Social Media Security Market

[160 Pages Report] The global social media security market size is expected to grow USD 746.4 million in 2017 to USD 1970.6 million by 2023, at a Compound Annual Growth Rate (CAGR) of 17.1% during the forecast period. The base year for the study is 2017, and the forecast period is 2018–2023.

The objective of the study is to define, describe, and forecast the social media security market by solution, service, security type, organization size, vertical, and region. It also analyzes recent developments, such as partnerships, strategic alliances, mergers and acquisitions, business expansions, new product developments, and Research and Development (R&D) in the global market.

The research methodology used to estimate and forecast the market began with the collection and analysis of the data on key vendors’ revenues through secondary sources, such as company websites, press releases, annual reports, TechTarget reports, Cloud Security Alliance reports, SC magazine, and SANS Institute studies. Vendor offerings are taken into consideration to determine the market segmentation. The bottom-up procedure was employed to arrive at the total market size of the global social media security market from revenues of the key players. After arriving at the overall market size, the total market was split into several segments and sub segments, which were then verified through primary research by conducting extensive interviews with the key people, such as Chief Executive Officers (CEOs), Vice Presidents (VPs), directors, and executives. The data triangulation and market breakdown procedures were employed to complete the overall market engineering process, and to arrive at the exact statistics for all the segments and sub segments. The breakdown of the profiles of the primary participants is depicted in the figure below:

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The social media security market comprises key vendors, such as 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), KnowBe4 (US), Hootsuite (Canada), Centrify (US), Social Hub (Europe), Brandle (US), DigitalStakeout (US), Bowline Security (US), Social Sentinel (US), SecureMySocial (US), Hueya (US), CSC (US), CoNetrix (US), Crisp Thinking (UK), and CrowdControlHQ (UK). These vendors provide social media security solutions and services to end-users for catering to their unique business requirements, productivity, compliances, and security needs.

Key Target Audience for Social Media Security Market

• Social media security services vendors
• Social media security solution providers
• Internet Services Providers (ISPs)
• Social media platform providers
• Cloud services providers
• Consulting firms
• Information Technology (IT) security agencies
• Value-Added Resellers (VARs)
• Independent software vendors
• System integrators
• Cybersecurity vendors

“The study answers several questions for stakeholders, primarily which market segments to focus over the next 2–5 years for prioritizing their efforts and investments.”

Scope of the Social Media Security Market Report

The research report segments the social media security market into the following submarkets:

Social Media Security Market By Solution:

• Monitoring
• Threat intelligence simulation
• Risk management

Social Media Security Market By Security Type:

• Web security
• Application security
• Endpoint security
• Network security
• Cloud security

Social Media Security Market By Service:

• Professional services
• Managed services

Social Media Security Market By Organization Size:

• Small and Medium-sized Enterprises (SMEs)
• Large enterprises

Social Media Security Market By Vertical:

• Banking, Financial Services, and Insurance (BFSI)
• Government and defense
• Healthcare and life sciences
• Retail
• Travel and hospitality
• Manufacturing
• Telecom and IT
• Media and entertainment
• Education
• Others (automotive, and energy and utilities)

Social Media Security Market By Region:

• North America
• Europe
• Asia Pacific (APAC)
• Middle East and Africa (MEA)
• Latin America

Drivers

Stringent government regulations and compliance requirements

Governments and security agencies, including regulatory bodies across various regions, are concerned about protecting the sensitive data of citizens and organizations from cyber threats. Continuously evolving cyber threats have led to the formulation of a large number of government regulations globally, which should be strictly adhered to by all organizations. Noncompliance may not only attract heavy fines but also malign organizations’ reputation and make their data vulnerable in case of frauds. Monitoring social networks and the digital web can greatly contribute to the detection of the Indicators of Compromise (IOCs) related to any organization. For instance, the requirements of the Payment Card Industry Data Security Standard (PCI DSS) clearly state that employees’ social media activities should be monitored daily for any data dumps of credit card numbers and posts, including co-branded retailer credit cards, on social media platforms. Similarly, the Health Insurance Portability and Accountability Act (HIPAA) compliance mandates organizations to maintain the integrity of patients’ healthcare information, failing to which they can be charged with heavy fines.

Rising security attacks on social media platforms

Though social media platforms offer several advantages, including high brand recognition and efficient promotional and go-to-market strategies, they face certain challenges that attract hackers, thereby making social media platforms more vulnerable to threats, such as cyber terrorism, frauds, crimes, and violence. Moreover, the rapid spread of false information through social media can damage the reputation of companies, and sometimes even the existence of the company is put at stake. The risk is higher when the personnel of government agencies use social media platforms, as a small security compromise could disturb the peace and harmony of an entire nation. Moreover, attackers and hackers are targeting employees by luring them into traps and stealing the sensitive information of organizations. To avoid these types of mishaps, organizations are enforcing security strategies for social media platforms and are also closely monitoring their employees’ behaviour on these platforms. Social media security vendors not only provide security to social media platforms but also assist organizations in drafting security plans and formulating strategies with the help of social media monitoring and security solutions.

Restraints

Lack of common laws across countries and cross-boundary location of servers

Social media platforms are not restricted to any particular country and are spread across regions and boundaries. Due to this particular reason, it becomes extremely difficult for countries to draft common laws across boundaries. Moreover, many servers are not located in nations that are prone to cyber-attacks, and a majority of the hardware and software that make up the communications ecosystem is sourced externally. Therefore, it becomes difficult for government agencies to impose sanctions, and ensuring the judicious use of social media platforms has become a challenge. Although social media platforms offer huge benefits and are a boon to organizations, the misuse of these platforms can not only damage the reputation of organizations but also pose threats to the national security.

Social Media Security Market: Opportunities

Voluminous data generation through social media platforms

The social media landscape is filled with several popular platforms, such as Twitter, Pinterest, LinkedIn, YouTube, Instagram, and Facebook. Nowadays, the adoption of social media by the millennial generation is increasing considerably, due to advantages such as flexibility in use and ease of communication with peers. On an average, users spend 1 out of every 5 minutes online on social media platforms. These platforms generate large volumes of data in terms of text, video, voice, and location; these data volumes offer rich, invaluable information. Enterprises are using this information to enhance their business models and gain a competitive advantage. Moreover, the advent of next-generation communication technologies, such as Long Term Evolution (LTE) and Advanced LTE, is fulfilling the need of customers by offering easy access to social media platforms. Social media platforms are gaining widespread public attention, and businesses are trying to receive maximum advantages by advancing their connections with customers via social media platforms to gain insights and drive corporate results. Organizations can use social media platforms to anticipate shifting marketing trends, track competitors’ promotional performance, and easily measure the effectiveness of their marketing campaigns. Thereafter, companies can effortlessly attract customers, convert leads, upsell and cross-sell products, and offer rewards and loyalty programs to their target clients.

Social Media Security Market: Challenges

Failure to understand the exact requirements of organizations

The use of social media platforms has increased significantly in enterprises, but organizations are still facing challenges in securing these platforms. Since traditional firewalls and security solutions cannot match up to today’s advanced and sophisticated threats, they are unable to offer protection to social media platforms. Social media security providers are facing tough challenges in matching the exact requirements of organizations, as organizations are concerned that their customers’ data as well as organizational privacy might be compromised. Furthermore, organizations usually have different security criteria when it comes to the use of social media platform by employees, and social media security vendors are expected to provide security solutions without hindering the privacy of employees and organizations.

Risks associated with social engineering

From accidental tweets to deliberate attacks, various risks have been associated with the human behaviour. For instance, employees who are sharing activity feeds, pictures, and other multimedia on social media platforms are also communicating activities about their organization and peers through these platforms. Hackers and internal intruders who are deliberately looking to access the organizational data have found these platforms to be a potential source. Although security protocols and solutions have been implemented for social media platforms by organizations, enterprises have still failed to draft measures that can prevent social engineering attacks motivated by stakeholders of the organization to deliberately breach the organization’s social media accounts and distribute confidential information among opponents and the public. This is one of the main challenges that need to be addressed by social media security vendors.

Competitive Landscape

Partnerships, Agreements, and Collaborations

Source: Press Releases

New Product Launches and Product Enhancements

Source: Press Releases

Mergers and Acquisitions

Source: Press Releases

Business Expansions

Source: Press Releases

Available Customizations

With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the report:

Product Analysis

• Product matrix which gives the detailed comparison of product portfolio of each company

Geographic Analysis

• Further breakdown of geographies into respective countries

Company Information

• Detailed analysis and profiling of additional Social Media Security Market players

MarketsandMarkets forecasts the global social media security market size to grow from USD 895.6 million in 2018 to USD 1,970.6 million by 2023, at a Compound Annual Growth Rate (CAGR) of 17.1% during the forecast period. Increasing adoption of enterprise social media and the need for organizations to secure their social media platforms and networks against malicious attacks are expected to drive the adoption of social media security solutions and services. Moreover, the SMEs segment is gaining high traction in the Social Media Security Market, as SMEs are more vulnerable to internal and external data breaches through social media platforms and the cost of breaches would be high for these enterprises. With the adoption of social media security solutions, organizations can effectively maintain, monitor, and manage their social media platforms from data breaches.

Social media security solutions include monitoring, threat intelligence, risk management, and others. The monitoring segment is expected to hold the largest market share during the forecast period. The threat intelligence segment is projected to play a key role in the social media security market and expected to grow at the highest CAGR during the forecast period, as there is a rising penetration of social media across organizations, and an imminent need for organizations to protect their social media platforms and networks against the malicious attacks.

The manufacturing vertical is the fastest-growing vertical in the social media security market, as there is wide use of social media platforms by manufacturing industries for promotion, customer experience management, and marketing purposes, hence there is a need to safeguard these platforms against attacks. Small and Medium-sized Enterprises (SMEs) continue to deploy social media security solutions, as SMEs are more vulnerable to social media attacks and the impact of these attacks would be more for SMEs.

North America is estimated to hold the largest market size, in 2018, which would be overtaken by APAC in 2023. The increasing need for organizations to protect their confidential data on social media platforms and monitor their employee’s social media activity related to organizations are expected to drive the social media security market. Furthermore, rapid penetration of enterprise social media in the major countries for business purposes, along with the regulatory reforms is expected to drive the social media security market in Asia Pacific (APAC). In Latin America, enterprises belonging to a range of verticals, such as manufacturing, retail, and Banking, Financial Services and Insurance (BFSI), are expected to adopt enterprise social media for branding and communication purposes and are projected to invest heavily in social media security solutions and services.

Social media security vendors are offering solutions, such as monitoring, threat intelligence, and risk management. Organizations that are used to curb on these platforms have recognized the potential of these platforms for business purposes and started adopting these solutions for various organizational purposes, as employees have started using the social media platforms widely in organizations over the past 5 years. However, for several enterprises, including SMEs, data privacy is a matter of concern, and lack of common laws across countries and cross-boundary location of servers would act as a barrier to the adoption of social media security solutions and services.

The increasing adoption of Bring Your Own Device (BYOD) trend among enterprises and huge benefits, such as marketing, promotions, and customer services through social media platforms would provide significant growth opportunities to social media security vendors. There are several established players, such as 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), KnowBe4 (US), Hootsuite (Canada), Centrify (US), Social Hub (Europe), Brandle (US), DigitalStakeout (US), Bowline Security (US), Social Sentinel (US), SecureMySocial (US), Hueya (US), CSC (US), CoNetrix (US), Crisp Thinking (UK), and CrowdControlHQ (UK).

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