The TIP market is expected to reach $234.9 million by 2022, with a CAGR of nearly 21%, reveals a recent Frost & Sullivan study.
The surging volume and complexities across cyber threats make a compelling case for widespread awareness on threat intelligence platforms (TIP) adoption. These solutions help businesses to navigate through the ever-increasing threat landscape. Besides, CIOs can further analyze the market for threat intelligence operationalization with TIP.
The TIP market, even though a part of the cybersecurity markets, has been least affected by the pandemic. The market revenue is estimated to go up to $234.9 million by 2022 – from about $132.7 million in 2019, claims a recent study from Frost & Sullivan. The compound annual growth rate for the said duration is around 21%.
As Mikita Hanets, Research Analyst for Information & Communication Technologies at Frost & Sullivan, mentioned in the company post – “Vendors increasingly aim to offer some elements of TIP functionality in SOAR and SIEM platforms and vice versa. Going forward, solutions that enable businesses to operationalize threat-related data and set up workflows for cyber incidents will converge in the next three years.”
The progress of TIP use-cases points to the convergence of the TIP environment along with its adjacent markets. The study indicates that North America will lead the market, contributing to the maximum revenue. This is followed by Europe, the Middle East and Africa (the EMEA marketplace), Asia Pacific (APAC), and Latin America.
In the next two years, the technology and telecommunications sector will be the fastest-growing market for the TIP vendors. However, the banking and finance industry is most likely to contribute the most by 2022. With the rapid development of sophisticated cyber-attacks, there is an obligation of consuming threat intelligence solutions.
Thus, the proactive cyber defense indicate vast growth prospects for the market participants who –
- grow their presence in the areas where the penetration rate is comparatively low – like EMEA, APAC, and Latin America
- expand the third-party network SOAR integrations or improve the native SOAR capabilities. Organizations with advanced cybersecurity practices require intelligence-powered SOAR.
- increase SIEM competencies to provide intelligence-driven, seamless solutions. The TIP dealers can create their data management experience to offer a wholly consolidated tool.
- acquire or develop intelligence-driven security vulnerability and threat management technology. The capability to assess a company’s exposure and the risk to its sensitive data is a critical feature of the next-gen solutions.
Clearly, developing threat detection and risk hunting capabilities can enable businesses to investigate security incidents quickly. Threat intelligence is certainly instrumental in securing enterprise assets, as it allows security professionals to prevent cyberattacks and to identify a breach from the past. This is possible to get done in real-time.