Proactive Security Market Segment Analysis – By Component
In 2020, the risk and vulnerability management solution is expected to have the largest market share. Risk and vulnerability management helps companies in determining the current cybersecurity posture of their information systems and infrastructure. Various assessments are performed to provide recommendations to organizations for improving their cybersecurity strategies, allowing them to achieve their security goals, manage vulnerabilities, and mitigate risks. Due to its features that provide direction to assess risks associated with security weaknesses and evolving threats, the risk and vulnerability management segment has seen tremendous growth in recent years. This process gives organisations a better understanding of their assets, security flaws, and overall risks, lowering the likelihood of a cybercriminal breaching their systems and catching the business off guard.
Proactive Security Market Segment Analysis By Vertical
By Vertical, BFSI industry segment is analysed to grow at highest CAGR of 7.2% during the forecast period 2021-2026. Because of the stringent legal and regulatory compliances associated with information security, the BFSI sector is the fastest-growing vertical in the proactive security market. Small and medium-sized enterprises (SMEs) continue to deploy proactive security solutions as they face more malware- and DNS-based cyber-attacks. According to data from the Financial Conduct Authority (FCA), the number of cyber-attacks on financial services companies increased by more than 80% in 2018. Given that cyber-attacks have a direct impact on churn, financial service providers are expected to improve their security solutions. To protect their IT assets and data from malware and ransomware, banks and other financial service providers are actively implementing proactive security solutions. Aside from regular initiatives such as encryption, solutions such as advanced malware protection, security analytics, and vulnerability management, among others, security providers are well equipped to deal with advanced vulnerability systems in order to protect the BFSI industry.
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Proactive Security Market Segment Analysis – Geography
North America is analysed to be the major region with a share of 35.2% in 2020 for the Proactive Security Market. The growing need for organisations to protect their data from advanced cyber-attacks while also complying with stringent government regulations is expected to drive the proactive security market in the region. Security vendors in North America are providing proactive security solutions through security analytics, AMP, security monitoring, attack simulation, security orchestration, and risk and vulnerability management. Organizations have increased their IT security investments to protect against advanced threats as the frequency of security breaches has increased dramatically over the last few years. Furthermore, the growing adoption of cloud-based solutions and services among enterprises is expected to provide significant growth opportunities, fueling the demand for proactive security solutions across North America during the forecast period.
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Proactive Security Market Drivers
Increasing Adoption of Technologies:
Adoption of technologies such as the Internet of Things (IoT), connected devices, and Bring Your Own Device (BYOD) is expected to supplement the growth and demand for proactive security. Furthermore, the growing number of security breaches, cyber-attacks, and other cyber-threats is expected to supplement the demand for proactive security. Evolving data breaches that result in high recovery costs, as well as an increase in the number of connected devices across enterprises as a result of the BYOD trend and IoT implementation, have prompted businesses to shift from reactive to proactive security solutions.
Increasing penetration of cloud technology:
The growing use of cloud technology will increase the demand for proactive security. Cloud-based identity verification solutions enable organisations to reduce costs while also improving business alertness. With the advancement of technology, businesses are digitising, and stringent regulations such as GDPR, PCI DSS, and others are being imposed to protect IT systems from data breaches and hacking attacks. As a result of these regulations and compliances, enterprises are implementing effective security solutions, and the global Proactive Security Market will expand at a rapid pace.
Proactive Security Market Challenges
Complexities associated with proactive security implementation:
The complexities associated with proactive security implementation are viewed as a major factor impeding the global growth of the Proactive Security Market. Furthermore, in regions lacking technological advancements, a lack of awareness and skilled labor to implement proactive security systems may impede the adoption of proactive security systems during the forecast period. As a result, these factors are expected to be the primary restraints on the global Proactive Security Market’s growth.
Proactive Security Market Landscape
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Proactive Security. Proactive Security top 10 companies are IBM, Symantec, McAfee, FireEye, Cisco, Palo Alto Networks, FireMon, LogRhythm, CyberSponse, RSA Security.
Acquisitions/Technology Launches/Partnerships
In May 2019, Cygilant has announced that it has joined the AT&T Cybersecurity Partner Program to provide managed security services to AlienVault USM Anywhere customers. Cygilant assigns dedicated Cybersecurity Advisors as part of AT&T Cybersecurity’s programme, who become familiar with a customer’s systems, processes, compliance requirements, and security goals.Key Takeaways
As enterprises undergo digital transformation, stringent regulations such as GDPR, PCI DSS, and others are being imposed to protect IT systems from data breaches. Regulations and compliances require businesses to implement effective security solutions, which supports the growth of proactive security solutions.
Evolving data breaches resulting in high recovery costs, as well as an increasing number of connected devices across enterprises as a result of the BYOD trend and IoT implementation, have encouraged enterprises to shift from reactive to proactive security solutions.
Risk and vulnerability management solution is expected to have the largest market share. A vulnerability assessment is a systematic examination of an information system’s security flaws. It determines whether the system is vulnerable to any known vulnerabilities, assigns severity levels to those vulnerabilities, and recommends remediation or mitigation when necessary.
The growing need for organisations to protect their data from advanced cyber-attacks while also complying with stringent government regulations is expected to drive the proactive security market in North America.
In March 2019, RSA NetWitness Platform, the company’s market-leading SIEM, has been updated with machine learning models based on deep endpoint observations to detect anomalies in user behaviour and uncover evolving threats. This announcement advances RSA’s strategy of assisting customers in taking a unified, phased approach to managing digital risk, a growing challenge for organisations undertaking ambitious digital transformation initiatives.
Related Reports:
A. Security As a Service Market
https://www.industryarc.com/Research/Security-As-A-Service-Market-Research-500722
B. Internet Security Market
https://www.industryarc.com/Report/15234/internet-security-market.html
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