Threat Intelligence Market Worth $12.9 Billion by 2023 – Exclusive Report by MarketsandMarkets(TM)
CHICAGO, November 1, 2018 /PRNewswire/ —
According to the new market research report “Threat Intelligence Market by Solution (Threat Intelligence Platforms, SIEM, IAM, SVM, Risk and Compliance Management, Incident Forensics), Service (Managed, Professional), Deployment Mode, Organization Size, Vertical, and Region – Global Forecast to 2023“, published by MarketsandMarkets™, the Threat intelligence market size is expected to grow from USD 5.3 billion in 2018 to USD 12.9 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 19.7% during the forecast period.
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The key factors driving the Threat Intelligence Market include rise in interconnectivity due to Internet of Things (IoT) and Bring Your Own Device (BYOD) trends; increasing number of targeted attacks and ubiquitous Advanced Persistent Threats (APTs); organizations’ need to deploy next-gen cybersecurity; and stringent directives for data protection.
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The SIEM segment constituted the largest market share in 2018
The Security Information and Event Management (SIEM) solution provides insight into the activities and track records of organizations’ IT environment. The SIEM software collects and aggregates log data generated in organizations’ IT infrastructure, such as host systems, applications, and networks, and security devices such as firewalls and antivirus filters. It identifies and categorizes incidents and events, and analyzes them. With the increasing instances of cyber-attacks, IoT and connected device vulnerabilities, and growing pressure from cybersecurity regulations, the SIEM segment is expected to garner the highest revenue during the forecast period.
The cloud deployment segment is expected to grow at a higher CAGR during the forecast period
The Threat intelligence market by deployment mode has been segmented into on-premises and cloud. Cloud-based threat intelligence solutions are gaining traction in the SMEs segment, as they are cost efficient and do not require purchasing, installing, and maintaining hardware or software. Scalability, simpler operations, and attractive pricing are boosting the adoption of cloud-based threat intelligence solutions. Cloud deployment is also favorable for organizations with strict budgets for security investments.
The BFSI segment is expected to maintain the leading position in terms of revenue generation during the forecast period
Increased instances of spyware/keylogger, Trojans, viruses, ransomware, and other malware in the Banking, Financial Services, and Insurance (BFSI) vertical are driving the adoption of threat intelligence solutions. The BFSI vertical is also a major target for cyber criminals, as it holds sensitive information of employees, customers, assets, offices, branches, and operations. Furthermore, with stricter regulations, and increasing instances of frauds and cyber-attacks, the need for real-time detection and protection from advanced threat, and brand protection is driving the growth of the Threat intelligence market in the BFSI segment.
North America is expected to account for the largest market size during the forecast period
North America is expected to account for the largest market size in the overall Threat intelligence market during the forecast period. The increase in the number of IoT and connected devices and vulnerabilities associated with them are some of the factors driving the adoption of threat intelligence solutions and services. The presence of many threat intelligence vendors, as well as, widespread awareness about these solutions would continue to account for the region’s largest market share during the forecast period.
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The Threat intelligence market comprises major solution providers, such as Symantec (US), IBM (US), FireEye (US), Check Point (US), Trend Micro (Japan), Dell Technologies (US), McAfee (US), LogRhythm (US), LookingGlass Cyber Solutions (US), and Proofpoint (US). The study includes an in-depth competitive analysis of the key players in the Threat intelligence market, along with their company profiles, recent developments, and key market strategies.
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