According to a new research report by the market research and strategy consulting firm, Global Market Insights, Inc, the Threat Intelligence Market to reach US$13 billion by 2025.
The threat intelligence market is propelled by the rise in the number of connected endpoints. Currently, there are over 3 billion end users connected to the internet. The number of connected devices is anticipated to exceed 50 billion by 2020, according to the report.
Most of the connected endpoint devices rely on the internet to interact with other devices. Cybercriminals are using the internet to exploit the connected end point devices to conduct various malicious activities. The cybercriminals are developing applications to hijack the connected devices to manipulate the network. This is promoting the use of threat intelligence solutions to safeguard the network from unauthorized access, notes the report.
With the rise in cyber-attacks on organizations, regulatory bodies have introduced data protection directives. Due to the ever-evolving technological advancements, there has been a simultaneous upsurge in the number cybersecurity attacks across various industry sectors. This has increased the government focus on data protection and its implications.
The regulatory bodies across the globe have issued various guidelines such as General Data Protection Regulation (GDPR) and Cyber Intelligence Sharing and Protection Act (CISPA). mandating the organizations to modernize their security infrastructure. This is encouraging companies to deploy advanced threat intelligence solutions to protect their network, eventually encouraging the threat intelligence market growth.
The report forecasts the IAM market will grow at a CAGR of over 14% over the forecast time period due to the extensive adoption of advanced technologies such as BYOD, IoT, and cloud computing. The emergence of digital technologies has encouraged enterprises to build data-driven business models, making the business more agile, flexible, and scalable.
However, this exposes organizations to insider attacks and privacy threats. This is encouraging enterprises to adopt IAM solutions to reduce the risks associated with advanced technologies. The incident forensics threat intelligence market is predicted to attain a CAGR of over 15% over the forecast time period. The rising adoption of incident forensics among SMEs is driving its growth. The incident forensics solutions provide an inexpensive alternative to small enterprises with budgetary constraints to implement threat intelligence solutions.
The mobile-based solution market is expected to attain a CAGR of over 18% over the projected timeline due to the adoption of trends such as Choose Your Own Device (CYOD) and digital mobility. The mobile security solutions enable secure access to the company network through remote locations. The cloud-based threat intelligence market is anticipated to register a high growth rate due to its cost-effective nature. Cloud solutions have been used widely among small enterprises.
The healthcare industry segment in threat intelligence market is expected to grow at a CAGR of over 13% over the projected time period, according to the report. Over the last five years, there has been a rise in the number of cyber-attacks in the healthcare industry. The healthcare organizations store a vast amount of personal information data associated with patients, making them prominent targets for cybercriminals. The lack of basic cybersecurity mechanism across the IoT devices is posing risks to the wellbeing of patients. For instance, the use of devices such as cardiac pacemakers, drug administration devices, and monitoring devices, which have poor or no cybersecurity mechanism.
The Asia Pacific threat intelligence market is predicted to grow at a CAGR of 17% over the projected timespan. The rise in the number of cybercrime activities is due to the increasing penetration of smart devices across various business verticals and the growing internet penetration, promoting the use of threat intelligence solutions in the region. The market is also driven by the increasing number of collaborative efforts between the government and cybersecurity providers to modernize the security framework. The government has issued various guidelines mandating private & public sector establishments to upgrade their security infrastructure to combat with the evolving cybersecurity challenges.
The companies operating in the threat intelligence market are Accenture, Crowdstrike, Digital Shadows, Flashpoint, IntSights, Palo Alto Networks, Proofpoint, McAfee, Oracle, Kaspersky Lab, Hold Security, IBM, Sophos, Symantec, Recorded Future, Secureworks, Group-IB, FireEye, Check Point Software, ThreatQuotient, Cisco Systems, and TrendMicro. The startups in the threat intelligence market are conducting fundraising activities to increase their presence in the market. For instance, in October 2017, the Recorded Future raised USD 25 million Insight Venture Partners to further extend its presence in the market. The funds will be used for its geographical expansion in foreign markets.