Pune, Oct. 22, 2020 (GLOBE NEWSWIRE) — Effective planning and implementation of security measures across social media accounts is anticipated to encourage growth in the global social media security market. Fortune Business Insights shared this information in a report, titled “Social Media Security” Market: Global Market Analysis, Insights, and Forecast 2026”. This report is will offer valuable insights into the drivers enabling growth in the market. Security measures help to protect the integrity of social media by protecting social media content against any threats. In addition to this, they also protect IT infrastructure of social media platforms such as Twitter, Facebook, LinkedIn and others from cyber-attacks. These attacks include Trojans, viruses, phishing, password attacks, and malware. Social media security helps to secure encryption details, internet access, and password of users.
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Key Market Driver – Increasing adoption of Internet of Things (IoT), cloud computing services & AI platform, lower data storage costs, and the rise of e-commerce business platforms
Key Market Restraint– Regular requirement of software updates, risks associated with social engineering
List Of Key Companies Operating in Social Media Security Market Are
- Trend Micro
- CA Technologies
- Digital Shadows
- LookingGlass Cyber Solutions, Inc.
- Bowline Security
- Sophos Group Inc
1. By Application
- Cloud security
- Web security
- Endpoint security
- Network security
- Application security
2. By Deployment
3. By Industry Vertical
- E-commerce Retail
- IT and Telecommunication
- Media & Entertainment
4. By Geography
- North America (the USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
Rising Adoption of IoT and Cloud Computing Solutions to Spur Growth in the Market
“The rising number of IT investments across the world is expected to reshape the IT sector,” said a lead analyst at Fortune Business Insights. “This, coupled with rising adoption of artificial intelligence (AI) will boost social media, in turn fuelling the demand for social media security solutions,” he added.. Also, the rising use of social media platforms by corporates is compelling organizations to install social media security systems. The rising social media security awareness among users is likely to fuel demand for social media security services.
Contrary to this, as social media penetration is increasing across the globe, governments are not able to frame common laws pertaining to its usage. Some of the servers are more prone to cyber-attacks as the hardware and software installed in them are outsourced. Misuse of social media platforms is another threat faced by organizations that can damage their reputation in the coming years.
Key Industry Developments
- 2018 – Sophos Group plc announced an advanced email protection solution enabled with blockchain technology that offers predictive security with Active Threat Protection (ATP), outbound scanning, policy support, and anti-phishing email authentication.
- June 2018 – RiskIQ partnered with Precise Technologies, a distributor specializing in disruptive and emerging technologies. The partnership with an aim to deliver accurate detection, faster investigations, easier collaboration, programmed remediation, blocking, and eliminating fraud. Further, this would help RiskIQ develop its distribution channel in the Middle East, Turkey, and Africa, excluding South Africa
North America to Show Impressive Growth Opportunities On Account of Soaring Popularity of Social Media Platforms
Presently, North America for a considerably high share in the global social media security market. The region is projected to emerge dominant throughout the forecast period. The early adoption of social media platforms will stoke the growth of the market in this region. However, the region also witnessed repeated incidents of privacy breaches in social media platforms. Soaring cases of cybercrime have compelled organizations as well as individuals to invest in social media security solutions. Another factor driving the market in North America is the rising need for organizations to secure their confidential data on these platforms and monitor their social media activities.
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The increasing penetration of social media usage in emerging countries is likely to boost the market in the Asia Pacific. Regulatory reforms on social media security and privacy in Asia Pacific are expected to give impetus to the market. Countries such as Japan and China hold a strong position in the market. Moreover, some of the leading players are planning to join hands with the governments of Japan, China, and other countries to deploy the best cybersecurity solutions.
Some of the strategies adopted by companies are:
- RiskIQ and Precise Technologies partnered together in June 2018. The main objective of this partnership was to help RiskIQ expand its distribution channel in Turkey, the Middle East, and Africa (excluding South Africa).
- Tech Mahindra and LookingGlass Cyber Solutions joined hands together in May 2018. LookingGlass’s aim is to improve and offer the best solutions on threat intelligence to its customers.
- In June 2018, KnowBe4 announced the launch of a product called the Breached Password Test (BPT) to enhance its password identification feature.
- Digital Shadows expanded its business operations in March 2018 and launched new offices in Germany and Singapore.
As stated in the report, North America held a significant share in the market in 2017. The region is expected to witness impressive growth during the forecast period. Owing to intense research and development taking place in the region for IoT integration in the system is likely to enable the growth in the region. Besides this, Asia Pacific is expected to witness promising growth owing to the rising adoption of a sedentary lifestyle in nations such as India and China
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