The global security analytics market is predicted to grow at a compound annual growth rate (CAGR) of 33.65% to attain a market size of US$22.705 Billion by the end of the analysis period 2026. The security analytics market provides a wide range of algorithms, software, and other tools that help organizations to identify any threat, prioritize them according to the emergency, and take any appropriate action against it. The security analytics help in the real-time monitoring of the events and performs forensic analysis to manage the system vulnerabilities.
The main elements of security analytics include Behavioral Analytics, Security orchestration, automation, and response (SOAR), Network analysis and visibility (NAV), External threat intelligence, and Forensics. Behavioral analytics studies the behavior patterns of the application, attack, and the user to find abnormalities and detect the scope of any attack. The NAV usually helps in the traffic analysis across the network and SOAR is the response or communication handler between the analysis engine, data gathering, and threat response applications. Forensics is an attack analyzer tool that investigates an attack and generates complete details about it which helps to reduce the chances of similar events in the future.
With the age of digitalization and technical development, the cases of cyber attacks and security breaches have increased drastically. As per a report by PurpleSec, cybercrime as a whole has increased by 600% since the initial wave of pandemic and breaches through malware or malicious software are on a continuous rise which registered a total of 812.67 million infections in 2018. Today, data is a powerful tool that is running the world, and the increasing cyber-attacks and their intent to breach the data have become a major concern for companies and organizations. The increasing rate of security breaches is expected to increase the demand for security analytics in the coming years that will not only help in the real-time monitoring but will also remediate the threat and drive its market further. Besides that, Hackers use a wide range of technology to hack the systems and some of those attacks go undetected at times so security analytics play a key role in generating alerts and handling the security.
Recently, Hunters won the 2021 Annual Cyber Security Global Excellence Awards® for its XDR solution – that is a data analytics platform that provides cloud-scale access across the entire attack and is coupled with automated event correlation, investigation prioritization.
One of the major driving factors of the security analytics market is its ability to analyze a large amount of data which gives it a lead over traditional approaches. Security analytics uses real-time detecting indicators that help in the early detection of threats. This feature is particularly used in forensic investigation which involves a large amount of data and provide all the information regarding the starting point of attack, when it happened, how it happened, and also helps to measure the extent of the damage. Besides that, they also help in analyzing network traffic, detecting data exfiltration, and also help the organizations to stay within compliance regulations through managing personal data flow, and compiling reports.
The era of Artificial Intelligence has a key role to play in the security analytics industry. Data science is the mathematical analysis of data sets that are used to derive business insights from large blocks of data and is expected to drive the market by discovering hidden patterns to understand the behavior of the other party of the hacker. Machine learning along with the role of Artificial Intelligence uses statistical tools and techniques to program machines and in the field of security analytics, it uses algorithms and patterns to generate insights. These two together are expected to drive up the market in the coming years.
Along with Machine Learning and Data Science, Data Mining also holds an important position in the market. Data mining that is also known as Knowledge Discovery in Data is a process that helps to discover hidden patterns and valuable information from large blocks of data and holds a special position in the field of cybersecurity, database management, and security analytics.
One of the major restraints to the market is the lack of expertise and technically trained personnel in the field. Security Analytics and field related to it requires qualified and trained manpower to understand, install, monitor, and configure the platform thoroughly. Security analytics require personnel with technical skills and this, in turn, is expected to become its biggest restraint. This is because many developing and underdeveloped economies lack this factor and this can hamper the growth of security analytics in these regions in the future.
The analysis report also provides a deep study about the impact of the coronavirus on market for security analytics, stating how the lockdown, lack of labor, stringent curfew regulations by the government, export barriers, that initiated work from home have impacted the security analytics market. With the rise in digital platform usage and computing devices cyber-attacks, data breaches, online frauds, malware, and ransomware attacks increased. This generated a need to install security analytics in the market which therefore resulted in a substantive growth of the security analytics market in the pandemic.