Riding on the AI and Machine Learning Wave, Security Analytics to Reach $12B by 2024

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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, a market-foresight advisory firm providing strategic guidance on the most compelling transformative technologies.

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. ABI Research’s latest market report addresses these issues and argues that the security analytics ecosystem must evolve towards providing truly interoperable solutions powered by advanced security analytics. This includes, among others, an amalgamation of intelligence gathered from security information and event management (SIEM) systems, user and entity behavior analytics (UEBA), intrusion detection/prevention systems (IDS/IPS), unified threat management (UTM), next-generation firewalls, a steady stream of API data from cloud vendors, tied up behind powerful new innovative technologies such as cognitive computing and natural language processing (NPL) classifiers. Innovative market players, each with a different specialization in security analytics, includes prominent leaders like IBM, Cisco, and LogRhythm, and well as innovative vendors like Crowdstrike, McAfee, Dartrace, and empow.