New York, July 31, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Insider Threat Protection Market Size, Share & Industry Trends Analysis Report By Component, By Vertical, By Organization size, By Deployment Mode, By Regional Outlook and Forecast, 2023 - 2030" - https://www.reportlinker.com/p06481354/?utm_source=GNW
The sector accounted for $211.9 million revenue of the market in 2022. Production in developing and emerging industrial economies has seen a noteworthy growth of 4.3%, according to the most recent UNIDO World Manufacturing Report released by the United Nations Industrial Development Organization (UNIDO). On the other hand, industrialized economies have been producing at or above pre-pandemic levels since the beginning of 2021, and they are currently experiencing stable annual growth of 3.2%. Manufacturing processes could be severely disrupted by several dangers. These comprise nefarious insider behaviors like fraud, sabotage, workplace violence, theft, etc. Unwitting insiders may unintentionally download malware, accidentally divulge important or proprietary information, or promote other cybersecurity occurrences. Therefore, the manufacturing sector should expedite the deployment of insider threat protection tools.
The major strategies followed by the market participants are Acquisitions as the key developmental strategy to keep pace with the changing demands of end users. For instance, In June, 2021, Cisco took over Kenna Security to transform how security and IT teams work to minimize the attack surface and the time it takes to identify and respond. Moreover, in March, 2021, VMware announced the acquisition of Mesh7 to accelerate the company’s Kubernetes, microservices, and cloud-native capabilities. This technology also enables VMware to bring discovery, visibility, and better security to APIs.
Based on the Analysis presented in the KBV Cardinal matrix, Microsoft Corporation are the forerunners in the Market. In June, 2022, Microsoft completed the acquisition of Miburo, a US-based provider of cyber threat analysis and research services. The addition of Miburo perfectly aligns with Microsoft’s aim to take action and partner with others in the private and public sectors to discover long-term solutions. Companies such as Cisco Systems, Inc, Broadcom, Inc. and VMware, Inc. are some of the key innovators in the Market.
Market Growth Factors
Rising usage of the cloud and the Internet of Things (IoT)
Insider threat protection can be implemented due to the deployment of IoT and cloud technologies. The requirement for efficient threat security tools that can identify and safeguard these devices and systems grows as a growing number of businesses migrate their systems as well as applications to cloud services and introduce IoT devices. By making the applications and systems that need to be safeguarded more advanced, cloud and IoT adoption might encourage the use of insider threat prevention solutions. These factors together indicate that the market will expand in the coming years.
Increasing frequency of cyber attacks
Cyberattack threats are increasing, and the monetary impact of cybercrime in the financial services sector is also rising. Although significant cyber-attacks have been on a big scale during the past 15 years, including data theft, intellectual property loss, distributed denial of service (DDoS), and cyber fraud, their impact has increased more quickly than the company’s capacity to defend against and recover from them. Normally, businesses concentrate on internal threats, but in the capital markets, insiders are much more inclined to be the source of a cyberattack. Therefore, these factors are propagating the expansion of the market throughout the forecast period.
Market Restraining Factors
Inadequacies of organizations in handling massive amounts of data for scrutiny
Ideally, an insider threat prevention technology should be able to handle massive amounts of data arriving from various dispersed sensors (such as PCs, servers, network tools, etc.) within an organization. However, to store, examine, and analyze the collected data for viewing, storage, and analysis, the data must be homogeneous in one area and driven by various operating systems and protocols. As a result, problems with technology, software, and other factors crop up when gathering and interpreting the data on insider threat prevention.
Component Outlook
Based on component, the market is segmented into software and services. The software segment garnered the highest revenue share in the market in 2022. The most advanced security capabilities, including behavioral protection, cloud-based endpoint detection, threat awareness and intelligence, and an array of security analytics methods, are offered by insider threat prevention software. Many industries use these tools to minimize information and operational technology attacks. As a result, the segment will grow rapidly in the coming years owing to the greater demand for software.
Deployment Mode Outlook
On the basis of deployment mode, the market is fragmented into cloud and on-premise. The on-premise segment recorded a significant revenue share in the market in 2022. Given that they have important databases for business information, many major firms desire full ownership of upgrades and solutions. This enables them to guarantee the highest level of data protection. By offering explicit monitoring as well as data security, the on-premise deployment also lessens reliance on outside companies. The demand for on-premise implementation is anticipated to be driven by enterprises’ tendency to keep internal data confidential.
Organization Size Outlook
By organization size, the market is classified into small & medium-sized enterprises and large enterprises. The large enterprise segment witnessed the maximum revenue share in the market in 2022. The employment of cutting-edge technologies exposes large firms to various hazards, including data breaches and hackers. To protect their equipment from cyber threats, large businesses are increasingly implementing insider risk management strategies.
Vertical Outlook
Based on vertical, the market is bifurcated into BFSI, IT & telecom, retail & ecommerce, healthcare & life sciences, manufacturing, government & defense, energy & utilities, and others. The government and defense segment acquired a substantial revenue share in the market in 2022. Privileged access management (PAM) solutions control and manage privileged accounts with elevated access privileges within an organization. In the government and defense sector, PAM tools ensure that only authorized individuals can access sensitive systems, and they monitor privileged account usage to detect any unauthorized activities. Similarly, security information and event management tools can identify patterns or anomalies in log data, generate alerts, and provide real-time visibility into potential insider attacks.
Regional Outlook
Region wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. The North America segment garnered the largest revenue share in the market in 2022. The market in this region is being propelled by the rising use of servers, desktops, and mobile devices; the Bring Your Own Device (BYOD) movement; and the demand for data security. The market in the region is expanding even more due to the widespread use of such devices and the existence of significant insider risk management providers there. Several important industry players are widely present in North America.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Cisco Systems, Inc, Microsoft Corporation, Broadcom, Inc., VMware, Inc., Citrix Systems, Inc. (Cloud Software Group, Inc.), Kaspersky Lab, Ivanti, Inc. (Clearlake Capital Group, L.P.), Micro Focus International PLC (Open Text Corporation), Zoho Corporation Pvt. Ltd. and McAfee Corp.
Recent Strategies Deployed in Insider Threat Protection Market
Partnerships, Collaborations and Agreements:
Apr-2023: VMware partnered with Lookout, Inc. following which VMware SD-WAN has been integrated with Lookout Cloud Security Platform for providing the customers with a best-of-breed secure access service edge (SASE) solution. The solution offers optimized data protection and network connectivity from any location and device. The combined Lookout and VMware solution offers centralized management of security policies, network performance, and enhanced visibility and monitoring of all end-user activity between branch offices.
Apr-2023: McAfee Corp. partnered with Acer, a leading consumer electronics company. This partnership aims to offer Acer customers a single solution to secure protect their personal info, privacy, and devices. Furthermore, this partnership provides consumers with a complementary trial of antivirus, privacy, and identity monitoring to help let consumers safe against viruses, malware, spyware, and ransomware attacks.
Jan-2023: Microsoft Corporation announced a partnership with Cloudflare, Inc., an IT service management company, to intensify zero trust security. Through this partnership, Cloudflare One capability would be combined with Microsoft Azure Active Directory enabling Microsoft to deliver businesses a solution where they would be able to deploy zero trust security efficiently without altering a line of code.
Jan-2023: Ivanti partnered with Lookout, Inc., the endpoint to the cloud security company. This partnership includes Lookout Mobile Endpoint Security as part of the Ivanti Neurons automation platform. The integrated solution which includes Ivanti Go and Ivanti Neurons for Modern Device Management, is an enhanced security and management solution that allows Ivanti customers to deliver a mobile strategy to secure the hybrid workforce at the time of decreasing complete risk to the organization.
Product Launches and Product Expansions:
May-2023: Zoho Corporation introduced Ulaa, a privacy-centered browser built specifically for securing personal data with pre-built capabilities that block tracking and website surveillance universally. The privacy-focused browser is outfitted with features that enable privacy customization, integrated user profile modes, and productivity tools, all while maintaining user data security and privacy. Users can also smoothly use several devices for the same online session by syncing browsing sessions between them either a full browser window or a single tab.
Apr-2023: Cisco launched the new XDR solution and the advanced features for Duo MFA for helping organizations better protect the integrity of their complete IT ecosystem. Cisco continues to maintain "if it’s connected, you’re also protected" by enabling security operations teams to respond to attacks and eliminate them before they have a chance to cause major harm.
Acquisitions and Mergers:
Jun-2022: Microsoft completed the acquisition of Miburo, a US-based provider of cyber threat analysis and research services. The addition of Miburo perfectly aligns with Microsoft’s aim to take action and partner with others in the private and public sectors to discover long-term solutions.
Jul-2021: Microsoft acquired RiskIQ, a US-based developer of a digital threat management platform. The addition of RiskIQ’s team and technology enables Microsoft to better take care of the needs of mutual customers.
Jul-2021: Microsoft announced the acquisition of CloudKnox Security, a provider of complete visibility into privileged access. The acquisition helped Microsoft Azure Active Directory clients with continuous monitoring, granular visibility, and automated remediation of multi and hybrid cloud permissions.
Jun-2021: Cisco took over Kenna Security, a cybersecurity leader that offers a risk-based vulnerability management platform. This acquisition aimed to transform how security and IT teams work to minimize the attack surface and the time it takes to identify and respond.
Mar-2021: VMware announced the acquisition of Mesh7, a cloud-based application security startup. This acquisition will accelerate the company’s Kubernetes, microservices, and cloud-native capabilities. This technology also enables VMware to bring discovery, visibility, and better security to APIs.
Scope of the Study
Market Segments covered in the Report:
By Component
• Software
• Services
By Vertical
• BFSI
• Healthcare & Lifesciences
• Manufacturing
• IT & Telecom
• Retail & Ecommerce
• Government & Defense
• Energy & Utilities
• Others
By Organization size
• Large Enterprises
• SMEs
By Deployment Mode
• Cloud
• On-premise
By Geography
• North America
o US
o Canada
o Mexico
o Rest of North America
• Europe
o Germany
o UK
o France
o Russia
o Spain
o Italy
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o South Korea
o Singapore
o Malaysia
o Rest of Asia Pacific
• LAMEA
o Brazil
o Argentina
o UAE
o Saudi Arabia
o South Africa
o Nigeria
o Rest of LAMEA
Companies Profiled
• Cisco Systems, Inc
• Microsoft Corporation
• Broadcom, Inc.
• VMware, Inc.
• Citrix Systems, Inc. (Cloud Software Group, Inc.)
• Kaspersky Lab
• Ivanti, Inc. (Clearlake Capital Group, L.P.)
• Micro Focus International PLC (Open Text Corporation)
• Zoho Corporation Pvt. Ltd.
• McAfee Corp.
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