Behavior Analytics Market Analysis

Behavior Analytics Market Analysis

On premise deployment model accounts for majority share in the behavior analytics market owing to low risk of security breaches and cyber-attacks as compared to cloud-based products. As the solution integrate data from various sources, which organizations do not want to import to cloud platforms that contain very confidential and sensitive data. The demand for cloud-based products are estimated to increase in the future on account of cost effectiveness and constant advancement to enhance security of the cloud platforms. 
 

Insider threat detection solutions are estimated to grow substantially till 2024 due to rising incidences of the insider attacks across the globe. Threat of insider attacks among organizations is prevailing from more than a decade.
 

A survey organized by Hystax Technology, a security solution provider, coving more than 500 security organizations stats that more than 70% of the organizations are exposed to risk of insider attacks. As insider threat detection solutions utilize advanced analytics technique to effectively detect and alleviate impact of insider attacks.
 

BFSI application is set to be one of the leading end-user segments in the market impelled by high risk of cybersecurity. The banks and insurance companies are more exposed to risk of cyber-attacks as they hold very confidential data and any incidences of data breach directly leads to financial losses. Furthermore, increasing investment of financial institute towards information security is also estimated to be one of the major factors that is augmenting the demand of these solutions among BFSI sector.   
 

Technological advancement in the security solution such as integration of advanced analytics and machine learning algorithms is also contributing to the market size. In addition, growing adoption across applications such as healthcare, BFSI, and IT & telecom due to increasing incidences of data breaches and rising demand of real time security analytics to detect threats in advance and mitigate their impact will further drive the market demand.
 

U.S. behavior analytics market dominates the global landscape owing to presence of major players such as Splunk Inc., IBM Corporation. Furthermore, high internet penetration rate and large number of mobile phone and application users in the country are also estimated to contribute significantly towards the market share in the region.
 

In addition, rising adoption in the healthcare sector in the U.S. due to increasing healthcare IT infrastructure and growing number of data breaches will contribute to the market revenue. According to IBM cyber security index, approximately 60% of the cyber-attacks occurred in U.S. are carried out by insiders, wherein the employee exploits its rights to access privileged and confidential company database or violate internal information security rules and regulations.