Market Highlights
The social media security market 2020 can potentially expand to USD 1.9 billion by 2023, asserts Market Research Future (MRFR). It is also projected that the market can develop at an attractive rate of 17% over the review period (2018 to 2023).
Top Drivers and Primary Barriers
In the face of evolving dynamics of the media, entertainment & information (MEI) sector, there has a hike in opportunities and growth prospects for consumption, sharing as well as creation of social media content. However, reports confirm that cybercrime can account for substantial amount of damages, with respect to costs, by the end of 2021. This can lead to higher demand for social medial security, as it helps safeguard the IT infrastructure and resources from cyber threats in the form of Trojans, viruses, phishing, malvertisements, password attacks, malware, and others. The security solutions also help secure passwords and IDs, backup, internet access, along with the encryption information of the user’s data.
Furthermore, the rapidly spreading incorrect information via social media is leading to a negative impact on the brand name of the company. This impact is more severe when the personnel belonging to government agencies make use of social media platforms. With time, the number of hackers and attackers has risen, who are luring employees into traps with the aim of stealing confidential information of the organization. In order to avoid these kinds of mishaps, more and more organizations are now deploying security strategies to protect the content on social media platforms, while carefully monitoring the behavior of their employees on these platforms. One ideal way to do so is deploying social media security system, and the increasing awareness among organizations and other end-users is leading to boosted growth of the global market.
Today’s social media landscape is abuzz with numerous popular platforms like Pinterest, Twitter, YouTube, LinkedIn, Facebook and Instagram. Social media enjoys considerable demand among the millennial generation, due to its flexibility in use as well as the ease of communication with others. Enterprises across the world are increasingly using social media to upgrade their business models, which helps them gain traction among consumers. Also, the advent of the latest communication technologies like Advanced LTE and Long Term Evolution (LTE) is catering to every need of the customer by providing them easy access to various platforms. This can emerge as a significant opportunity in the social media security market in the next few years.
Segmentation:
Social Media Security Market Growth has been broadly segmented into organization size, deployment, security type, solution, and verticals.
The organization sizes covered are large enterprise as well as small and medium enterprises or SMEs. SMEs are increasingly using social media security solutions, since they are more at risk to social media attacks, without adequate resources to tackle these issues.
The segments, deployment-wise, include on-cloud as well as on-premise.
With respect to the security type, the segmentation comprises mobile application security, web based security, network security, cloud security and endpoint security,
The various solutions highlighted in the report are advanced threat protection, risk monitoring, compliance, data security, and others.
The verticals using social medial security solutions are retail & ecommerce, education, BFSI, healthcare, government, IT & telecommunication, media & entertainment, and others.
Regional Analysis
The geographical study of the social media security market encompasses Europe, North America, Asia Pacific or APAC), and the rest of the world or RoW.
With high chances of gaining maximum share in the global market during the review period, North America is racing ahead thanks to the presence of highly renowned players in the United States (US) as well as Canada. These countries are highly developed and are known for spending massive amount on research and development of advanced security solutions that can tackle sophisticated cyber-attacks. The market also benefits from the widespread use of popular social media platforms like YouTube, Instagram, Facebook, and others. This has boosted the deployment of innovative social media security solutions across some of the leading enterprises, making North America the strongest contender in the global market.
APAC’s growth rate is expected to be quite high during the given timeframe, on account of the strong support given by the government in the form of initiatives that aid in growth of SMEs. Japan and China are set to be the leaders in the social media security field as these countries house some of the leading vendors in the market. The governments of these countries are also busy developing and deploying highly advanced cyber securities solutions, which can stimulate the market growth in the following years.
Prominent Competitors
The prominent competitors listed in the report are SolarWinds Worldwide, LLC (US), Sophos Ltd (UK), Centrify Corporation (US), Proofpoint (US), Symantec Corporation (US), Broadcom (CA Technologies) (US), RiskIQ (US), Trend Micro Inc. (Japan), ZeroFOX. (US), Micro Focus (UK), and others.
Other vendors in the social medial security industry are Social Sentinel, Inc. (US), Digital Shadows Ltd (US), LookingGlass Cyber Solutions, Inc. (US), Hootsuite Inc. (Canada), Centrify Corporation (US), to name a few.
