Threat Intelligence Security Solutions Market to Incur Steady Growth During 2020- 2027
The global threat intelligence security solutions market forecast is estimated to be $18,320.4 million by 2027, rising from $10,200.0 million in 2019, at a growth rate of 7.8%.
Impact Analysis of COVID-19 on the Global Threat Intelligence Security Solutions Market
The coronavirus outbreak in 2019 has dramatically affected the threat intelligence security solutions industry worldwide. Fear of contracting the COVID-19 disease along with strict social distancing rules implemented by developed as well as developing nations in order to prevent the virus transmission has led to a work from home structure for most employees and students. Such factors have created a severe impact on the global threat intelligence security solutions during the crisis period. Though COVID-19 outbreak has created huge impact on the global market, government bodies across the globe are coming up with new strategy implementation to help support the cyber concerns raised by organizations. For instance, The European Reference Network for Critical Infrastructure Protection (ERNCIP), in association with Joint Research Centre (JRC), has developed tools, methodologies, and scientific publications to protect critical infrastructures from threats and breaches. R&D investments are critical in defending countries’ critical infrastructure against cyberattacks.
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Threat Intelligence Security Solution Market Analysis
Due to the technological advancements and work from home structure, cyber threats like data breaches, phishing and other such vulnerabilities are increasing rapidly. As a consequence, demand for threat intelligence security solutions is increasing at a rapid rate. Threat intelligence security solutions are used to deter cyber threats and detect future vulnerabilities that might occur in an organization. Threat intelligence security solutions are used in both private and public firms. Moreover, the research and development initiatives undertaken by the governments of developing and developed countries are creating immense opportunities in threat intelligence security solutions.
On the other hand, Lack of professional and experts in threat intelligence security solutions are considered as a key restraining factor. Moreover, the high cost of implementing and updating internet security solutions might also restrict the markets growth.
The increase of investments in research and development programs to build advanced security solutions by the key market players is increasing the investment opportunities. These advanced security solutions are used to deter the data breaches and any cyber threats in both public and private organizations and also international partners of private or public organizations.
Threat Intelligence Security Solutions Market, Segmentation
The global threat intelligence security solution market is segment based on application type, service type, deployment type, organization type, vertical type, and region.
Application Type:
On the basis of application, threat intelligence security solutions are segmented into security information & event management (SIEM), log management, identity & access management (IAM), security & vulnerability management (SVM), risk management and incident forensic. The identity & access management sub-segment application is expected to have a significant growth and is projected to reach up to $3,421.30 million by 2027, with an increase from $2,003.10 million in 2019.
The implementation of identity & access management systems has grown considerably in the last few years, inferable from the developing usage at enterprise level for unified checking and stringent government regulations to secure client information. The increase in occurrences of cyberattacks and rise in adoption of IoT (Internet of Things) are projected to drive the sub-segment.
Service Type:
On the basis of service type, threat intelligence security solutions are bifurcated into managed and professional services. The managed services sub-segment of threat intelligence security solutions market is anticipated to reach $9,508.6 million by 2027 at a CAGR of 7.1% from $5,600.2 million in 2019.
Factors like increasing cyberattacks, high cost of data loss, network downtime, lack of IT skilled professionals, and cost reduction and lower IT budgets to force enterprises to leverage managed services are driving the managed sub-segments growth. Small and medium-sized enterprises are adopting managed services at a faster rate as compared to large enterprises as managed services can offer technology services at affordable prices. Moreover, increasing demand for outsourcing management functions from the cloud and Managed Service Providers (MSPs) is anticipated to further drive the growth of the sub-segment.
Deployment Type:
On the basis of deployment type, threat intelligence security solutions market is divided into cloud and on-premise model. The on-premise deployment model of threat intelligence security solutions market is projected to be the highest contributor with $5,295.6 million in 2019 and reach $8,229.2 million by 2027 at a CAGR of 5.9% during the forecast period.
Rise in demand for enterprise application software among various industry verticals drive the demand for on-premise enterprise application software. Data privacy and security offered by on-premise enterprise application software is expected to provide opportunity for the growth of the market.
Organization Type:
On the basis of organization type, threat intelligence security solutions market is segmented into small and medium organization (SME) and large organization. The large enterprise sub-segment of threat intelligence security solution is expected to be the highest contributor to the market with $5,592.5 million in 2019 and is estimated to reach $8,944.6 million by 2027 at a CAGR of 6.3% during the forecast period.
Vendors and suppliers are much more likely to provide discounts to companies that purchase goods in large quantities. In fact, the greater the quantity, the steeper the discount, and because large companies typically sell in high volume, they can undercut the prices that small businesses offer.
Vertical Type:
On the basis of vertical type, threat intelligence security solutions market is divided into BFSI, healthcare, retail, Government & defense, IT & telecom, manufacturing and others. The government & defense vertical of threat intelligence security solution is expected to have a significant growth and is projected to reach up to $4,315.2 million by 2027 from $2,505.1 million in 2019 at a CAGR of 7.3%.
Government bodies are increasingly adopting an anticipatory stance toward addressing public policy, identifying problems in advance and taking appropriate pre-emptive measures, which is predicted to drive the growth of the government & defense sub-segment.
Region:
The application security market was investigated across North America, Europe, Asia-Pacific, and LAMEA. North America was the highest revenue contributor, accounting for $3,283.4 million in 2019, and is estimated to reach $5,695.8 million by 2027, with a CAGR of 7.4%. Asia-Pacific is estimated to reach $4,924.5 million by 2027, at a significant CAGR of 8.4%.
Asia-Pacific region is expected to account for the highest CAGR during the upcoming years due to the high investment opportunities and inorganic growth techniques used by key market players in the countries like India, Australia, South Korea and other APAC countries. Moreover, Europe is expected to be the fastest growing due to the implementation of stringent rules to incorporate advanced threat intelligence security solutions.
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Key Players in the Global Threat Intelligence Security Solutions Market
- IBM corporation
- Fortinet Inc.
- Dell Inc.
- Webroot Inc.
- McAfee LLC
- Juniper Networks Inc.
- Symantec Corporation
- Fortinet Inc.
- FireEye Inc.
- DXC technology
Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.
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