Prescriptive Security Market (Updated Version Available)

Prescriptive security market size is anticipated to reach over USD 79.8 Billion by 2030 from the value of USD 53.2 Billion in 2022, growing at a CAGR of 5.2% during the forecast period (2022-2030).

Prescriptive security is the fusion of automation technologies that attempts to evaluate safety measures and procedures by detecting the patterns and trails of any malicious activities. The security system utilizes big data analytics and machine learning algorithms to leverage the threat intelligence collected through the Internet of Things (IoT), surface web, institutional feeds, and others for determining preventive measures.

Prescriptive security plays a crucial role in the emerging age of digitalization which aids in addressing cyber safety concerns. Major institutions are searching for such preventive safety solutions to help them understand, identify and resolve the potential cyber threats at the initial stages. Thus, the large adoption of safety solutions specifically in the financial sector aids in analyzing the patterns of any potential cybersecurity risks or threats.

Additionally, the high adoption of such security especially in the banking, financial services, and insurances (BFSI) sector is anticipated to witness significant growth during the forecast period. The augmented volume of mobile payment transactions and cash transfers due to the surging customer base leads to the increased need for such safety measures for the detection of suspicious transaction activities. 

Market Dynamics:

Driver:

The rising technology advancements within private and public institutions drive the adoption of such security solutions due to the surging number of cyber threats and concerns. Early prevention with the usage of such measures aid in identifying and resolving the threats before incurring further losses in the businesses. Furthermore, the financial and banking sector heavily relies on the deployment of such security solutions to adopt real-time monitoring, advanced analytics, and artificial intelligence for enduring through the risks of cyberattacks.

Restraint:

The high costs of technology integration and lack of technical professionals in major end users such as food & beverage, healthcare, retail, and other industries restrict the implementation of such security measures. Also, the strict imposition of government rules and regulations in terms of the implementation of the prescriptive standards hampers market growth due to enhanced need of improvements in encryption and multi-factor authentication.

Opportunities

The scope of introducing artificial intelligence and robotics in business operations such as spam filters, and smart assistants like Google Now, Siri, and Cortana are expected to create profitable opportunities for integration of such measures to gather interpretive data for security purposes. Also, the advanced analytical capabilities of such potential threat detection are projected to create sustainable traction for prescriptive security market growth. Industrial verticals such as public transport security, law enforcement, intelligence agencies, border control, and critical infrastructure security create the potential for the large adoption of such security measures.         

COVID-19 Impact:

The prescriptive security market registered positive growth, especially during the initial phases of the COVID-19 pandemic. The halted on-premise business operations posed a threat to the cyberattacks on company equipment and data. This facilitated the need for the adoption of security solutions to strengthen the virtual presence of the business, especially in terms of finances. Additionally, major industry verticals such as the banking and finance sector adopted preventive security measures to assess multiple risks and threats associated with financial vulnerabilities. Thus, the demand for such safety measures for bolstering the firm’s cyber presence is anticipated to grow especially during and after the turbulent economic circumstances.  

Market Segmentation:

By Deployment

The deployment segment is bifurcated into hosted and on-premises. The hosted deployment of security solutions aid in having a custom code during the implementation phases. Thus, the flexibility of upgrades as per the technical environments and the elimination of purchasing the software licenses are major factors that support the large usage of hosted deployment within infrastructures. Also, the on-premises deployment provides features such as complete control over security and infrastructure and high-performance analysis through real-time monitoring. Hence, the large usage of security solutions within business operations in terms of relative budget allocation accelerates the large adoption of safety measures. In long term, the organizations have the authority to adopt favorable security deployment as per the changing prescriptive security requirements.

By Application

The application segment is categorized into pattern recognition, incident detection, and surveillance. The pattern recognition application is projected to witness substantial growth during the forecast period. The fast identification of categorization problems and detection of fake biometrics aids in the formation of strategies to resolve the problems at the earliest. Thus, the high utilization of machine learning tools such as Amazon Lex, IBM Watson Studio, and Google Cloud AutoML is anticipated to boost the adoption of pattern recognition in security deployments. Additionally, the incident detection application also poses creative opportunities for augmenting the prescriptive security market share during the forecast period. The presence of such detectors provides occupancy, speed, and flow data that have the potential to assist in managerial operations. The integration of incident detection responses such as malware analysis reports, group profiles, threat activity insights, and malware detection rules are anticipated to bolster market statistics.

By End Use

The end-user segment is divided into intelligent agencies, public transport security, critical infrastructure security, and border control. Intelligent agencies witness the large usage of prescriptive safety solutions to resolve the vulnerabilities associated with safety concerns of highly confidential documents. The agencies also emphasize on rising expenditures for reduction of security risk to facilitate simplified operations within the organization. Thus, the intelligent agencies are expected to support the market growth. Furthermore, critical infrastructure security is anticipated to contribute to market growth in terms of revenue and volume. The large adoption of safety patches in infrastructures is initiated to gain complete control of the business in terms of application, network, and physical security. Thus, the surging need of defending the software and hardware on the network against cyberattacks is estimated to propel the use of prescriptive security within critical infrastructure security.

By Region

The regional segment comprises of Asia Pacific, Europe, Latin America, North America, the Middle East, and Africa. In the context of North American region, public and private ventures initiate extensive spending on research and development of new product launches due to high disposable income among the population. Thus, the large scope of technology advancement and security integration within institutions accelerates the adoption of prescriptive security in the North American region.

Europe is also anticipated to boost the market growth in terms of large and early adoption of data security by industrial, financial, and governmental information systems. Additionally, the surging consumer awareness for prevention against cybercrimes and cyberattacks aids in the large adoption of preventive security measures specifically within enterprises.

Prescriptive Security Market Competitive Landscape:

The report published on the prescriptive security market aids to understand the recent market position in terms of an analytical depiction of the current market trends. Furthermore, the major market players have emphasized on evaluation of the trend analysis for bolstering the market position. In terms of technology integration and advancements, the industry poses large scope in sectors like artificial intelligence and the Internet of things (IoT). Thus, the competitive landscape of the market is expected to remain consolidated with opportunities for product innovations. The following are the key industry players comprising major market presence–

• Hexagon
• Cisco Systems Inc.
• Nice Systems LTD
• IBM
• NEC Corporation
• SAS Institute Inc.
• Splunk Inc.
• Verint systems
• ATOS
• SAP ERP