Behavior Analytics Market to register a phenomenal CAGR of 40% over 2017-2024, BFSI sector to witness major demand
Publisher : Fractovia | Published Date : 2017-11-23Request Sample
The U.S. based behavior analytics market leader, Gurucul, has recently been selected by the U.S. Federal government to deploy its Gurucul Risk Analytics(GRA) platform to identify and prevent insider threats that otherwise appear as normal behavior to conventional security tools. The GRA platform is slated to safeguard almost 100,000 users, in what is likely to turn out as the largest implementation of user and entity behavior analytics (UEBA) by any federal government agency till date. As has been reported, the capability of Gurucul’s platform to serve countless number of users, detect anomalies, administer machine learning abilities for automated behavior baselining, and to generate vital risk score for each entity based on the interpretation of recorded data from multiple sources proved to be the determining factors in federal government’s decision to avail its services. Tech firms have been fiercely contesting to unveil a multitude of products to impede the security threats, thereby garnering the attention of governments across the globe, consequentially, contributing immensely to the expansion of behavior analytics industry.
U.S. Behavior Analytics Market Size, By Deployment, 2016 & 2024 (USD Million)
Behavioral analytics, a significant vertical of business analytics, emphasizes on noting detailed insights on unusual behavior to specifically identify insider threats. Cyber-attacks, data thefts, security breaches, and internal threats have acquired the recognition as the buzzwords of the current era. Owing to the burgeoning cyber-security risks, behavioral analytics has gained prominence among diverse domains such as retail, IT & telecom, healthcare, energy & utility, BFSI, government, and defense, which has favorably influenced behavior analytics industry progression.
The financial institutions in the recent times, especially banks, have been targeted with ferocious cyber-attacks leading to humongous amounts of data exposure and financial loss. The surging number of financial losses and given that these financial organizations store confidential data in huge amounts has massively driven the behavior analytics industry growth. The banking sector has been keen and proactive in embracing the latest behavior analytics tools—a move that is bound to further impel market size.
In terms of regional revenue outlook, U.S. market would dominate the global growth prospects owing to the presence of leading industry giants such as IBM Corporation, Splunk Inc., Gurucul among others. Add to it, the high internet penetration pace and the huge number of mobile phone users in the nation is forecast to contribute enormously toward the regional behavior analytics industry progression.
Speaking of the competitive outlook, it would be prudent to note that the companies partaking in behavior analytics market share are aware of the consumer expectation and appear to leave no stone unturned to exploit the tremendous potential of this industry. Since last few years, the market has been witnessing massive investments and strategic tie-ups. To cite an instance, the Israel-based behavior analytics industry player, Fortscale Security Ltd., raised a total of USD 23 million in its recently concluded funding round. The company intends to apparently accelerate its behavioral analytics business across the globe and enhance its product line. Furthermore, to cite yet another instance of funding, one of the most influential players in market, E8 security has recently raised USD 21.8 million, in an attempt, to boost its investment in intrusion suppression technologies. The firm has been utilizing big data analytics stack which has received immense acclaim across the security market. Further investment plans are anticipated to materialize in the immediate future which would boost the morale of industry players. The optimistic investor sentiment seems to have spanned the industry, which has demonstrated to be the most significant factor in the rapid expansion of market.
Concurrently, the recent trend of increasing collaboration between User and Entity Behavioral Analytics (UEBA) platform providers and Security Information and Event Management (SIEM) service companies is seen to be growing. These dynamic and proactive prospects are encouraging the behavior analytics industry, whose revenue graph was estimated to have exceeded USD 200 million in 2016. The foremost UEBA company, Fortscale Security Ltd for instance, has recently joined forces with, a Denmark-based SIEM firm, LogPoint to offer top-notch next-generation SIEM and UEBA platforms to various sectors. The alliance aims to equip organizations to better detect authentic user account misuse, compromised login credentials, data exfiltration, and other grave threats. In terms of commercialization, behavior analytics market size is anticipated to demonstrate an exceptional growth in the ensuing years, with the industry set to surpass USD 3.5 billion by 2024.
