The global prescriptive security market was valued at USD 53.2 Billion in 2021 and it is anticipated to grow up to USD 88.3 Billion by 2031, at a CAGR of 5.2% during the forecast period.
Prescriptive security is a security model that defines a set of security controls and procedures that should be implemented in order to protect an organization’s assets. The model is based on the assumption that there is a finite set of security risks that can be mitigated through the implementation of specific security controls. The prescriptive security model has been criticized for being too rigid and inflexible, as it does not take into account the constantly changing nature of security threats. Additionally, the model does not account for the fact that different organizations have different security needs. As a result, the prescriptive security model is not always applicable to all organizations.
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Market Trends and Drivers
The rising security complexity in the emerging digital age is expected to boost the usage of such safety solutions. Furthermore, institutions on a global level have initiated large spending on preventive measures like prescriptive security to reduce the impact of cyber threats in severe cases. For instance, as per the IT governance of the UK, the annual costs of business organizations incurring losses by cybercrimes are anticipated to reach over USD 6 trillion by 2021. Thus, organizations have opted for security solutions for addressable cybersecurity concerns.
Market Restraints and Challenges
The key restraints and challenges in the prescriptive security market include the lack of awareness about the benefits of prescriptive security among small and medium enterprises (SMEs), and the lack of skilled security analysts. Other restraints include the high cost of prescriptive security solutions and the lack of integration of prescriptive security solutions with existing security solutions. The lack of awareness about the benefits of prescriptive security among SMEs is a major challenge for the growth of the prescriptive security market. SMEs are the major target market for prescriptive security solutions, but they are unaware of the benefits offered by these solutions. This is a major challenge for the growth of the prescriptive security market, as SMEs are the major target market for these solutions.
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Global Prescriptive Security Market Segmentation
By Deployment
- Hosted
- On-premises
By Application
- Incident Detection
- Pattern Recognition
- Surveillance
Major Players in the Global Prescriptive Security Market
The matrix is designed considering the major strategic developments including Mergers & Acquisitions, product launches, partnership among others and the financial strength of the company in the considered years. The major strategies followed by the market participants are Product Launches. Companies such as ATOS, Cisco System Inc., are some of the key innovators in Prescriptive Security Market.
The key players in the prescriptive security market are ATOS, Cisco System Inc., ESRI, Hexagon, IBM, NEC Corporation, Nice Systems Ltd., SAS Institute Inc., SAP ERP, and Splunk Inc., among others.
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Reasons to buy Prescriptive Security Market Report:
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