Threat Intelligence Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Threat Intelligence Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The threat intelligence market was valued at USD 5.28 billion in 2021 and is expected to reach USD 13.9 billion by 2027, with a CAGR of 12.9%, during the forecast period (2022 - 202). In the past few years, there has been a paradigm shift between attack source, targets, destination attack profiles, and different types of technologies. While the attack types and targets can be revealing, attack sources remain problematic because of the difficulties in assigning attribution for a specific attack.

Key Highlights

• The increasing number of cyberattacks and data breaches have increased the focus of organizations on various cybersecurity solutions. More organizations are focusing on cyber intelligence, owing to the escalating cyber arms race between attackers and defenders. As such, threat intelligence has become an enabler for defenders to make faster, more informed security decisions and change their behavior from reactive to proactive in the fight against breaches.
• Most organizations are focusing their intelligence efforts on more basic use cases (that depend on existing case studies and attacks), such as integrating intelligence feeds with current IPS, firewalls, and SIEMs without taking full advantage of the intelligence insights they can offer.
• The threat intelligence market is primarily driven by increasing uniqueness in the attacking techniques leaving the data vulnerable. Also, the rise in volumes of data generated by different enterprises is the key factor driving the market.
• Moreover, by integrating cloud and threat intelligence, organizations can block cyber threats and leverage the global threat community to identify unknown threats and ultimately stop them before they emerge, thus, targeting the attack surface. Therefore, the adoption of threat intelligence solutions has increased significantly.
• Cybercrime has increased over the last few years, and there are no signs of a slowdown. With the ongoing pandemic, telecommuting has grown, increasing the rate of cyberattacks. Enterprises have adopted a remote working model, which raises concerns about corporate security, and these factors further drive the threat intelligence market.
• The COVID-19 pandemic has positively impacted the market's growth, and government bodies across the globe are coming up with new strategy implementation to help support the cyber concerns organizations raise. The increasing number of cyber vulnerabilities is driving the growth of the threat intelligence market.

Key Market TrendsBFSI Segment is Expected to Occupy a Significant Share

• The BFSI industry is one of the vital infrastructure segments facing multiple data breaches and cyberattacks due to the large customer base served by the sector and endangered financial information. A highly profitable operating model with incredible returns and the added benefits of relatively low risk and detectability, cybercriminals are many malicious cybers to cripple the financial sector. Threats to these attacks range from trojan horses, malware, ATM malware, ransomware, mobile banking malware, data breaches, organizational intrusions, data thefts, and tax breaches.
• With a strategy of protecting IT processes and systems, protecting critical customer data, and complying with government regulations, public and private banking institutions are focused on implementing the latest technologies to prevent cyberattacks. In addition, rising customer expectations, technological advances, and regulatory requirements require banking institutions to take a proactive approach to security. With the increasing penetration of technology and digital channels, such as internet banking and mobile banking, online banking has become a favorite choice for customers of banking services. Banks must take advantage of advanced authentication and access control processes, including threat intelligence strategies.
• Furthermore, in February, Kaspersky experts learned that a group has access to one of the bank's networks in Latin America. Investigators immediately notified the victim, contacted legal authorities, and worked with them to conduct a thorough investigation of the case. As a result, they may remove weaknesses in the company's infrastructure and prevent actual financial loss. Banks need more precise threat intelligence solutions to avoid this kind of attack.
• In March 2021, Chicago-based independent insurance brokerage, RBN Insurance Services, formed a partnership with RealCISO.io, a self-service cybersecurity risk assessment platform and security services marketplace. Through the partnership, RBN customers may conduct risk assessments, understand and prioritize their gaps, and find services and products to fill their needs.​

North America to Hold Largest Market Share

• The BFSI sector in the United States has more than 1 exabyte of stored data. These data are generated from various sources, such as credit/debit card histories, customer bank visits, banking volumes, call logs, account transactions, and web interactions.
• Due to the high availability of adequate infrastructure, numerous global financial institutions increased adoption of IoT devices and internet users are expected to drive the growth of threat intelligence solutions in the North American region.
• Government entities and private players across regions are investing in R&D to introduce advanced threat intelligence solutions. The US Department of Homeland Security (DHS) Cybersecurity and the Infrastructure Security Agency (CISA) mentioned that they experienced a massive rise in phishing and malware distribution using COVID-19-themed lures, registration of new domain names containing wording related to coronavirus or COVID-19, and attacks against newly and rapidly deployed remote access and teleworking infrastructure.​​
• Additionally, organizations are also focusing on testing security strategies and practices. For instance, according to a survey conducted by Accenture in February 2022, its cyber threat intelligence and incident response team has investigated several suspected cyber-spy and financially motivated targeting cases. During these investigations, threat intelligence and incident response analysts gained first-hand insight into the tactics, techniques, and procedures (TTP) employed by some of the most sophisticated cyber attackers. The survey revealed that intrusions made by ransomware and extortion were up to 35%, 30% were malware threats in 2021 and more.
• Investments in threat intelligence solutions are essential for strengthening the security posture of a country. Implementing threat intelligence solutions will help organizations provide smooth and secure operations across the North America region.

Competitive Landscape

The threat intelligence market is dominated by a few major players with more secure software solutions being launched. Dell Inc, IBM Corporation, Anomali, Inc, Fortinet, Inc, and CrowdStrike, Inc are key players in the market offer dedicated solutions for threat intelligence.

• February 2022 - IBM announced the acquisition of Neudesic, a US cloud services consultancy. This acquisition will further help the company significantly expand its hybrid multi-cloud services portfolio and enhance its hybrid cloud and AI strategy solutions.
• March 2022 - Fortinet announced a partnership with five new service providers – Etihad Atheeb Telecom Company “GO,” Microland, Radius Telecoms Inc., Spectrotel, and TIME dotcom. This partnership may deliver a simplified network architecture with enhanced security, all powered by a single operating system to achieve operational effectiveness everywhere, from the data center to multi-cloud environments to SaaS locations.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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