ReportCrux Market Research has published a new report titled “Threat Intelligence Market by Component (Solution [Unified Threat Management, Incident Forensics , SIEM, IAM, and Log Management], and Services [Managed Service, Professional Services, Subscription Services, and Training & Support]); by Deployment (Cloud-Based and On-Premise); by Organization Size (Small Size Organization, Medium Size Organization and Large Size Organization); by Application (BFSI, Healthcare, Retail, IT & Telecom, Government & Defense, Manufacturing, and Others), and by Region: Global Industry Trends, Dynamics, Competitive Insights and Forecast Analysis, 2020 – 2027”. According to the report, global demand for threat intelligence market was valued at approximately USD 4,845.1 Million in 2019 and is expected to generate revenue of around USD 16,820.4 Million by end of 2027, growing at a CAGR of around 16.8% between 2020 and 2027.
IoT (Internet of Things) has become a next-generation technology revolution which is helping the business in reducing the cost and also in improving employee productivity. Due to its varied benefits and features IoT has attracted many business leaders to set up this technology and increase their business productivity. However, these internet-connected devices have brought along with the many vulnerabilities, as many SMEs adopt basic security practices.
The adoption of BYOD (Bring Your Own Device) trend has become very common among employees. Its key applications like cost reduction and number of corporate endpoints have also largely increased, along with the growing concerns to protect them. The demand for threat intelligence market is mainly driven various factors like simple management, increased efficiency and usability, and reduced cost to the companies. Besides, cloud video in the meeting room through a range of devices. It is acting as a boon to various companies in different geographical locations which require frequent collaborations.
However, the biggest challenge faced by many enterprises is lack of cyber-security skills that is hampering their ability to meet evolving IT security needs. Many organizations are hiring security professionals who lack the skills to identify and analyze advanced threats in a cyber attack. As per a Report by Cybersecurity Job Trends, more than two-thirds of organizations feel the shortage of skilled cyber-security professionals in the industry. Thus, lack of competent and skilled cyber-security professional has become a major restraint in the market growth for threat intelligence.
The global market for the threat intelligence is segmented into component, deployment, organization size, applications, and region. Based on the component, the global market for threat intelligence is segmented into solutions, and services. The solutions market is further segmented into unified threat management, SIEM, IAM, incident forensics, and log management. The services segment is further divided into professional services, managed service, subscription services, and training & support. From this, solutions market accounted for almost 56% share of the market by component. This is mainly due to the rising need to increase the threat detection process which is driving the use of SIEM and UTM solutions market. Besides, the SIEM technology also uses correlation mechanisms and event discovery to raise the speed of network event monitoring process by combining the alerts & error logs in a unified solution.
Deployment Type segment accounted for almost 63% share of the Threat Intelligence Market in 2019
Application Type segment accounted for almost 23.2% share of the Threat Intelligence Market in 2019
|North America held almost 38% share of the overall market|
By region, the market is divided into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America held almost 38% share of the overall market due to the presence of well recognized and established enterprises in this region and rising use of tracking devices and remote monitoring are encouraging companies to adopt advanced security solutions in this region. Asia-Pacific is expected to grow at high CAGR owing to the developing nations like India, and China. Many small and large-scale enterprises are now adopting the low cost threat intelligence solutions which are propelling the market growth.
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