Machine Readable Threat Intelligence (MRTI) Market Segment Analysis- By Deployment Type
By Deployment type, Machine Readable Threat Intelligence (MRTI) market is segmented into Cloud, On-premise. Cloud segment is estimated to hold the highest market share 62% in 2021 with CAGR 17% during the forecast period 2022-2027. As the expense of implementing on-premise solutions is considerable, organizations choose to adopt cloud security. As cloud storage systems are becoming more popular, cloud-based security usage is projected to rise in the near future. Unwanted traffic is stopped before it reaches the network through the cloud-based deployment. Furthermore, it removes the need for on-premise equipment, which is forecast to enhance demand for the product throughout the projection period. Businesses can reduce their attack surface by preventing cyber-attacks and influence the global threat community in order to uncover new dangers and eventually stop them before they occur by integrating cloud with machine readable threat information. Machine-readable threat intelligence solutions are critical for combating escalating cyber threats. Thus, above mentioned factors are analyzed to drive the market in the forecast period 2022-2027.
Machine Readable Threat Intelligence (MRTI) Market Segment Analysis- By End User
This market is segmented into BFSI, Government and Defense, IT and Telecom, Healthcare, Retail, Manufacturing, Education, Others, on the basis of End User. BFSI segment is anticipated to witness a significant amount of growth with CAGR of 13.4% during the forecast period 2022-2027. Many banks and financial institutions have stronger security postures than businesses in other industries. As a result, some people merely want extra, complementing feeds to add to their SIEM and SOAR systems. Information overload is already a problem for security teams, and adding more internal resources is tough given tight budgets and a scarcity of cyber skills. Machine-readable threat intelligence feeds generate targeted, relevant insight that helps CISOs and others make smarter security decisions. BFSI businesses can use Machine Readable Threat Intelligence to strengthen present capabilities, assure fresh intelligence, and boost internal audience centricity. The demand for threat intelligence platforms is growing in the BFSI industry, owing to expanding network complexity and repeated changes in network infrastructure.
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Machine Readable Threat Intelligence (MRTI) Market Segment Analysis- By Geography
North America dominated the market by a market share of approximately 30% in 2021. Threat intelligence solutions have been in high demand in recent years as the number of cyber-crime, security, and threat breaches have increased. The ongoing development and use of new technologies such as cloud computing, AI, and the Internet of Things (IoT), as well as their deployment across multiple industries, has opened a new area for the development of critical threat intelligence software and solutions. The growing amounts of data created by diverse enterprises, the increasing uniqueness of attacking tactics that leaves data unsecured, and rapid technical progress are some of the drivers leading the machine readable threat intelligence markets growth. Moreover, Machine Readable Threat Intelligence (MRTI) market in APAC is expected to grow at the highest rate during the forecast period 2022-2027. The region contains a mix of emerging and established countries, with a high concentration of small and medium-sized businesses. Organizations essential data is becoming more vulnerable as cyber-attacks become more common. Revenue is being harmed as a result of these cyber-attacks. The government is concentrating on establishing a strict structure to deal with future cyber-threats. With the increasing number of data breaches occurring across the country, the importance of establishing a safe framework for all government agencies has been greater. Governments are employing chief information security officers in addition to investing in research and development to identify and record the security requirements that arise with each technological advancement. Hence, such factors together are analysed to drive the market in the forecast period 2022-2027.
Machine Readable Threat Intelligence (MRTI) Market Drivers
Rising demand of enhanced security services tends to drive the market growth for Machine Readable Threat Intelligence (MRTI):
In July 2020, LogRhythm, Inc. announced the release of version 7.5 of its NextGen SIEM platform, as well as Open Collector technology. The SIEM platform and Open Collector technology work together to enable security professionals discover threats quicker, minimise administration time, and prevent mistakes by developing filters using Lucene assistant support. In May 2019, Canva, a visual design platform located in Australia, discovered a data breach on its server. Gnosticplayers, the alleged attacker, disclosed 137 million members personal information, including usernames, email addresses, and home addresses, as well as hashed with crypt passwords. Following high-profile data theft and breaches, its critical for businesses to assess future dangers, mandating a reconsideration of cyber security plans which in turn benefits the market growth.
Integration of IOT causing cyber-attack risk which is analyzed to propels the market growth for Machine Readable Threat Intelligence (MRTI):
The Internet of Things (IOT) links devices with other devices and humans for gathering, analyzing and acting on data in a number of ways. With the expansion of IOT and adoption of IOT devices, the IOT results in heavy dependence of IOT on cloud infrastructures for processing, storing, and analysing the huge volumes of data apprehended by sensors, trackers, and monitoring devices in a wide variety of settings. In August 2018, HiTSDB (High-Performance Time Series Database) was launched by Alibaba Cloud that enhanced the migration of IOT devices to the cloud. With the rise of the Internet of Things (IoT), enterprises are increasingly reliant on massive volumes of data. Sharing information across digital interfaces, both internally and internationally, has opened the door for hacktivists and cybercriminals to get access to networks. As a result, the necessity for cyber protection is critical among enterprises. Furthermore, the fast increase in vulnerabilities, threats, frauds, and hazards has prompted organisations to adapt strategic strategies to resist cyberattacks, boosting market expansion.
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Machine Readable Threat Intelligence (MRTI) Market Challenges
Lack of Expertise and Skills act as hindrance to the market growth for Machine Readable Threat Intelligence (MRTI) Market:
Although Machine Readable Threat Intelligence (MRTI) Market market is growing at a rapid phase, the lack of technical expertise is estimated to hinder the market growth. For using Machine Readable Threat Intelligence (MRTI) and to get the complete benefits of this technology, experienced workers with specific skills are required which is hard to find. According to a report of ESG and the Information Systems Security Association (ISSA) 2019, only 7% of cybersecurity professionals claim that their organization has improved its position relative to the cybersecurity skills shortage over the past few years. Alternatively, 45% say that things have gotten worse while 48% believe things are about the same today as they were in the past. Hence, the lack of skilled experienced workers will hinder the market growth in the forecast period 2022-2027.
Machine Readable Threat Intelligence (MRTI) Market Landscape
Technology launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Machine Readable Threat Intelligence (MRTI) market. In 2021, the market of Machine Readable Threat Intelligence (MRTI) industry outlook has been fragmented by several companies. Machine Readable Threat Intelligence (MRTI) top 10 companies include
Symantec Corporation
IBM Corporation
Check Point Software Technologies Ltd.
Dell Inc.
McAfee LLC
Webroot
Fortinet
CrowdStrike
Farsight Security
Anomali, among others.
Acquisitions/Technology Launches
In March 2019, Saudi Telecom Company (STC) signed an agreement with Anomali, a US-based cybersecurity company, to support with high-quality information on sources of threats and cyber-attacks, boosting the demand in telecom segment.
In January 2020, Check Point Software Technologies announced their strategic partnership with Stellar Cyber. This partnership helps company to deliver additional value to Check Point customers by adding XDR thinking and advanced detection capabilities.
In October 2020, IBM announced expansion of Cloud Pak for Security to include new data sources, integrations, and services that enables security operations teams to manage the full threat lifecycle from a single console. This provides access to six threat intelligence feeds, 25 pre-built connections to IBM and third-party data sources.
Key Takeaways
North America dominated held the major market share in 2021. This is mainly attributed to the increasing use of prevalent technology which has raised the risk of cyber threat leading to the need for cybersecurity solutions, presence of key market players and others.
Growing cases of cyber-attacks, security threats, IoT and connected device vulnerabilities, and developing pressure from cybersecurity laws positively impact the market growth.
Scalability, simplicity of setup, and ease of operation will increase the use of cloud-based threat intelligence solutions.
Relevant Report Titles:
Cyber Security Market
https://www.industryarc.com/Report/15646/cyber-security-market.html
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