The global social media security market is expected to post a CAGR of close to 18% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the market is increase in hacks and data thefts across the globe. The attacks by hackers and cybercriminals are increasing at an alarming rate. The number of data breaches is rising globally. For instance, the data records that were compromised globally in 2016 increased by more than 80% compared to 2015. Identity theft was the major type of data breach in 2016, which accounted for around 55% of all the data breaches. The increasing number of data thefts will encourage vendors to opt for social media security solutions as they help them in protecting corporate accounts from getting compromised. Such solutions also analyze the dynamic data on social media channels to protect enterprises against business and security threats. Thus, the increase in data thefts across the globe is expected to fuel the growth of the global social media security market during the forecast period.
This market research report on the global social media security market 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the emergence of BYOD as one of the key emerging trends in the global social media security market:
Global social media security market: Emergence of BYOD
Organizations are extensively adopting smartphones and tablets to enable employees to work remotely. A large number of employees stay connected with their corporate network through constant support from the enterprises’ IT departments. The acceptance of the BYOD policy by enterprises has allowed employees to access organizational data and resources without being tied to a single location. The growing popularity of BYOD policies among organizations has increased the use of personal devices such as laptops, smartphones, and tablets in workplaces. As these platforms include different functions and security systems, implementing a system with similar functionalities and security for mobile devices becomes a necessity. Social media security solutions for the BYOD policy in enterprises has gained traction in the market. This is because the employees using their own devices in an organization can get involved in risky behavior by opening questionable attachments and clicking unfamiliar links on their own devices. To avoid such instances, enterprises need to adopt social media security solutions. This can help the social media security market to grow during the forecast period.
Currently, social media security can be provided over the cloud by vendors as infrastructure, platforms, or software as a service (SaaS). This solution is easy to deploy, secure, and use. This will help enterprises centrally control network devices as well as manage the access to all servers. The social media security solutions over cloud will be used by enterprises to get high-quality services at a minimum cost. Such solutions can also be used to protect sensitive data from malicious insiders and hackers, says a senior analyst at Technavio for research on IT security.
Global social media security market: Segmentation analysis
This market research report segments the global social media security market by security type (endpoint security, web security, network security, cloud security, application security) and geographical regions (APAC, EMEA, and the Americas).
The Americas led the market in 2018 with a market share of more than 42% of the market share, followed by EMEA and APAC respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth followed by the EMEA region.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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