16% CAGR, Security Analytics Market Size to hit $34,226.73 Million by 2028

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According to our latest market study on “Security Analytics Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Deployment, Application, Organization Size, and Industry,” the market was valued at US$ 12,076.36 million in 2021 and is projected to reach US$ 34,226.73 million by 2028; it is expected to grow at a CAGR of 16.0% from 2021 to 2028.

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 abnormal behavior in the networks. Thus, with the growing remote working facility, the need for security analytics solutions is also increasing.

Strategic Insights:

The players operating in the security analytics market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players in the security analytics market are listed below:

- In July 2021, Cisco introduced a new Catalyst industrial router line that extends the enterprise network's power to the edge while providing the flexibility, security, and scalability required for IoT success. The portfolio, which now includes 5G capabilities, enables enterprises to conduct connected operations at scale with a variety of management tools suitable to both IT and operations. The unified architecture accelerates deployments from the enterprise to the edge and facilitates collaboration between IT and operations.

- In May 2021, McAfee Corp., a device-to-cloud cybersecurity firm, announced a significant 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.
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