The Global market for social media security is forecast to reach $9.2 billion by 2025, growing at a CAGR of 8.6% from 2020 to 2025. The market growth is attributed to the factors such as growing number of malware attacks through social media platform, growing usage of social media platforms on smartphones and increasing adoption of Bring your own device (BYOD) trend among enterprises and others boosts the market growth.
By Solutions- Segment Analysis
Monitoring segment held the highest market share of social media security in 2019. Moreover, it is anticipated to witness the significant market growth during the forecast period 2020-2025. There are various threats that must be taken care of. Physical threats against the organization and its facilities or property, Personal threats against employees, Employee risks (abusive behaviour, bullying, health, safety problems) and others. Moreover, information security issues (IP, customer information, confidentiality breaches), unauthorised use of corporate social media accounts, Legal risks and others. Monitoring tools help businesses recognize and monitor its workers ‘ social networking behaviours, as well as people through various social network channels. This method helps businesses to recognise the malignant conduct that entails abuse in company entities and data stealing, thus allowing them to take precedence action to prevent it.
By Organisation size- Segment Analysis
Social Media Security Market is segmented into Small & Medium enterprises, large enterprises on the basis of organisation size. The large enterprises segment is analysed to hold the highest market share during the forecast period 2020-2025. Intended for many enterprise applications, the absence of protection protocols places company data at risk and social network apps are the primary vector of malware. Large enterprises, which are largely reliant on software, are often accessed by workers to conduct crucial aspects of their jobs that may create security issues related to confidential data of the company. This also indicates that such apps may provide links to confidential organizational data and might endanger a company if it falls into the wrong hands. Therefore, organisations should view apps as part of their own network, and strive to avail maximum visibility of their functions. Safety and security should always be of utmost importance when implementing new software.
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Geography – Segment Analysis
North America region held the highest market share in 2019 and is anticipated have the significant market growth during the forecast period 2020-2025. The majority of social media sites have started in this region. Sites like Facebook and Twitter have the largest number of users in the region. The ease of using social media has increased with social media coming up on smartphones. In addition, the up gradation of the web base and the acceptance of social media platforms by significant enterprises also contribute to the growth of the market in this area. The emerging phenomenon in corporate social networking creates trust in cutting-edge technology solutions to protect knowledge and screen malevolent activities for business purposes. Compliance management involving the growing proliferation of corporate social networking is propelling the market growth in this region. Moreover, the protection issues as well as dealing with stringent regulatory laws are compelling North American organisations to implement social network security solutions. In June 2018, Sophos, a global leader in network and endpoint security, announced Sophos Email Advanced, the first email protection solution to offer predictive security with active threat protection (ATP), anti-phishing email authentication, and outbound scanning and policy support. Such launches leverages a positive impact on the market growth.
Drivers – Social media security market
Stringent Government Rule and Regulations
Rising strict policy laws and regulations to safeguard and protect confidential data that can push the social network protection industry are acknowledged. Digital channel and social network tracking will help spot the false news on social networking site and crack cyber assault. In addition, the payment card industry has already confirmed that workers must track their sharing of social network sites details and knowledge posts. Henceforth, during the forecast period 2020-2025, the strict government rule and regulations are anticipated to drive the social media security market.
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Challenges – Social media security market
Inappropriate security strategies
Usage of social networking channels in businesses has risen dramatically, but companies also face difficulties in protecting such networks. Since conventional firewalls and defense technologies cannot meet the complicated and varied threats of today, social networking sites are unable to provide protection. Social media security vendors face difficult obstacles in meeting organizations’ specific criteria, as companies are worried that data from their clients as well as corporate privacy may be violated.
Partnerships and acquisitions along with product launches are the key strategies adopted by the players in the social media security market. As of 2019, the market for social media security market is consolidated with the top players including Sophos (UK), Trend Micro (Japan), Symantec (US), Micro Focus (UK), CA Technologies (US), ZeroFOX (US), RiskIQ (US), SolarWinds (US), Digital Shadows (US), Proofpoint (US), LookingGlass Cyber Solutions (US) and among others.
In July 2020, LCX and LunarCRUSH signed a Memorandum of Agreement to form a long-term alliance to provide strategic crypto business analysis for security tokens and digital assets that suit.
In June 2018, RiskIQ entered into partnership with Precise Technologies. The partnership enables to find solutions that can address external threat and digital security challenges.
Growth in IT investment driven by increased acceptance of artificial intelligence ( AI) is projected to boost the market for social media security.
North America region is anticipated to dominate the global social media security market in the forecast period 2020-2025 owing to growing digitization, technological developments, strategic collaborations, presence of market vendors and others.
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