In a recent published report, Kenneth Research has updated the market report for Social Media Security Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Social Media Security Market products.
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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further projected to touch USD 6 million by 2023.
Market synopsis
Social media platforms such as Twitter, Fcaebook, LinkedIn, Instagram, YouTube, and MySpace have gained huge popularity in the recent years. Due to which enterprises are rapidly adopting social media platforms as a communication channel. These platforms have a large user base and huge amount of personal and corporate information such as name, date of birth, pictures, address, customers, employees and brand equity are available on these social media platform. Due to which the social media platforms have become a potential channel for the cyber attackers to exploit the personal customer data. Some of the key threats which organizations should be aware of are spams, malware, botnets and direct attacks.
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Increasing number of malware attacks via social media platform, growing usage of social media platforms on smartphones and increasing adoption of BYOD trend among enterprises are the factors driving the growth of social media security market. The research study conducted by Osterman Research showed that 14 % of the organizations infected through malware were targetted via social media or other web applications. The study also shows that on an average an employee spends 51 minutes on social media for work purpose and the average time is growing at a significant pace. Also, less than one third of the organizations consider that the social media platforms are very vell protected against malware and other cyber attacks which might enter via social media platform.
The major problem with social media is that they have no appropriate security strategies, no policies for enterprise-wide social media policies, and no employee training. Social media security solutions continuously monitors and analyzes all the activities over websites, application, network and endpoints and alerts the user regarding potential threats and helps to mitigate risk. The solutions also deliver actionable insights which help the organizations to be proactive against targeted threats. Along with implementing social media security solutions, the organizations should also define and maintain proper guidelines, train the employess and apply best practise security controls such as application security and content security to reduce social media security risk.
Segmentation
The global social media security market is segmented into various segments on the basis of organization size, deployment, security type, solution, and verticals.By organization size, the market is segmented into large enterprise and SMEs.By deployment, the market is segmented into on-cloud and on-premise.By security type, the market is segmented into web based security, mobile application security, endpoint security, network security, and cloud security.By solution, the market is segmented into risk monitoring, advanced threat protection, data security, compliance, and others.By vertical, the market is segmented into BFSI, IT & telecommunication, media & entertainment, retail & ecommerce, healthcare, government, education, and others.
Regional analysis
The global market for social media security market is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of the social media security market is done for North America, Europe, Asia-Pacific, and the rest of the world.
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North America is expected to dominate the market during the forecast period. The major factor influencing the growth of market in this region is major key players from well-established economies like the US, and Canada, that are spending a large share on research and development of security solutions to safeguard enetrprise data. Also, increasing adoption of social media platforms in enterprises to stay connected is another reason driving the growth of Social media security market. Asia-Pacific is expected to grow at a significant rate owing to government initiatives supporting the growth of SMEs. The SMEs will require social media security solutions as they are increasingly adopting social media platforms for branding, advertising and increasing their customer base.The global Social media security market is expected to generate a market value of USD 1.9 billion by 2023 growing at a CAGR of ~ 17%.
Key players
The prominent players in the market of social media security are ZeroFOX. (US), RiskIQ (US), Sophos Ltd (UK), Trend Micro Inc. (Japan), Micro Focus (UK), Symantec Corporation (US), Broadcom (CA Technologies) (US), Centrify Corporation (US), Proofpoint (US), and SolarWinds Worldwide, LLC (US).
Other players include LookingGlass Cyber Solutions, Inc. (US), Hootsuite Inc. (Canada), Digital Shadows Ltd (US), Centrify Corporation (US), and Social Sentinel, Inc. (US) among others.
Intended Audience
Associations, Organizations, Forums, And Alliances
Social Media Platform Provider
Social Media Security Service Vendor
Internet Service Providers
Security Software Developers
Government Bodies and Departments
Technical Universities
Cloud Service Providers
Research and Development Companies
Market Research and Consulting Firms
Technology Investors
Technology Providers
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