained significant imperative among organizations to analyze the threats with the use of available data points. This can lead to substantial business growth for intelligent threat security in the following years. The expanding cybercrime landscape in developed as well as developing countries has boosted the concern among organizations, driving the demand for intelligent threat security solutions.
Governments and a significant number of organizations are striving to bridge the gap between the expenditure on cyber security systems and the best way to mitigate the emerging threats. Given the usefulness and easy applicability of intelligence, more and more organizations are now integrating contextual data as well as information to detect the potential threats to the business, while offering actionable way to deal with the same.
The number of cybercriminals all over the world is rising at an alarming speed. These cybercriminals are rapidly gaining access into businesses, along with the increasing sophistication of the cyber-attacks. Apart from this, the attackers function as a legitimate organization, which is projected to grow at a high pace in the coming years. This disconcerting fact has boosted the fear of attack in industries like healthcare, government, BFSI, among others. These factors are leading to a surge in the awareness and funds on threat intelligence solutions in an attempt to combat any risks among organizations.
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Intelligent Threat Security industry has been extensively covered in the MRFR report, taking into account the primary segments of solution, service, deployment mode, organization size and vertical.
The solutions in the intelligent threat security market include security and vulnerability management (SVM), incident forensics, and risk management, log management, identity and access management (IAM), security information and event management (SIEM) and others. Between these, the leading position has been clinched by the SIEM segment as these solutions help track every record of the IT environment in an organization.
The services available in the market for intelligent threat security are advanced threat monitoring, managed service, professional service, security intelligence feed, training and support as well as consulting service,.
With respect to the deployment segment, the market has been considered for cloud along with on-premise. The cloud deployment can attain better growth rate in the next few years, given their cost-effectiveness. There is also no need of purchasing, maintaining and installing the hardware or software, which makes it more appealing among end-users.
The organization sizes covered are large enterprises as well as SMEs.
The segments that are based on vertical are education, manufacturing, IT & telecom, healthcare, retail, BFSI, energy & utilities, transportation, government, and others. In the years to come, the BFSI vertical is set to retain its lead in the market, revenue-wise. The growing incidences of cyber-attacks and frauds, surge in stringent regulations, efforts to protect from sophisticated threats and the urgent requirement for real-time detection has resulted in the dominance of the segment.
The intelligent threat security market size is anticipated to expand in the regions of Europe, Asia Pacific (APAC), North America, in addition to the Rest-of-the-World (RoW). The intelligent threat security market growth in these regions is projected to be at varying levels in the upcoming years.
North America can potentially emerge as the top market for intelligent threat security on account of the increasing instances of cyber-attacks and threats. Also, more and more leading vendors are coming up with innovative and advanced threat intelligence technologies that can foster the market growth in the region. The U.S. governments’ strong approach towards reporting the increase in cybercrime helps the state and various other private organizations to gather the information and reach decisions pertaining to preventive measures as quickly as possible.
The fastest gaining market is expected to be APAC, due to the heavy investments in security systems by large enterprises as well as SMEs in Japan, India and China. This is the case because of the increasing number of data thefts and cyber-attacks. The rising number of cyber-crimes, escalating use of web and mobile applications, and the increasing support from the government also lays a strong foundation for the intelligent threat security market in the region.
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Significant competitors that account for the surge in the intelligent threat security market share across the globe include IBM Corporation (U.S.), McAfee LLC (U.S.), F-Secure Corporation (Europe), Check Point Software Technologies Ltd. (U.S.), Farsight Security Inc. (U.S.), LookingGlass Cyber Solutions Inc.(U.S.), FireEye Inc. (U.S.), AlienVault Inc. (U.S.), Juniper Networks Inc. (U.S.), Webroot Inc. (U.S.), LogRhythm Inc. (U.S.), Splunk Inc. (U.S.), Optiv Security Inc. (U.S.), Symantec Corporation (U.S.), Trend Micro Incorporated (Japan), Dell Technologies Inc. (U.S.), to name a few.
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