(Wireless-NewsWire.Com, February 12, 2021 ) The global social media security market size is expected 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. The growth is fueled by the increasing adoption of enterprise social media and the need for organizations to secure their social media platforms and networks against malicious attacks and threats. Increasing sophistication in attacking techniques on social media, rising need to manage stringent regulations and compliances, and increasing use of social media by employees in the organization both for the organization, as well as personal purposes are encouraging organizations to deploy social media security solutions and services.
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The threat intelligence segment is expected to play a key role in the social media security market and projected to grow at the highest CAGR during the forecast period. With the rising penetration of social media across organizations, the imminent need to protect the social media platforms and networks against the malicious attacks has increased. It also helps organizations meet the Payment Card Industry Data Security Standard (PCI DSS), Health Insurance Portability and Accountability Act (HIPAA), Gramm–Leach–Bliley Act (GLBA), and other regulatory compliances.
In the social media security market, the SMEs segment is expected to show a higher growth rate, as SMEs are more vulnerable to internal and external data breaches, and the impact of the breach through social media, such as the compromisation of the critical information, which would lead to defamation of organizations resulting in huge losses for organizations. With the adoption of social media security solutions, organizations not only can effectively maintain and secure the critical information from data breaches, but also can monitor their employee’s social media activity about their organizations.
Owing to the presence of a large number of social media security vendors, North America is estimated to account for the largest market size in the global social media security market, in 2018, whereas Asia Pacific (APAC) is expected to be the fastest-growing region during the forecast period. 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 across the globe. Furthermore, the social media security market in Middle East and Africa (MEA) and Latin America is expected to grow, due to the increasing use of enterprise social networking, high adoption of enterprise social media for branding and communication purposes by manufacturing, retail, and banking sectors in these regions.
Major vendors in the social media security market includes 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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