NEW YORK, April 6, 2023 (GLOBE NEWSWIRE) — According to a comprehensive research report from Market Research Future (MRFR), “Social Media Security Market Research Report: By Solution, By Vertical, By Security Type, By Deployment, By Organization Size , By Region – Forecast To 2030”, the global social media security market is expected to flourish significantly at a healthy growth rate of about 16.40% during the period 2022-2030, reaching a size of about $3863.45 by the end of 2030.
Competitive analysis of the Social Media Security market
Prominent industry players profiled in the Global Social Media Security Market report include:
ZeroFOX. (USA)RiskIQ (USA)Sophos Ltd (UK)Trend Micro Inc. (Japan)Micro Focus (UK)Symantec Corporation (USA)Broadcom (CA Technologies) (USA)Centrify Corporation (USA)Proofpoint (USA)SolarWinds Worldwide LLC ( US)
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Scope of Social Media Security Market Report:
Report MetricsDetailsSocial Media Security Market Size to 20303863.45M USDCAGR in 2022-203016.40%base year2021Key Market OpportunitiesSocial Media Data Generation Provides Data Analytics Market OpportunitiesKey Market DriversIncreased use of social media by employees of organizations will propel the market.
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driver
Increasing internal security risks to promote market growth
Growing threats to homeland security, including cyberterrorism, money laundering and fraud, are being driven by the popularity of social media platforms. The risk of phishing attempts and the need to protect private information are increasing as social media solutions proliferate around the world. This has prompted a number of companies and government agencies to take decisive action to reduce the risk of cyberattacks. Hence, the increase in internal security risks will boost the market growth during the forecast period.
occasions
Boost Witnesses to the ecommerce sector to provide robust opportunities
The recent e-commerce growth spurt will boost market expansion. Ecommerce retailers use ecommerce platforms to connect with customers and provide them with a more customized experience. These platforms make it easier for merchants to expand the scope of their business by receiving leads and monitoring market trends for their goods and services. These elements are expected to positively fuel the expansion of the global social media security market.
limitations and challenges
Lack of technicians as a market constraint
The lack of technicians, the lack of common laws in the countries and the lack of skilled workers may act as market restraints during the forecast period.
market segmentation
The global social media security market is bifurcated by industry, solution, security type, deployment, and company size.
By organization size, large companies will lead the market during the forecast period.
By deployment, on-cloud will dominate the market over the forecast period.
By security type, cloud security will lead the market over the forecast period.
As a solution, risk monitoring will take the lion’s share of the market over the forecast period.
Vertically, BFSI will have the largest market share during the forecast period.
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COVID-19 Analysis
The COVID-19 epidemic has significantly changed the way people use social media, which has also impacted social media safety. As more people use social media during the pandemic, scammers are working harder to trick users into giving up their passwords or personal information. Phishing emails and fake social media posts are just two examples of the many forms these attacks, also known as social engineering attacks, can take. Scammers have taken advantage of the pandemic by setting up fake websites/social media accounts pretending to provide resources or information about COVID-19. These scams can trick users into submitting personal information, downloading malicious software, or making fake payments. Also, the pandemic has increased the amount of false and misleading material on social media. False or inaccurate information about COVID-19 can spread quickly on social media, causing confusion or even hurt when individuals take it to heart. The epidemic has resulted in many people working from home, which has increased security vulnerabilities associated with remote work. This includes using unprotected networks or private devices that could make it easier for cyber criminals to access private data. Social media companies have taken a number of measures to address these issues, including improving security mechanisms, enhancing content filtering, and educating users on how to protect themselves from fraud and misinformation.
Regional Analysis
North America becomes leader of social media security market
The market size for social media security in North America was dominated by this region in 2017-18 and is expected to remain so in the projected period. The high acceptance of well-known social media platforms like Facebook, Instagram, YouTube and others and its security solutions among the big US companies are factors driving the growth of the North American market. This has led to the acceptance of advanced security solutions on the social media sites. The region dominated the market in 2020 with a share of over 34% and the market is predicted to experience significant expansion during the forecast period 2021-2026. A number of factors, including the increasing use of digital platforms and smartphones, an increase in malware campaigns on social media, an increasing number of people using social media applications, strict government regulations or corporate network security laws, and others, have contributed to the expansion of this market. The development of various social media security solutions in the region has also been aided by the presence of certain prominent companies, including Proofpoint Inc., Zero FOX, and others. Rising e-commerce platforms, a shift towards online shopping trends, and an increase in corporate social networking within organizations have all contributed to data security vulnerabilities, including data phishing, web server threats, data hacking and exploitation, and others , which will ultimately drive demand for social media security solutions.
APAC will see significant growth in the social media security market
China and Japan are expected to retain a dominant position in the Asia-Pacific social media security market. Due to factors such as increasing internet penetration and increased spending on social media marketing by companies across a range of industries, such as retail and e-commerce, BFSI, telecom and IT services, etc., the Asia Pacific region is expected to grow across the board with a lucrative CAGR develop the projection period. Additionally, countries like India are witnessing an increasing use of web security solutions for the rising number of cyber attacks targeting their customers and driving regional development. Additionally, countries like China have been found to have strong anti-cyberbullying laws, which has fueled regional growth.
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Industry Updates
March 2023 – SocialSiren launched an all-in-one social media security application. With 24/7 real-time notifications via text, push notification, and email whenever something suspicious happens on any connected social media account, the SocialSiren app provides real-time monitoring of suspicious activity. SirenGuard, a feature of SocialSiren Commercial Edition, alerts users when a password change is detected on an account.
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