Security analytics to reach $12 billion by 2024

Amid a maelstrom of cybersecurity threats and rampant hacking attempts that leverage the power of the IoT against itself, organizations are forced to realize that they are on the losing side of this war.

As such, market vendors have no choice but to enhance their cybersecurity arsenal with more sophisticated tools which allow a deeper understanding of their users, devices, and systems.

This will drive the security analytics market toward an impressive revenue of $12 billion by 2024, according to ABI Research.

Advanced-level data analytics, bolstered by technological advances in artificial intelligence (AI) systems, permeate every major market and digital security is, fortunately, no exception. “The increased frequency and sophistication of cyber-attacks are causing the security ecosystem to flourish and push the industry into the hunt for more reliable, in-depth, and high-quality security analytics intelligence,” said Dimitrios Pavlakis, Industry Analyst for ABI Research.

There are, however, quite a few pervasive challenges for security analytics both in what they encompass and what they can and should offer, as well as how the technology should evolve. “Most organizations understand security analytics as an elusive cluster of different technologies encompassing ‘a little bit of everything’. While on a top level they are somewhat correct on that respect, they, unfortunately, opt to pick whatever makes sense budget-wise,” explained Pavlakis. “The issue is not only that they choose a lower Total Cost of Ownership (TCO) over security, but also have unrealistic expectations about the intelligence-gathering and the level of cybersecurity readiness of their chosen solution.”

However, it is rather insufficient to pick just one intelligence-gathering aspect of certain vital security tools, and many organizations are still unclear about what are the prerequisites for reliable sources of security intelligence.