The global security analytics market is expected to grow from US$ 12,076.36 million in 2021 to US$ 34,226.73 million by 2028; it is estimated to grow at a CAGR of 16.0% during 2021-2028.

Over the past few years, big data analytics has become a significant research interest among practitioners and researchers. Swift growth in data volume and complexity, owing to the rising traffic of mobile data and cloud computing and increasing development and uptake of new technologies, such as artificial intelligence (AI) and the Internet of things (IoT), is propelling the demand for big data analytics technologies. These technologies have an enormous potential to transform the business entirely. Big data platforms effectively analyse the vast structured and unstructured data sets. Big data analytics technology helps gain actionable insights from the structured and massive data quantity available in unstructured data from various sources, such as the web and social media. Big data analysis's insight helps security analytics gather, categorize, and analyse data collected from network devices to detect advanced threats, thereby, creating lucrative opportunities for the security analytics market.

With continued digital transformation, the use of cloud-based platforms has increased. The ease of deployment time and a significant reduction in the cost of deployment have fuelled their demand considerably. The Internet infrastructure has matured in developed countries and is flourishing in several developing countries as well, allowing end users in both developed and developing nations to access cloud-based platforms.

Nowadays, cyber attackers' ability to gain information through various channels with cloud-based platforms has improved. Therefore, security analytics systems are being installed in businesses to restrict cyber attackers. For instance, in May 2021, McAfee Corp., a device-to-cloud cybersecurity firm, announced an expansion of its MVISION Extended Detection and Response (XDR) solution by combining the extensive telemetry of McAfee's endpoint security, Secure Access Service Edge (SASE) solution, and threat intelligence solution, powered by MVISION Insights. With unified control and visibility from device to cloud, these integrations defend enterprises against the most advanced threats while simplifying security operations. Therefore, the rise of cloud-based platforms has increased the use of security analytics systems to secure organizations from cyber attackers.

Impact of COVID-19 Pandemic on Security Analytics Market

The COVID-19 pandemic has affected most businesses globally. The continuous growth in the number of virus-infected patients compelled governments to put a bar on the transportation of humans and goods due to travel bans, mass lockdowns, and business shutdowns.

The imposition of lockdowns has resulted in the lesser production of commodities, goods, and services. Manufacturing, automotive, semiconductor & electronics, oil & gas, mining, aviation, and other industries have witnessed a decline in their operations due to the temporary shutdown of activities.

The rising cases of COVID-19 have influenced industries to promote remote working environments and follow work from home policy. Following such standard protective measures has resulted in growth in the usage of third-party networks, digital platforms, and personal computing devices. The use of such network connectivity solutions increases the risks of cyberattacks and other malware. Furthermore, the surge in digital traffic presented an opportunity to numerous online frauds, phishing attacks, denial of inventory, and ransomware attacks. Due to the increased risk of cybercrimes, enterprises look for advanced analytics-based security solutions to detect and manage any a billion ormal behavior in the networks. Thus, with the growing remote working facility, the need for security analytics solutions is also increasing.

Based on component, the security analytics market is bifurcated into solution and services. In 2020, the solution segment led the market, accounting for a larger market share. Based on deployment, the security analytics market is bifurcated into on-premise and cloud-based. In 2020, the cloud-based segment accounted for a larger market share. Based on application, the market is segmented into network security analytics, endpoint security analytics, application security analytics, web security analytics, and others. In 2020, the network security analytics segment accounted for the largest market share. Based on organization size, the security analytics market is bifurcated into small and medium enterprises and large enterprises. In 2020, the large enterprises segment accounted for a larger market share. Based on industry, the security analytics market is segmented into BFSI, government, consumer goods and retail, IT and telecom, healthcare, energy and utilities, manufacturing, and others. In 2020, the BFSI segment accounted for the largest market share. Geographically, the security analytics market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, North America accounted for the significant share in the global market.

The overall security analytics market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the security analytics market with respect to all the segments. It also provides the overview and forecast for the market based on all the segmentation provided with respect to five major regions-North America, Europe, Asia Pacific, Middle East & Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the security analytics market.

A few key companies operating in the security analytics market are IBM Corporation; Hewlett Packard Enterprise Development LP (HPE); Cisco Systems, Inc.; Broadcom, Inc.; McAfee, LLC; Splunk, Inc.; Huntsman Corporation; SolarWinds Worldwide, LLC; Rapid7; and RSA Security LLC.