New York, USA, July 13, 2021 (GLOBE NEWSWIRE) — As per the latest report by Research Dive, the global threat intelligence security solutions market is expected to gain revenue of $18,320.4 million by 2027, rising from $10,200.0 million in 2019 at a steady CAGR of 7.8% from 2020 to 2027.
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Several organizations have been looking for foolproof ways of securing the vast amount of data from any threats. Threat intelligence security works on these issue and helps secure all the data leading to the growth of the market.
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Many companies function on outdated security solutions that aren’t as effective in preventing modern day cyber threats, and there are fewer professionals that are experienced in dealing with cyber-attacks. This has proved to be a restraining factor in the growth of the market.
The advanced threat intelligence security solutions need to be implemented in the right manner so that they reach their potential of effectiveness. Multiple organizations have been investing in research and development to ensure that the technology is capable of any sorting any cyber security issues. These factors have been providing growth opportunities for the global market.
The global threat intelligence security solutions market is segmented into application, service type, deployment type, organization type, vertical type, and region
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Identity and Access Management (IAM) Sub-segment Expected to Gain Momentum
By application, the identity and access management (IAM) sub-segment gained revenue of $2,003.1 million in 2019 and is predicted to grow further at a CAGR of 7.2% in the analysis period. The adaption of advanced technology such as connected devices, IoT, audit management, and more have been the primary reasons that have led to the growth of the sub-segment.
Managed Services Sub-segment to Dominate the Market
By service type, the managed services sub-segment is earned revenue of $5,600.2 million in 2019 and is set to grow further at a CAGR of 7.1% from 2020-2027. The increase in the frequency of various cyber attacks along with lower budgets and fewer professionals skilled in the technology has been pushing the need for advancements. This has hence boosted the growth of the sub-segment.
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On-premise Sub-segment Predicted to Propel the Growth of the Market
By deployment type, the on-premise sub-segment gained revenue of $5,295.6 million in 2019 and the growth is set to accelerate further at a CAGR of 5.9% from 2020-2027. Many businesses have been introducing enterprise application software into their workplaces due to the rising requirement to further push the productivity levels. This is set to add to the growth of the sub-segment.
Large Enterprises Sub-segment Expected to Gain Highest Market Share
By organization type, the large enterprises sub-segment is set to witness a rise in revenue from $5,592.5 million in 2019, further increasing at a CAGR of 6.3% in the analysis period. Large scale businesses are capable of bringing down their costs, which is in turn set to lead to rise in their profits. This factor is expected to add to the growth of the segment.
Government and Defence Sub-segment Estimated to Gather Tremendous Revenue
By vertical type, the government and defence sub-segment is garnered revenue of $2,505.1 million in 2019 and is expected to rise rapidly at a CAGR of 7.3% in the projected timeframe. The public policy of several countries requires changes while also ensuring the implementation of pre-emptive measures. This is predicted to help the market grow.
This growth is credited to the strict guidelines implemented by companies to ensure better security and further developments in the network infrastructure. On the other hand, the Asia Pacific region accounted for $2629.86 million in 2019 and is expected to dominate in the global industry by 2026, owing to growing investments in threat intelligence projects by developing nations like India, South Korea, Australia, and other countries of the region.
COVID-19 Impact on the Global Market
The coronavirus affected several industries extensively and the global threat intelligence security solution market was one of them. Due to the lockdown guidelines all over the world, people were asked to work from home, which made the presence of security solutions imperative. Due to this, organizations worked on updating their online portals with better cybersecurity software and technologies. These factors affected the global market growth during the pandemic crisis.
Key Market Players
The report contains a list of notable market players who have been ensuring the constant growth of the market. They are as listed below:
1. IBM Corporation
2. Dell, Inc
3. McAfee LLC
4. Symantec Corporation
5. FireEye, Inc
7. Webroot, Inc
8. Juniper Networks, Inc
9. DXC Technology
For instance, in March 2021, IBM Corporation, a global leader in information technology solutions and more, launched the highly advanced IBM Security Services for Cloud. This technology has the ability to ensure precise security measures for several cloud services such as IBM Cloud, Amazon Web Services, Microsoft Azure and more.
Further, the report outlines and presents several aspects of these key players such as business performance, product portfolio, recent strategic moves, SWOT analysis, and recent developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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