GITNUX MARKETDATA REPORT 2024

Security Analytics Industry Statistics

The Security Analytics Industry is poised for significant growth, with the global market projected to reach $18.1 billion by 2024, driven by increasing cyber threats and the need for advanced security solutions.

Highlights: Security Analytics Industry Statistics

  • In 2019, the global Security analytics market size was valued at USD 3.01 billion.
  • It is projected that the security analytics market will reach USD 18.1 billion by 2024.
  • Security analytics market is growing at a CAGR of 18.2% from 2021 to 2028.
  • North America holds the highest market share in the security analytics industry in 2020.
  • The banking, financial services, and insurance (BFSI) vertical held the largest market size in 2019.
  • Approximately 53% of businesses had no formal process to assess their third-party vendors in 2020.
  • The Cloud-based security analytics is expected to witness highest growth due to its cost-effectiveness and easy deployment.
  • Cyber incidents ranks as the No.1 business risk for enterprises globally in 2020.
  • The market share of the European region in the global security analytics market was 26.6% in 2018.
  • Asia-Pacific is expected to grow at highest CAGR due to rapid digitization in countries like China and India.
  • The endpoint security analytics segment is expected to grow at a higher rate in the forecast period.
  • In 2020, the U.S. accounted for the largest share of the North America security analytics market.
  • About 95% of businesses are following the trend of digital transformation for business process improvement.
  • 60% of digital businesses will suffer service failures due to inability of security teams to manage digital risk by 2020.
  • The web security analytics segment held the largest market size and will continue to dominate in future.
  • 70% of organizations believe using security analytics improves threat detect response.
  • In 2021, 41% of organizations are planning to increase spending on AI and machine learning.
  • The average cost of a data breach in 2020 was $3.86 million.

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In the ever-evolving landscape of cybersecurity, the field of security analytics plays a crucial role in detecting and mitigating threats. By leveraging advanced statistical techniques and data analysis, organizations can proactively identify vulnerabilities and protect their networks from cyber attacks. In this blog post, we will delve into the latest industry statistics surrounding security analytics and explore how these insights are shaping the future of cybersecurity.

The Latest Security Analytics Industry Statistics Explained

In 2019, the global Security analytics market size was valued at USD 3.01 billion.

The statistic indicates that in 2019, the global Security analytics market was worth USD 3.01 billion. This value represents the total revenue generated by the market for security analytics products and services worldwide in that year. Security analytics involves the use of advanced technologies and processes to monitor, analyze, and detect security threats and breaches within an organization’s networks and systems. The market size figure provides an insight into the scale and importance of security analytics as a key component in maintaining cyber security across various industries and sectors globally.

It is projected that the security analytics market will reach USD 18.1 billion by 2024.

This statistic indicates the projected growth in the security analytics market, estimating that it will achieve a total value of USD 18.1 billion by the year 2024. The term “security analytics” refers to the practice of analyzing and monitoring security data to detect and prevent cyber threats and breaches. The projected growth suggests a rising demand for security analytics solutions and services, likely driven by the increasing frequency and sophistication of cyber attacks globally. This statistic serves as a forecast for the market’s expansion over the next several years, highlighting the importance of investing in cybersecurity measures to safeguard organizations from evolving threats.

Security analytics market is growing at a CAGR of 18.2% from 2021 to 2028.

This statistic indicates that the security analytics market is experiencing significant growth at a Compound Annual Growth Rate (CAGR) of 18.2% between the years 2021 and 2028. A CAGR of 18.2% reflects a compounded annual increase in the market size over the specified time frame, suggesting a strong and steady growth trajectory for the security analytics sector. Such growth could be driven by increasing cybersecurity threats, advancements in technology, regulatory requirements, and a growing awareness among organizations about the importance of implementing robust security measures. This statistic underscores the potential opportunities for businesses operating in the security analytics space and highlights the ongoing importance of investing in cybersecurity solutions to protect against evolving threats.

North America holds the highest market share in the security analytics industry in 2020.

The statistic indicates that in 2020, North America has the largest proportion of market share within the security analytics industry when compared to other regions globally. This suggests that a significant portion of the revenue generated by companies offering security analytics solutions comes from North American markets. This could be due to various factors such as high adoption rates of security analytics tools, a larger number of cybersecurity companies based in North America, or greater investments in cybersecurity measures by organizations in the region. This statistic highlights the dominance of North America in the security analytics industry and its importance as a key market for businesses operating in this sector.

The banking, financial services, and insurance (BFSI) vertical held the largest market size in 2019.

The statistic that the banking, financial services, and insurance (BFSI) vertical held the largest market size in 2019 implies that within the broader economy, this specific sector encompassing financial institutions and insurance companies had the highest overall market value compared to other industries. This suggests that BFSI companies collectively generated the highest revenue and likely had a significant impact on the overall economic landscape in 2019. This statistic can be indicative of the growing importance and influence of the BFSI sector in the global economy, as financial services and insurance play crucial roles in facilitating economic activities and managing risks for businesses and individuals.

Approximately 53% of businesses had no formal process to assess their third-party vendors in 2020.

The statistic indicates that a majority of businesses, specifically around 53%, did not have a structured system in place to evaluate the performance or reliability of their third-party vendors during the year 2020. This lack of a formal process suggests that many businesses may be overlooking potential risks associated with their vendor relationships, such as data security breaches, compliance failures, or operational disruptions. Without a standardized method for assessing vendor performance, businesses may be exposed to increased vulnerabilities and may struggle to ensure the quality and reliability of the products or services provided by their third-party partners. This statistic underscores the importance of implementing robust vendor evaluation processes to mitigate risks and maintain effective supplier relationships.

The Cloud-based security analytics is expected to witness highest growth due to its cost-effectiveness and easy deployment.

The statistic suggests that cloud-based security analytics is projected to experience the most substantial increase in usage among various security analytics solutions. This growth is attributed to the advantages of cost-effectiveness and easy deployment associated with cloud-based platforms. Businesses are expected to opt for cloud-based security analytics because they offer a more economical solution compared to traditional on-premise systems and do not require significant upfront investments or extensive IT resources for implementation. The scalability, flexibility, and accessibility of cloud-based security analytics make it an attractive option for organizations looking to enhance their security posture while optimizing costs and streamlining deployment processes.

Cyber incidents ranks as the No.1 business risk for enterprises globally in 2020.

In 2020, cyber incidents emerged as the most significant business risk for enterprises worldwide, ranking first among all other potential threats. This statistic emphasizes the growing importance of cybersecurity in the modern digital landscape, where businesses are increasingly reliant on technology and interconnected networks. Cyber incidents encompass a range of threats, including data breaches, malware attacks, and ransomware, all of which can have severe consequences for organizations, such as financial losses, reputational damage, and operational disruptions. As businesses continue to digitize and rely on data-driven processes, addressing and mitigating cyber risks has become a top priority for ensuring the resilience and security of enterprises globally.

The market share of the European region in the global security analytics market was 26.6% in 2018.

The statistic indicating that the market share of the European region in the global security analytics market was 26.6% in 2018 conveys the proportion of total market sales or revenue that was attributed to European companies or organizations within the security analytics industry during that specific year. This statistic suggests that Europe held a significant portion of the market compared to other regions globally. It implies that European companies were competitive and strong players in the security analytics market in 2018, demonstrating the region’s influence and impact on the industry at that time.

Asia-Pacific is expected to grow at highest CAGR due to rapid digitization in countries like China and India.

The statistic that the Asia-Pacific region is expected to grow at the highest Compound Annual Growth Rate (CAGR) can be attributed to the rapid pace of digitization in countries such as China and India. As these countries push towards modernization and technology adoption, there is a significant increase in digital infrastructure, consumer connectivity, and e-commerce platforms. This trend is driving economic growth, innovation, and investment in digital technologies, positioning the Asia-Pacific region as a key player in the global marketplace. The high CAGR reflects the potential for substantial expansion and opportunities for businesses operating within the region to capitalize on the growing digital landscape and consumer base.

The endpoint security analytics segment is expected to grow at a higher rate in the forecast period.

The statistic that the endpoint security analytics segment is expected to grow at a higher rate in the forecast period indicates that there is a projected increase in the demand and adoption of endpoint security analytics solutions in the upcoming period. Endpoint security analytics refers to the monitoring, detection, and analysis of security events and threats on devices such as laptops, desktops, and mobile devices within a network. The higher growth rate suggests that organizations are increasingly recognizing the importance of securing their endpoints and are investing in advanced analytics solutions to enhance their cybersecurity posture. This trend may be driven by the rising prevalence of cyber threats targeting endpoints, increased remote work scenarios, and the need for more robust security measures to protect sensitive data and assets.

In 2020, the U.S. accounted for the largest share of the North America security analytics market.

The statistic suggests that in 2020, the United States held the dominant position in the North America security analytics market, with the highest market share compared to other countries in the region. This indicates that the U.S. was the leading contributor to the overall revenue generated within the security analytics industry in North America for that year. The prominence of the U.S. in this market suggests a strong presence of security analytics companies, significant investments in cybersecurity technologies, and potentially a high demand for advanced security solutions in the country. Additionally, it highlights the U.S.’s importance as a key player in the cybersecurity landscape within the North American region.

About 95% of businesses are following the trend of digital transformation for business process improvement.

The statistic that about 95% of businesses are following the trend of digital transformation for business process improvement signifies a pervasive shift towards leveraging technology to enhance operational efficiency and competitiveness. Embracing digital tools and strategies allows businesses to streamline workflows, increase productivity, and drive innovation. This trend suggests that organizations recognize the value of incorporating digital solutions to adapt to changing market dynamics, meet evolving customer demands, and stay ahead of the competition. By embracing digital transformation initiatives, businesses can enhance their overall performance, agility, and resilience in an increasingly digitized economy.

60% of digital businesses will suffer service failures due to inability of security teams to manage digital risk by 2020.

This statistic indicates that a significant proportion, specifically 60%, of digital businesses are projected to experience service disruptions or failures by the year 2020. These disruptions are anticipated to be a result of challenges faced by security teams in effectively managing and mitigating digital risks within their organizations. In essence, the statistic highlights the critical importance of robust cybersecurity measures and risk management practices for digital businesses to safeguard their operations and maintain service continuity in an increasingly interconnected and digitized world.

The web security analytics segment held the largest market size and will continue to dominate in future.

The statistic indicates that the web security analytics segment currently has the highest market share among various segments within the broader web security industry. This suggests that businesses and organizations are placing a strong emphasis on utilizing analytics tools and technologies to enhance their web security measures. The prediction that this segment will continue to dominate in the future suggests that the demand for web security analytics is expected to grow, as organizations increasingly recognize the importance of leveraging data-driven insights to protect their digital assets from cyber threats. This trend reflects the evolving landscape of cybersecurity, where proactive and data-driven approaches are becoming essential in mitigating risks and strengthening defenses against cyber attacks.

70% of organizations believe using security analytics improves threat detect response.

The statistic that 70% of organizations believe using security analytics improves threat detection response suggests that a majority of organizations perceive security analytics as an effective tool for enhancing their ability to detect and respond to various cybersecurity threats. This means that a significant portion of organizations see value in leveraging data analysis techniques to identify patterns, anomalies, and potential security incidents within their networks and systems. By utilizing security analytics, organizations aim to proactively monitor, detect, and ultimately mitigate security threats more efficiently, ultimately strengthening their overall cybersecurity posture and reducing potential risks and vulnerabilities.

In 2021, 41% of organizations are planning to increase spending on AI and machine learning.

The statistic ‘In 2021, 41% of organizations are planning to increase spending on AI and machine learning’ indicates a significant trend towards investment in artificial intelligence (AI) and machine learning technologies among businesses. This suggests that a substantial portion of organizations recognize the potential benefits and competitive advantages that AI and machine learning can offer and are thus prioritizing these areas in their budget allocations. Such a high percentage of organizations planning to increase spending in AI and machine learning signals a growing recognition of the importance of leveraging these advanced technologies to enhance operational efficiency, drive innovation, and gain a competitive edge in the rapidly evolving business landscape of 2021.

The average cost of a data breach in 2020 was $3.86 million.

The statistic that the average cost of a data breach in 2020 was $3.86 million indicates the financial impact that organizations faced due to data breaches during that year. This figure represents the average amount of money that companies had to spend in response to a data breach, including costs associated with investigating the breach, remediating the security vulnerabilities, notifying affected individuals, regulatory fines, legal fees, and potential loss of business. This statistic highlights the significant financial risks and consequences that data breaches can have on businesses, underscoring the importance of investing in robust cybersecurity measures to protect sensitive information and mitigate the potential impact of such breaches.

Conclusion

Security analytics industry statistics provide valuable insights into the trends and challenges facing the cybersecurity field. By analyzing data and identifying patterns, organizations can strengthen their security posture and better protect against cyber threats. Stay informed and proactive to stay ahead in the ever-evolving landscape of security analytics.

References

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How we write our statistic reports:

We have not conducted any studies ourselves. Our article provides a summary of all the statistics and studies available at the time of writing. We are solely presenting a summary, not expressing our own opinion. We have collected all statistics within our internal database. In some cases, we use Artificial Intelligence for formulating the statistics. The articles are updated regularly.

See our Editorial Process.

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