Security Analytics Market Size, Share & Trends Analysis grow at a CAGR of 24.6% from 2024 to 2030
The global security analytics market size was valued at USD 11.45 billion in 2023 and is projected to grow at a CAGR of 24.6% from 2024 to 2030. Rapid digital transformation and increasing technology embracement has led to a rising demand for security analytics solutions and services in recent years. Companies need assistance identifying potential network-based threats, understanding patterns through investigations, generating actionable insights, and preventing future intrusion, data breaches, and data theft incidents.
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Security analytics platform assists with technology tools that offer proactive security functions such as detection, monitoring, and analysis of numerous security events, threat patterns, and attacks. Growing incidents related to security threats and cyberattacks primarily influence the demand for the security analytics market. According to the U.S. Federal Bureau of Investigation Internet Crime Report 2023, the Internet Crime Complaint Center received nearly 21,489 complaints of Business Email Compromise (BEC), 2,825 complaints of ransomware, 14,190 complaints of government impersonation, 37,560 of tech and customer support impersonation and more. Nearly 2,412 complaints were received every day in 2023. Critical infrastructure management organizations affected by ransomware attacks recorded 1,193 complaints in 2023. Organizations seek effective security analytics solutions and services to equip networks, systems, infrastructure, and technology utility space with necessary protection capabilities.
In recent years, multiple industry participants have adopted cloud-computing technology for enhanced data storage, remote monitoring, and seamless workflows. This has significantly increased the risk of data breaches, especially in the banking and financial services sectors. Misconfiguration of the cloud facilitates such attacks, which adds to the risks and loss of data. Furthermore, the increasing volume of data generated through digital transactions and interactions between consumers and businesses has increased the demand for enhanced data security.
Component Insights
The solutions segment held the largest revenue share of the global security market and accounted for 67.9% in 2023. This is attributed to increasing demand for security information and event management (SIEM) solutions that can assist organizations in real time security analysis. The security solutions offered by the key market participants ensure the monitoring of organizational networks, identification potential threats, and use of advanced technology tools such as artificial intelligence (AI) to provide real time assistance and response to incidents. Ability of security analytics solutions to profile techniques utilized by threat actors through predictive methodologies has fueled the demand for this segment in recent years.
The services segment is expected to experience fastest CAGR during forecast period. The security analytics services include professional and managed services. The experienced security analytics services offer required tools and technology-backed resolutions to user organizations and provide training for its employees if needed. However, providers continuously oversee managed services and handle the technology tools utilized by the client companies. The use of security analytics services is driven by its cost-effectiveness, lack of trained personnel, reduced liability, and assistance experts provide in ensuring protection from threats from routine business activities.
