Security Automation Market Worth $16.7 billion by 2028, Growing At a CAGR of 13.4% Report by MarketsandMarkets™
Chicago, Sept. 19, 2023 (GLOBE NEWSWIRE) -- The global Security Automation Market size is anticipated to grow at a CAGR of 13.4% during the forecast period, from USD 8.9 billion in 2023 to USD 16.7 billion by 2028, according to a new report by MarketsandMarkets™. Due to various business drivers, the security automation market is expected to grow significantly during the forecast period. The market is experiencing significant growth as rising cybersecurity threats and complexity, growing ability to detect and respond to security incidents in real-time. The increasing incidents of phishing emails and ransomware, and need to ensure consistent adherence to security policies and facilitate audit trails is also responsible for driving the market’s growth.
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Security Automation Market Dynamics:
Drivers:
- Rise in cybersecurity threats and complexity.
- Increase in ability to detect and respond to security incidents in real time.
- Growth in incidents of phishing emails and ransomware.
- Need to ensure consistent adherence to security policies and facilitate audit trails.
Restraints:
- Concerns related to data privacy.
- Uncertainty in third-party applications.
Opportunities:
- Rise in advent of predictive analytics to anticipate potential threats.
- Advancements in quantum computing to mitigate quantum-based attacks.
List of Key Players in Security Automation Market:
- Palo Alto Networks (US)
- Splunk (US)
- CyberArk (US)
- Check Point (Israel)
- CrowdStrike (US)
- Red Hat (US)
- Cisco (US)
- Carbon Black (US)
- Trellix (US)
- IBM (US)
Security automation is the automation of security tasks, including both administrative duties and incident detection and response. Security automation provides numerous benefits to the organization by enabling security teams to scale to handle growing workloads. The primary goals of security automation are to enable faster incident response and to increase security agility.
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Based on the offering, the security automation market is segmented into solutions and services. The solutions segment is expected to garner a higher revenue during the forecast period. The solutions segment within the security automation market encompasses a diverse range of technological offerings that play a pivotal role in enhancing cybersecurity measures, threat detection, incident response, and overall risk management. As the digital landscape becomes increasingly complex and cyber threats more sophisticated, organizations across various industries are turning to security automation solutions to fortify their defenses and safeguard critical assets. The services segment is projected to grow more during the forecast period.
The AI & ML segment is expected to garner a higher revenue during the forecast period. This technology’s ability to precisely capture data has increased adoption across various industries, driving significant growth in the security automation market. Predictive analytics is projected to grow more during the forecast period.
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Based on verticals, the segment has been bifurcated into BFSI, media & entertainment, energy & utilities, government and defense, retail & eCommerce, healthcare & life sciences, manufacturing, , IT & ITES, as well as other verticals, such as education, automotive, and telecom. The BFSI vertical is expected to garner a higher revenue owing to the need to detect anomalies or unusual patterns in financial transactions, flagging potential fraud incidents for immediate investigation and response.
The security automation market has been segmented into five regions: North America, Europe, the Middle East & Africa, the Asia Pacific, and Latin America. North America is estimated to account for the largest market share during the forecast period, while the Asia Pacific region is expected to grow at the highest rate. Security automation solutions and services in North America are highly effective across most organizations and verticals. Asia Pacific is gradually advancing toward incorporating security automation within its region. Europe, the Middle East & Africa, and Latin America show a substantial rise in security automation solutions and services.
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