Market Research Future (MRFR) projects the global security intelligence market to expand at an exponential pace from 2020 to 2027 (forecast period).
As cybersecurity threats and attacks continue to increase and evolve, advanced security solutions led by security intelligence are becoming increasingly crucial. Security intelligence solutions provide analytics that allows for the identification, management, and prioritization of cyber-threats that pose the greatest danger to the organization. This improves the accuracy and speed with which threat information is disseminated and provides organizations with the flexibility to deploy a threat defense strategy, hence increasing security. The increased sophistication of cyber-attacks, the growing need to safeguard workplace communications, and the expanding acceptance of the BYOD trend across enterprises are driving the growth of the worldwide security intelligence market.
The Global Market to Grow Amid COVID-19 Pandemic
The COVID-19 pandemic has had an impact on all aspects of society, including individuals and businesses. The internet ecosystem has played a critical role all across the world, and COVID-19 has made everyone reliant on the internet as a last resort. This reliance is the primary cause of vulnerabilities in cyberspace. Apart from putting malware into networks, cybercriminals have been reported to be selling bogus COVID-19 remedies while posing as official institutions via phishing e-mails.
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The global security intelligence industry has been segmented on the basis of component, organization size, deployment, and vertical.
By component, the global security intelligence market has been segmented into solutions and services. The solution segment has been divided into log management, security information and event management, network forensics, and others. The services segment has been divided into managed services and professional services. And the professional services have been further divided into consulting services and training and support.
By organization size, the global security intelligence market has been segmented into small and medium enterprises and large enterprises.
By deployment, the global security intelligence market has been segmented into on-cloud and on-premise.
By vertical, the global security intelligence market has been categorized into BFSI, IT and telecommunications, government and defense, manufacturing, healthcare, retail, transportation, and others.
North America to Rule the Global Market
North America presently controls the majority of the global security intelligence market. The region has well-developed network infrastructure, is an early adopter of new technologies, and is home to the bulk of cybersecurity solution providers. The United States has the greatest market share in the region, owing to highly skilled expertise and research and development skills aimed at giving improved capabilities to the solution.
Europe to Follow North America
Europe is second only to North America in terms of market share in the global security intelligence market. The increasing number of steps taken by the European government to secure data, as well as the increasing acceptance of cloud-based services, are driving the regional market growth.
The prominent players active in the global market of security intelligence are IBM Corporation (US), Dell Technologies (US), Palo Alto Networks (US), Symantec (US), LookingGlass Cyber Solutions (US), Alienvault (US), Check Point (Israel), Trend Micro (Japan), Kaspersky Lab (Russia), and Intel Corporation (US).
Logarithm (US), Fireeye (US), ANOMALY (US), j2 Global, Inc. (US), Exabeam (US), Mcafee (US), and Tata Communications (India) are some other players operating in the global market of security intelligence.
In October 2020, IBM collaborated with ABB. With this collaboration, ABB created OT Security Event Monitoring Service that mixes ABB’s process control system domain expertise with IBM’s security event monitoring portfolio to allow improved security for industrial operators.
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