Security threat intelligence solutions market is growing rapidly as it advance processes that help organizations to gather valuable insights to identify, assess, monitor, and respond to cyber threats.
Albany, NY -- (SBWIRE) -- 04/30/2019 -- Security threat intelligence solutions are advance processes that help organizations to gather valuable insights to identify, assess, monitor, and respond to cyber threats. The increasing incidence of cyber-attacks is a key factor driving the market. For instance, in 2017, Petya malware was used for swamping the websites of various Ukrainian organizations such as banks and electricity firms. Similarly, the 2017 WannaCry ransomware attack, a worldwide cyber-attack, affected more than 200,000 computers in 150 countries in which India, Russia, Taiwan, and Ukraine were majorly affected. In addition, the increasing adoption of emerging technologies such as Internet of Things, cloud computing etc have raised the demand for next generation cybersecurity systems for better connectivity and data protection. It is estimated that by 2021, approximately 95% of workload and computing instances are likely to be processed from cloud data centers.
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On the basis of industry, the security threat intelligence solutions market is segmented into government and defense; banking, financial services and insurance; IT and telecom; healthcare; retail; transportation; energy and utilities; manufacturing; education; and others. Banking, financial services and insurance segment is assessed to hold the dominant position in the global security threat intelligence solutions market. The increasing number of cyber-attacks such as ransomware, Trojans, viruses, and other malware in the banking, financial services and insurance segment has accelerated the demand for security threat intelligence solutions. For instance, in the United States, 46 financial institutes were targeted by the Distributed Denial- of-Service (DDoS) attack in 2016. The targeted financial institutes included Bank of America, the New York Stock Exchange, Capital One and ING, and PNC Banks and more than 83 million of the United States bank's customer data were stolen in this breach. The BFSI segment is always a major target for cyber criminals, as it holds large amount of sensitive data or information of customers, employees, offices, operations etc. Hence, the increasing incidence of fraud and cyber-attacks have raised the need for real-time detection and protection from advance cyber threats that have accelerated the security threat intelligence solutions market in the BFSI segment.
Based on deployment model, the market is segmented into on-premises and cloud based. The cloud based segment is expected to expand at the highest CAGR during the forecast period. The increasing adoption of cloud based solutions majorly by small and mid-size enterprises due to cost effective, simple operations and scalability have provided the highest growth rate to the segment in the global security threat intelligence solutions market. On the basis of component, the market is segmented into solution and services. The service segment is further divided into managed services and professional services. Based on enterprise size, the market is segmented into large enterprises and small & mid-size enterprises.
In terms of region, the global security threat intelligence solutions market can be categorized into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America held a dominant position in the global security threat intelligence solutions market and is expected to retain its dominance throughout the forecast period. The increasing incidence of cyber-attacks in countries of North America has raised the demand for security threat intelligence solutions in various organizations. Moreover, the presence of market leaders such as International Business Machines Corporation, Symantec Corporation, and AT&T Inc in North America have provided the dominant position to the region in the global security threat intelligence solutions market.
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Key players operating in the global security threat intelligence solutions market include Symantec Corporation, International Business Machines Corporation, FireEye, Inc., Check Point Software Technologies Ltd, Trend Micro Inc, Dell Technologies, AT&T Cybersecurity, Webroot Inc, Digital Shadows Ltd., Optiv Security, Inc, ThreatConnect, CrowdStrike, Inc, McAfee, LLC, LogRhythm, Inc, and Kaspersky Lab.