PUBLISHER: Orion Market Research | PRODUCT CODE: 1380242
PUBLISHER: Orion Market Research | PRODUCT CODE: 1380242
Title: Global Security Automation Market Size, Share & Trends Analysis Report by Deployment (Cloud-Based and On-Premises), by Technology (Artificial Intelligence (AI) & Machine Learning (ML), Predictive Analytics, Robotic Process Automation (RPA), and Others), and by End-User (IT and Telecommunication, BFSI, Healthcare, Manufacturing, Government and Defense, and Other)Forecast Period (2023-2030).
Global security automation market is anticipated to grow at a CAGR of 12.8% during the Forecast Period (2023-2030). Security Automation is an essential aspect of every industry. Security automation can help organizations improve their security posture by reducing the risk of human error, improving efficiency, and accelerating response times to security incidents, by automating tasks such as gathering evidence and taking corrective actions.
The global security automation market is segmented on deployment, technology, and End-user. Based on the deployment, the market is sub-segmented into cloud-based and on-premises. Based on the technology, the market is sub-segmented into AI & ML, predictive analytics, RPA, and others. Based on End users the market is sub-segmented into IT and telecommunication, BFSI, healthcare, manufacturing, government and defense, and others. Among the End users, the BFSI sub-segment is anticipated to hold a considerable share of the market, Owing to the increasing number of cyber-attacks in the banking sector and the need for better security services in the sector.
Among the deployment, the cloud-based sub-segment is expected to hold a considerable share of the global security automation market. Cloud security helps to keep data and applications safe from malicious actors, such as hackers, cybercriminals, and foreign governments. Hence, the demand for cloud services is increasing, which leads to increasing product launching and investing activities by the market players. For instance, in April 2023, Caveonix announced its fifth-generation offering, which is designed to provide continuous protection of applications built on containers, cloud-native services, and traditional three-tiered architecture. The next-gen version provides prioritized actionable insights and ensures real-time protection through its unique DefenseBot technology as well as executing policy enforcement for Zero-Trust implementation. This, combined with a shift-left approach for secure DevOps, enables enterprises to manage their security and compliance posture proactively.
The global security automation market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America).
North America is anticipated to contribute to a significant market share attributed to increasing government support and investment in security-related solutions in the region. In August 2023, the White House launched a multimillion-dollar cyber contest to spur the use of AI to find and fix security flaws in US government infrastructure, in the face of the growing use of the technology by hackers for malicious purposes. Also in August 2023, the Biden-Harris Administration in the US launched a new two-year competition that aims to use AI to help protect some of the country's most important software. The 'AI Cyber Challenge' will bring together competitors from across the country to look at how software vulnerability, in areas from critical infrastructure to the code that runs the internet, can be identified and fixed using AI.
The presence of a high number of market players and their investing activities is another factor contributing to the regional growth of the market. For instance, in July 2023, Thales announced that it had reached an agreement with Thoma Bravo, a major software investment firm, for the acquisition of 100% of Imperva, a leading US-based data and application cybersecurity company, for an enterprise value of $3.6 billion. With this acquisition, Thales is taking its cybersecurity business to the next level. Imperva will enable growth in data security and Thales' entry into the attractive application security market. Thales total cybersecurity business will generate more than $2.5 billion in revenues.
The major companies serving the global security automation market include: Google LLC, IBM Corp., Microsoft Corp., Exabeam, Inc., Fortinet, Inc., Splunk Inc., VMware, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in July 2023, Splunk Inc. and Microsoft Corp. announced a partnership to build Splunk's enterprise security and observability offerings on Microsoft Azure. Splunk and Microsoft's strategic partnership will provide joint customers and partners with advanced digital resilience to help them remain secure and up and running at every step of their cloud journey. It offers organizations flexible deployment options as part of the truly hybrid approach. Within this agreement, Microsoft will collaborate with Splunk to develop a differentiated product offering by leveraging Microsoft Azure for Splunk's cloud products. This approach will enable joint customers to innovate with confidence and migrate, modernize, and grow environments with end-to-end cloud and hybrid visibility at scale.