Threat intelligence platform market to reach $234.9 million by 2022
The growing volume and complexities of cyber threats present a compelling case for adopting threat intelligence platforms (TIPs), a Frost & Sullivan analysis finds.
These solutions help organizations navigate the ever-increasing threat landscape and allow for further analysis and threat intelligence operationalization.
The TIP market least affected by the pandemic
The yhreat intelligence platform market is one of the cybersecurity markets that will be least affected by COVID-19. It is estimated to reach $234.9 million by 2022 from $132.7 million in 2019, at a compound annual growth rate (CAGR) of 21%.
“The proliferation of TIP use cases indicates the convergence of the TIP space with adjacent markets,” said Mikita Hanets, Information & Communication Technologies Research Analyst at Frost & Sullivan.
“Vendors increasingly aim to offer some elements of TIP functionality in SOAR and SIEM platforms and vice versa. Going forward, solutions that enable businesses to operationalize threat-related data and set up workflows for cyber incidents will converge in the next three years.”
Hanets added: “North America will dominate the market and contribute the maximum revenue, followed by Europe, the Middle East and Africa (EMEA), Asia-Pacific and Latin America. Technology and telecommunications will be the fastest-growing vertical market for TIP vendors in the next two years, while banking and finance is expected to contribute the most by 2022.”
Growth prospects for market participants
The growing sophistication of attacks and the necessity of using threat intelligence for proactive cyber defense present immense growth prospects for market participants who:
- Increase their presence in geographical areas like EMEA, Asia-Pacific and Latin America, where the penetration rate is currently low.
- Expand the network of third-party SOAR integrations or develop native SOAR capabilities. Enterprises with mature cybersecurity practices need intelligence-powered SOAR.
- Develop SIEM capabilities to offer seamless, intelligence-driven solutions. TIP vendors can build on their data management experience and offer a fully consolidated solution.
- Develop threat detection and threat hunting capabilities to enable investigations of security incidents. Threat intelligence is instrumental in securing enterprises because it enables security teams to prevent cyberattacks in real time and identify a breach that might have occurred in the past.
- Develop or acquire intelligence-driven vulnerability and risk management technology. The ability to assess an organization’s exposure and the risk to its global threat data is a key feature of the next generation of solutions.