Pune, India, July 30, 2019 (GLOBE NEWSWIRE) -- Factors Inspiring the Market

The global cognitive security market is anticipated to surpass a valuation of USD 10 billion, attaining a CAGR of 19% during the forecast period (2017-2023), Market Research Future (MRFR) reveals in a detailed analysis. Cyberattacks on the cloud have been increasing dramatically. This has resulted in increased adoption of cognitive security across the globe. Cognitive security services are extensively used to store confidential and private data of an organization, which has a positive impact on the market. The recent trend of bring your own device (BYOD) to the office premises has generated the need for cognitive security services globally. The soaring adoption of technologies like the Internet of Things and connected devices is predicted to supplement the demand for cognitive security systems. The growing cyberattacks and security breaches further complement this increasing demand. Surging investments for the penetration, adoption, and implementation of AI technology is a primary growth stimulant for the market. Moreover, the penetration of cloud technology boosts the demand for cognitive security, thereby owes high growth opportunities related to the market.

On the contrary, complexities related to the implementation of cognitive security, coupled with the dearth of skilled labor to implement the solution are some of the key factors restricting the market growth over the forecast period.

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Segmentation:

The cognitive security market is segmented on the basis of organization size, deployment, and vertical.

By deployment, the cognitive security market is segmented into on-premise and cloud. Of these, the cloud deployment mode is estimated to witness significant growth as it is the preferred deployment mode for web and mobile application security.

By organization size, the cognitive security market is segmented into large enterprises and small and medium enterprises. Of these, large enterprises are likely to acquire a larger share. Meanwhile, SMEs are estimated to gain prominence as attackers majorly target SMEs to penetrate their applications and access payment details, customer applications, and other confidential data.

By vertical, the market comprises supply chain and logistics, BFSI, healthcare, IT & telecommunication, energy & power and utilities, education and government, and others. Of these, the BFSI segment is predicted to gain prominence as this vertical hold a large volume of sensitive data and information related to assets, employees, branches, offices, operations, and customers. This triggers the demand from the cognitive security market to protect sensitive information.

Key Players:

The players operating in the Cognitive Security Market include XTN (Italy), Intel Security (U.S.), IBM Corporation (U.S.), Symantec Corporation (U.S.), CA Technologies, Inc. (U.S.), Cisco Systems (U.S.), Fortinet, Inc. (California, U.S.), CSC (U.S.), Check Point Software Technologies (Israel),and Cato Networks (Israel).

Mapping the Global Market:

Geographically, the cognitive security market is studied under North America, Asia Pacific, Europe, and the Rest of the World (RoW).

Considering the global scenario, North America reigns over other regions due to the soaring need for safety and security solutions in order to secure an existing database of organizations. The maximum adoption of cognitive security in the region is likely to accelerate its growth. In this region, the U.S. is predicted to acquire the major share due to the soaring number of data breaches and cyberattacks in the region.

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Europe resonates strong growth opportunities due to the rising healthcare industry demanding for security over cloud technology.

The Asia Pacific is encouraging the concept of BYOD to the company premises, which is increasing the threat of cyber-attacks for data on the cloud. In order to protect corporate data from threats of cyber-attacks and unauthorized access, companies are highly establishing cloud security systems. Factors like surging adoption of security solutions in the telecom and IT sector, surging demand from security analysts, and rising incidents of cybersecurity breaches are predicted to accelerate the market growth in the region.

Head-to-Head

June 2019: Elysium Analytics has recently declared its global partner program, providing opportunities for joint success in the global threat hunting and security analytics market. The program covers systems integration, technology, strategic partnerships, and consulting, and delivers cognitive cybersecurity solutions to improve large and medium enterprises’ ability to minimize complexity, risk, and cost.

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