The global prescriptive security market is poised to witness significant growth during the forecast period. Prescriptive security continues to create high growth perspective with growing concern towards the safety of financial institutions, due to rising cyberattacks and cybercriminal activities. In spite of sustainable research and development, many financial, industrial, and government information systems continue to be attacked by cybercriminals. Moreover, enterprises are continually seeking the products incorporated with the perspective and predictive analytics technologies.
In the age of digitalization for addressing the increasing safety concern, prescriptive security is vital. This technology leverage the augmented variety and velocity of information to guide identity and react to threats before they occur. Such factors are expected to play a significant role for market growth. Nevertheless, there are some hindrances factor in the market expansion including cost, data protection, and regulations. Moreover, there are specific rules and regulations enforced by the government organizations mandating prescriptive standards for all market participants; this is expected to become one of the restraining factors for the Perspective security market.
Perspective security is typically based on some measure of effectiveness using objective and subjective indicators and prioritized to address security vulnerabilities based on severity and prevalence. Prescriptive security managed services bring a comprehensive security ecosystem for or more streamlined threat detection and accelerated security outcomes. Adobe Systems’ Secure Product Lifecycle2 (SPLC), Microsoft Security Development Lifecycle1 (SDL), and SAFECode’s “Fundamental Practices for Secure Software Development” are some of the prescriptive method example used nowadays. This proactive method to safety uses automation and big data analytics to detect security events more precisely. Prescriptive security requirements include broad obligations regarding the use of multi-factor authentication and encryption.
The Prescriptive security market can be segmented on the basis of application, and deployment mode and industry vertical type. On the basis of application type, the market can be segmented as incident detection, pattern recognition, surveillance and person of interest screening. The market is further segmented on deployment mode including hosted and on premise. Industry verticals served by the prescriptive security, are law enforcement and intelligent agencies, public transport security, critical infrastructure security and border control. As there are numerous security problems detected in the organizations owing to the potential security incidents, industries and vendors are opting for the more advanced analytical capabilities.
Presently, North America is expected to remain a prominent region in prescriptive security market. Significant investment in safety and security system in various organizations, by vendors and consumers in U.S. and Canada is estimated to deliver positive growth outlook for the prescriptive security market. Industrialization in European countries is projected to create sustainable traction for prescriptive security market. Developing countries including China, India, and others in the Asia Pacific region have shown significant demand for prescriptive security, owing to the emerging trend of the common security framework in smaller and mid-sized organizations.
Key market participants of the Prescriptive security market include Hexagon, Cisco System Inc., IBM, NEC Corporation, SAS Institute Inc., Nice Systems Ltd., SAP ERP, ESRI, Splunk Inc., Verint Systems Inc., ATOS amongst others.
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Amidst the COVID-19 crisis, the network security industry is poised for sustainable growth despite the foreseeable economic turbulence. Implementation of remote working policy, due to lockdown is putting unanticipated stress on remote networking technologies and causing operational technology (OT) security risk concerns over the vulnerable home network security. Furthermore, as digital infrastructure becomes a critical aspect of business strategic considerations, network security will become a competitive differentiator for businesses and overhaul their remote working strategies. We are incessantly monitoring the market dynamics and regulations while continuously assessing the impact of Covid-19 with the aim of providing you with actionable market insights. The report will account for Covid19 as a key market contributor.