The global security analytics market is projected to grow from $12 billion in 2021 to $25.4 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 16.2% during the forecast period, according to ResearchAndMarkets.
Various factors such as demand to discover patterns, prioritization of network-based threats with actionable intelligence to avert data losses, and prevention of onward intrusion, and increasing focus on maintaining regulatory compliance are expected to drive the adoption of security analytics solutions and services.
Security analytics is a security approach that investigates security events and analyzes inconsistent behavior across networks and systems to bring situational awareness and understanding of security risks within organizations. These solutions help protect the critical resources and systems against cyberattacks and breaches to fortify security infrastructure.
Security analytics redefines the power of Security Information and Event Management (SIEM) capabilities by providing effective and better network security to predict and mitigate potential cyber threats. With an increase in the number of new security threats, the need for security analytics is growing rapidly across the globe.
The on-premises segment to hold the larger security analytics market size
By deployment mode, the security analytics market has been segmented into on-premises and cloud. The CAGR of the on-premises deployment mode is estimated to be the largest during the forecast period. On-premises solutions provide organizations with full control over all platforms and systems, which can be handled and managed by their IT staff.
Security analytics solutions provide visibility at on-premises endpoints and perform dynamic behavioral analytics on them. The major providers of on-premises-based endpoint security solutions are IBM, Cisco, and Splunk.
The large enterprises segment to hold the larger market size
The security analytics market has been segmented by organization size into large enterprises and SMEs. The market for large enterprises is expected to register a higher CAGR during the forecast period.
These enterprises are early adopters of security analytics solutions. They are faced with the troublesome task of effectively managing security because of the diverse nature of IT infrastructure, which is complex in nature.
Among regions, APAC to hold highest CAGR
APAC is expected to grow at a good pace during the forecast period. Security spending in APAC is increasing significantly due to the ever-growing threat landscape.
Traditional methods are no longer adequate to manage and mitigate advanced cyberattacks. Hence, security analytics vendors in this region focus on innovations related to their product line. China, Japan, India, and Singapore have displayed ample growth opportunities in the security analytics market.