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The threat intelligence market growth is attributed to the growing number of connected devices and rising incidents of cyber-attacks such as zero-day exploit, malware, DDoS attacks, and advanced persistent threats. For instance, in 2017, the federal civilian agencies in the U.S. reported over 35,277 cybersecurity incidents, which included web-based attacks, phishing attacks, and loss or threat of computing equipment. These attacks resulted in huge financial losses and adversely impacted organizations' IT infrastructure.
Threat intelligence market is projected to surpass USD 13 billion by 2025.
The cloud deployment model is expected to grow at a CAGR of over 20% from 2019 to 2025. These models eliminate the need to deploy cumbersome on-premise threat intelligence platforms, thus save huge costs. The cloud deployment model is gaining an immense popularity among SMEs as they can utilize the benefits of such platforms in a cost-effective manner.
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The BFSI threat intelligence market held most of the market share of around 30% in 2018 and is expected to maintain a dominant position during the forecast period. Proliferation of digital platforms in the banking institutions has resulted in an increase in cyber vulnerabilities, exposing sensitive data to hackers and intruders. To address the rising vulnerabilities, these institutions need proactive threat intelligence solutions to identify compromised network resources and build an effective strategy to combat existing and emerging threats.
The rise in the number of connected devices has increased the attack surface. This drives the need to have robust threat intelligence solutions to address the attacks. Also, various government initiatives to speed up the digital transformation also increased the frequency and sophistication of online attacks. The countries including China, India, Singapore have introduced several cybersecurity policies and reforms to ensure stronger data protection.
The threat intelligence subscription services market will witness the fastest growth rate of around 22% from 2019 to 2025. The security teams of an organization face data processing challenges due to the availability of massive volumes of threat data. These services make it easy for them to gain actionable intelligence about threats through data feeds and alerts in real-time. The customers can subscribe to security subscriptions as per the requirements and get the insights related to each type of threats.
Various favorable government-led initiatives worldwide to boost cybersecurity will also fuel threat intelligence market growth. Increased adoption of BYOD and IoT has also given rise to intrusions and attacks, exposing business-critical information. It is estimated that in 2017, Telnet and HTTP were the most targeted IoT services. Rising incidents of attacks facilitate the adoption of threat intelligence platforms, which gather massive amounts of threat data, perform analysis, and provide actionable insights in the form of feeds and alerts.
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According to the Threat Report 2017, the average cost of a data breach in North America was around USD 1.3 million for enterprises. These factors are expected to foster the adoption of threat intelligence platforms, which help security analysts in analyzing and prioritizing threats. Threat intelligence has become an important aspect of cyber defense strategy as it lays the foundation for effective measures to be implemented to avoid cyber exploit.
The major players in the threat intelligence market are focusing on various business growth strategies such as new product developments and partnerships. This enables them to expand their existing portfolio and increase their geographical reach. For instance, in January 2018, Trend Micro launched a new Managed Detection & Response Service. The company also added various AI-powered capabilities across its entire portfolio to allow security operation centers to address cyber threats. In November 2018, Symantec and Fortinet entered into a partnership to integrate Fortinet's firewall into Symantec's cloud-delivered web security service to provide threat prevention. The integration provided a single interface for setting orchestration and reporting procedures across the products of both the companies. The partnership also enabled the companies to enhance their capabilities and add new customers to their portfolio.
The mobile-based solutions segment in the threat intelligence market will grow at a CAGR of over 18% during the projected timeline. The growth is attributed to the rising cyber-attacks on smartphones to gain access to confidential data. It is estimated that the number of new mobile malware variants grew by 54% in 2017 compared to 2016. Also, around 63% of sensitive information including phone numbers was leaked by mobile apps and 37% apps revealed devices' locations. This threat data acts as an important source for data gathering agencies, enabling them to understand the threat landscape and providing recommendations to mitigate them.
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In the component segment, the threat intelligence market held a majority of the market share in 2018 amounting to over 68%. The Unified Threat Management (UTM) market is expected to witness the highest growth rate of over 14% during the forecast timeline. These platforms integrate several security functions including anti-virus, intrusion detection, and content filtering, thus acting as a viable option for safeguarding the network against various threats.
Threat intelligence market in the Asia Pacific is projected to grow at a CAGR of over 16% during the forecast period. In this region, penetration of smartphones and the growing adoption of IoT are triggering the cybercrime. According to the CNNIC, at the end of December 2017, the number of internet users in China reached 772 million, which is an increase of 40.74 million from the end of 2016.
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