Factors such as increasing number of malware attacks or security breach issues within social media platforms, growing penetration of social media users and adoption of social media for brand endorsement, advertising or marketing purposes act as some prime factors impacting the growth of social media security. Globally, surge in demand for various media security solutions against phishing emails, impersonation, frauds or piracy, media monitoring, cyber security threats and others will further influence the market growth. Moreover, rising demand for security across media & enterprise industry as well as increase in stringent government regulations or policies towards reducing social media misuse is analyzed to be the major drivers boosting the growth of social media security market in the long run.
Social Media Security Market Segment Analysis- By Deployment Model
Cloud based model is analyzed to grow with the highest CAGR of around 7.5% in the social media security market during the forecast period 2021-2026. Owing to low costs and high scalability functionalities, various businesses have been started turning towards cloud for managing or running social media applications, while giving a virtual server environment. Analyzing social media related data such as posts, likes, shares and other interactions requires the need for an efficient infrastructure capable of handling high volumes of data while ensuring optimum protection from malwares, anti-phishing attacks, frauds and others, driving the need for cloud social media security solutions. Compared to on premises, adoption of cloud solutions for serving social media security applications across varied end use sectors have been gaining wide popularity overtime due to eliminating additional hardware costs, pay as per usage criteria, flexible pricing models based on user requirements and many others. Factors such as rise of cloud computing across enterprises, high dependency on cloud related services, increasing number of threats or security breach incidents within cloud environments, and others will assist the market forward in the coming years. In April 2021, ISIS cybersecurity group had revealed about the launch of cloud native chat platforms in order to allow followers of the terror group in closing ranks online. Through this development, the cyber group highlighted wrong practices like use of fake credentials on social media, using social media apps instead of logging in through browsers, downloading apps from third party sources and so on.
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Social Media Security Market Segment Analysis- By Industry Vertical
Retail & E-Commerce sector is analyzed to be the fastest growing segment in the global Social Media Security market, growing at a CAGR of around 11.3% during 2021-2026. With growing trends towards online shopping and amidst the surge of COVID-19 pandemic, retailers as well as e-commerce companies have been trying to increase customer satisfaction with providing personalized experiences, through gathering user inputs overtime be it personal information, preferences, financial data and others. Loss of any kind of confidential information through data leakage, data thefts, cyber-attack risks, and related threats can create an adverse impact on company’s growth as well as invade customer’s confidentiality, impacting the need towards social media security solutions. With digital transformation of shopping trends, cybercriminals have been getting equal data access while engaging through malicious domains, counterfeit goods, scams as well as impersonations, addressing such risks becomes highly essential for the retailers to prevent brand damage or revenue losses. Adoption of social media security solutions help in identifying some of the popular retail scams including fake coupons, fraudulent domains, and others, creating alerts as well as taking immediate action to remediate those security issues or threats. According to a security solution firm, Sift, Omni channel retailers had witnessed a 50% spike in fraud across their digital networks in 2020, in comparison to 2019. In November 2020, a grocery e-commerce platform, named Bigbasket had revealed about facing a potential data breach, which had reportedly leaked details of around 2 crore customers. Such growing threats or security breach incidents will further push the retail or e-commerce companies to invest towards social media security solutions in order to ensure high level data protection during the forecast period.
Social Media Security Market Segment Analysis- Geography
North America dominated the global Social Media Security Market in 2020 with a share around 34% and is analyzed to witness significant market growth during the forecast period 2021-2026. Growing penetration of digital platforms and smartphones, rise in social media malware campaigns, increasing number of social media application users, stringent government regulatory or laws regarding corporate network security and others have attributed to this market growth. Presence of some major players like Proofpoint Inc., Zero FOX and others have also helped in assisting the growth of social media security solutions in the region. Rise of e-commerce platforms, growing shift towards online shopping trends as well as increase in corporate social networking across organizations have been creating data security vulnerabilities including data phishing, data hacking & exploitation, web server threats and others, which will fuel the demand towards social media security solutions in the long run. In April 2021, Facebook had revealed about suffering from a data breach, which alleged exposing personal information of nearly 533 million users across 106 countries. Such rise in incidents of data breaches or cyber threats overtime across major social media service companies along with rise in expenditure on security solutions by these platforms is further set to drive the market growth towards social media security solutions in the coming years.
Social Media Security Market Drivers
Rising demand for security across media & entertainment industry
Media & Entertainment companies rely highly on social media platforms for engaging followers, promoting content, grow online communities, brand advertising and so on. Use of social media makes it prone to potential threats like online scams, pirated or offensive content, targeted VIP threats and others, creating wider adoptability of social media security solutions. As per the recent Media & Entertainment digital threat report of Zero FOX, the top attack tactics targeting the sector have been segmented under various categories including cyber-attack chatter, sensitive content, information exposure, impersonations or account takeover as well as pirated content and counterfeiting of goods. In September 2019, Irdeto had revealed about addition of client watermarking capabilities to its TraceMark forensic watermarking solution, in order to enabler fast integration as well as rapid detection of pirate sources. According to the company, content redistribution piracy remains one of the major threats for the media and entertainment industry owing to increasing budgets related to original content, broadcasting or OTT services, creating redistribution piracy challenges. Development of such solutions will further help the media & entertainment organization to overcome content piracy issues in the long run.
Increase in stringent government regulations or policies to reduce social media misuse
Various governmental agencies and organizations have been focusing on implementing stringent rules or regulations for using social media platforms as a part of strict compliance by the organizations to ensure data protection. Since social media includes confidential information, protecting them against cyber threats to reduce adverse impacts have fuelled the need for strict regulatory to avoid social media misuse, thus impacting the growth of social media security solutions. In February 2021, the Indian Government had notified about its strict guidelines for social media intermediaries like WhatsApp, Facebook, Twitter and YouTube, which will require providing information related to identity verification of those indulged in passing unlawful messages/information to lawfully authorized agencies within 72 hours. Implementation of this law was meant to address issues including persistent spread of fake news, platform abuse for sharing morphed images, settle corporate rivalries and others. Such government mandates will further prove essential for the organizations to leverage social media security solutions in the long run.
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Social Media Security Market Challenges
Difficulties in addressing customer requirements
Difficulties in addressing customer requirements which keeps on varying time to time act as a major factor impeding the growth of social media security market. With traditional firewalls and security solutions still in use, meeting up with advanced as well as sophisticated threats within social media networking sites creates tough challenges both for user and vendor. Addressing or matching up with exact requirements raises complexities as social media security solutions need to gain permission management from the organizations to have control and access over its data. This had been hindering its adoptability across organizations in order to maintain employee and organizational privacy, adversely affecting its market demands.
Social Media Security Market Landscape
Partnership, Product launches, Acquisitions, Collaboration, and R&D activities are key strategies adopted by players in the Social Media Security Market. The top companies in the Social Media Security Market include Micro Focus International plc, Proofpoint Inc., Solarwind Inc., Centrify, Digital Shadows, Looking Glass Cyber Solution, Zero FOX, Sophos Group plc, Trend Micro Inc. and CA Technologies.
Acquisitions/Technology Launches
In October 2020, Zero Fox and Looking Glass Cyber Solutions announced about its partnership to acquire the talent and assets of the Cyveillance business unit. Cyveillance combined with AI and Human Intelligence will be able to combat digital threats.
In June 2020, Digital Shadow, announced about addition of new capabilities named Searchlight solution to identify cloud breaches, helping organizations to take action much faster while mitigating risks.
Key Takeaways
Retail & E-Commerce sector is anticipated to account for the highest CAGR in the global Social Media Security market during 2021-2026, due to factors like rise of e-commerce related crimes or data breach incidents, shift towards online shopping and others.
North America had accounted for the largest share in the Social Media Security market in 2020, attributing to increasing number of users for social media applications, shift towards digital online platforms and others.
The top 10 companies in the Social Media Security Market are Micro Focus International plc, Proof Point Inc., Solarwind Inc., Centrify, Digital Shadows, Looking Glass Cyber Solution, Zero FOX, Sophos Group plc, Trend Micro Inc. and CA Technologies.
Related Reports:
A. Cyber Security Market
https://www.industryarc.com/Report/15646/cyber-security-market.html
B. Internet Security Market
https://www.industryarc.com/Report/15234/internet-security-market.html
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