The threat intelligence market is projected to grow at a CAGR of 18.55% during the forecast period to reach US$6,148.722 million by 2027, from US$1,868.119 million in 2020. Threat intelligence is data gathered, processed, and analyzed to learn about an attacker's motives, goals, and attack patterns. The main objective of threat intelligence is to enable a person or corporation to make data-driven security decisions and shift from reactive to proactive behaviour in the battle against threat actors and keep persistent threats and exploits at bay. The increasing digitalization and use of cloud-based platforms increase the risks of cyber threats, thereby increasing the market size of the threat intelligence market.
The innumerable incidences of cyber-attacks and fraudulence are bound to increase the need for threat intelligence solutions in the market.
The advancements in technology, digitalization, and automation innovation have revolutionized the lifestyles of many countries across the globe, but at the same time, they have led to an increasing number of cyber threats and fraudulence. According to the Identity Theft Resource Centre’s Data Breach Report, the amount of data breached in 2021 increased by 68% when compared to the previous year. Also, 2021 saw more cyber-related data comprised. According to the Cost of Data Breach report 2020, the average cost pertaining to a data breach amounts to US$ 3.86 million. Consequently, several multinational conglomerates and government bodies suffered from data breaches in the past three years. For instance, in July 2020, a data breach on Twitter resulted in the compromise of 130 accounts, resulting in the attackers pilfering about US$ 121,000 worth of bitcoins. Also, in March 2020, Marriott International announced a security breach wherein the data of over 5.2 million patrons were affected. In April 2022, the Romanian government, banks, military, and media websites suffered from a series of multiple DDoS attacks. In May 2022, yet another data breach was observed in Ikea Canada, impacting about 95,000 citizens of the nation. In April 2022, MailChimp suffered from a social engineering attack wherein the attackers gained access to the tools used by account administration teams and internal customer support, compromising the data of about 100 clients. And, in February 2022, several oil terminals in ports across Germany and Belgium suffered from cyberattacks, making them incapable of processing incoming barges. In its Annual Internet Report, Cisco estimated that in 2023, total DDoS attacks will reach 15.4 million by 2023.
The key strategies deployed by the key players are expected to drive the market onward during the projected period.
The growing concerns over cyber security and the enterprise’s initiatives to seek a better security solution to restrict security breaches is one of the main factors attributed to the surging demand for the Threat Intelligence market. To meet the increase in demand for threat intelligence solutions, many firms are gearing up to develop and launch new offerings into the market. The new launches by tech start-ups, EclecticIQ, and NTT in 2021 are a few of the best examples of this. In March 2021, Logically, a tech start-up, partnered with Raxa Security Services to launch a new offering, LI, a new threat intelligence platform in India. This cloud-based LI, Logically Intelligence, platform provides not only at-scale analysis and detection of threatful narratives but also countermeasures to block threats. In June 2021, EclecticIQ, a global threat intelligence provider, launched a new platform to counter cyber defense— intelligence at the core. This new and innovative platform is an open and extensible platform, architected on the firm’s comprehensive threat solution. This EclecticIQ platform also provides EDR (Endpoint Detection and Response) functionality, threat intelligence, curated intelligence feeds, and collaboration features. Furthermore, in October 2021, NTT, a UK-based leading technology service provider, launched Cyber Threat Sensor AI, CTS-AI, which ensures expansible security for consumer applications and workloads. Additionally, this CTS-AI is also the firm’s key element in the broader security services catalogue for organizations, including Threat Intelligence, Managed Detection and Response, and Application Security Testing.
At the same time, many firms are also deploying strategic acquisitions to expand their global presence by providing better offerings through acquisition. Rapid7, Inc., a global security analytics and automation provider acquired Insights Cyber Intelligence Ltd., global proactive threat remediation and external threat intelligence provider, in July 2021. With this acquisition, the former is set to combine Intsights’ external threat intelligence capabilities and its community-infused threat intelligence to offer users a unified view of threats, relevant insights, attack surface monitoring, and threat mitigation for enterprises of any scale.
Furthermore, many firms are also engaging in training workshops on security awareness to increase awareness among the workforce about cyber threats and mitigations. In April 2022, Fortinet, a leading global enterprise in broad, automated, and integrated cybersecurity solutions announced the launch of a similar program for personnel of any organization to upskill them with cybersecurity awareness. A survey conducted by the firm stated that about 73% of organizations had at least one breach or intrusion due to a gap in their cybersecurity skills. This new service follows NIST (National Institute of Standards and Technology) standards, as it provides awareness and training in topics related to data privacy, information security, physical security, internet security, and password protection. Several such developments among the key players are expected to drive the threat intelligence market onward.
COVID-19 had a positive impact on the threat intelligence market. The mandated lockdown and quarantine amid the pandemic forced firms to adapt to the work-from-home model and digitalize their operations by adopting integrated cloud-based platforms to enable remote access to all employees. But at the same time, rapid digitalization has caused cybersecurity to become a new concern. The growing cybersecurity, as cited above, increased the demand for threat intelligence solutions during 2020, thereby positively impacting the market growth.
|Market Size Value in 2020||US$1,868.119 million|
|Market Size Value in 2027||US$6,148.722 million|
|Growth Rate||CAGR of 18.55% from 2020 to 2027|
|Forecast Unit (Value)||USD Million|
|Segments Covered||Offering, Deployment, End-User Industry, And Geography|
|Regions Covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies Covered||IBM Corporation, ANOMALI, Fortinet, Inc., CrowdStrike, McAfee, LLC, Symantec Corporation, Accenture, Cisco Systems, Inc., AO Kaspersky Lab., Check Point Software Technologies Ltd.|
|Customization Scope||Free report customization with purchase|
Key Market Segments
Frequently Asked Questions (FAQs)
Q1. What are the growth prospects for the threat intelligence market?
A1. The global threat intelligence market is projected to grow at a CAGR of 18.55% during the forecast period.
Q2. What will be the threat intelligence market size by 2027?
A2. The threat intelligence market is projected to reach a market size of US$6,148.722 million by 2027.
Q3. What is the size of the global threat intelligence market?
A3. Threat Intelligence Market was valued at US$1,868.119 million in 2020.
Q4. How is the global threat intelligence market segmented?
A4. The threat intelligence market has been segmented by offering, deployment, end-user industry, and geography.
Q5. What factors are anticipated to drive the threat intelligence market growth?
A5. The innumerable incidences of cyber-attacks and fraudulence are bound to increase the need for threat intelligence solutions in the market.
Cisco Systems, Inc.
AO Kaspersky Lab.
Check Point Software Technologies Ltd.
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