According to recent study by Research Nester, the global insider threat protection market Size was valued at USD 4 billion in 2023 and is predicted to surpass more than USD 38 billion by the end of 2036.
The global market size is projected to expand at a CAGR of over 19% during the forecast period, i.e., 2024-2036 due to the growing use of cloud and internet of things (IoT) across worldwide.
Growing Awareness of Information Security to Promote Global Market Share of Insider Threat Protection
Modern businesses are now more exposed than ever due to the increasing levels of digitization in various economic sectors, and the current cyber threat scenario has rendered outdated preventative security solutions useless. Insider threat prevention allows for the early detection of threats by circumventing traditional network security measures. According to a study, 87% of senior business leaders think that digitization should be a major priority, and 91% of organizations are working on digital projects. In addition to this, the market for insider threat prevention will see an increase in demand due to rising information security awareness. The main purpose of security measures used by businesses was to safeguard and maintain the integrity of important data. But in order to protect their business apps and reduce overall organizational risk, organizations are now focusing on integrating insider threat prevention due to a rapid increase in data hacking and cybercrimes.
Some of the major growth factors and challenges that are associated with the growth of the global insider threat protection market are:
Growth Drivers:
- Surge in Number of Cyberattacks
- Increasing Focus on Compliance and Data Privacy
Challenges:
An insider threat protection system should ideally handle massive amounts of data arriving from various dispersed sensors (PCs, servers, network tools, etc.) within an organization. To store, examine, and analyze the gathered data for viewing, storing, and analysis, it must be uniform in one place and driven by several operating systems and protocols. As a result, problems with technology, software, and other elements come up when gathering and examining insider threat prevention data. Insider threat prevention market size is expected to be hindered by a number of main concerns, including identification of sophisticated attacks and a lack of security understanding.
By vertical, the global insider threat protection market is segmented into BFSI (Banking, Financial Services, & Insurance), IT & telecom, retail & e-commerce, healthcare & life sciences, manufacturing, government & defense, energy & utilities.
The BFSI segment is projected to hold 35% of the revenue share by 2036. Businesses in the BFSI industry are constantly susceptible to cyberattacks since they are responsible for large volumes of sensitive data. In addition, new vulnerabilities are being created as a result of financial institutions’ heavy spending on digital services across several channels. According to the 2020 VMware Carbon Black Threat Data report, between February and April 2020, there was a nearly 240% global surge in cyberattacks targeting the banking industry. Businesses in the BFSI sector are aggressively integrating application security testing technologies and services to protect apps and digital assets against fraud and manipulation.
North America insider threat protection market size is predicted to hold the largest revenue share with about 30% during the forecast timeframe, i.e., 2024-2036.
Europe insider threat protection market is to generate the highest revenue by the end of 2036. The insider threat protection industry in Europe is steadily expanding due to rising awareness of insider risks and stringent data protection regulations like GDPR. Industries including manufacturing, healthcare, and finance are investing in these technologies to safeguard sensitive data in the region.
Top companies include in the global insider threat protection market are Microsoft Corporation, Broadcom, Inc., VMware, Ivanti, Micro Focus, McAfee Corporation, Citrix Systems, Zoho Corporation, Micro Focus, and others.
Source – https://www.researchnester.com/reports/insider-threat-protection-market/5739
About the Author
Aashi Mishra is currently working as a Content Developer with the Research Nester. An electronics engineer by profession, she loves to simplify complex market aspects into comprehensive information. She has experience of 3 years in this domain where she has mastered in tech writing, editing, copywriting, etc. https://www.researchnester.com/
