- By technique, the security analytics segment accounted for the largest share in 2019
- The law enforcement agencies segment is anticipated to register the fastest CAGR of 28.1 per cent during the forecast period
The global open source intelligence market will reach $29.19 billion by 2027 as per a report by Allied Market Research. It also said that the valuation stood at $5.02 billion in 2019 and it will grow at a CAGR of 24.7 per cent from 2020 to 2027
As per the report, the rise in the adoption of open source intelligence among multiple organizations, increase in demand for cloud-based open source intelligence among SMEs and surge in need to gain insights for business planning have led to the growth in this market. It also added that a lack of awareness of open source intelligence tools among SMEs and concerns regarding the data quality issues hamper the growth of the market. Developing trends like social media analytics will open new opportunities for market players in the coming years.
The report added, “The outbreak of Covid-19 has greatly affected the global open source intelligence market. During pandemic, the consumption and growth of data has accelerated as millions use the internet to keep in touch with their loved ones and use online services and entertainment. The governments in several countries have been utilizing mobile phone usage and location data to determine population movement patterns and track the spread of COVID-19.”
Security analytics segment
By technique, the security analytics segment accounted for the largest share in 2019. It held more than one-third of the global open source intelligence market. This is due to benefits provided by security analytics like reducing network traffic, providing real-time indication of external threats, detection and prevention of inside threats and monitoring of suspicious activity in the organisation.
The report added that the video analytics segment is estimated to show the highest CAGR of 26.0 per cent during the forecast period. This is due to increase in demand for enhanced video surveillance in the automotive industry and rise in investment by SMEs nation in video analytics.
As per the report, by enduser type, the law enforcement agencies segment is anticipated to register the fastest CAGR of 28.1 per cent during the forecast period. This is owing to improve their operational efficiency to improve the safety of the data, and to get more reliable information from the raw data. The cybersecurity organisations segment held the largest share in 2019, contributing to nearly one-third of the global open source intelligence market. This is due to an increase in demand for high-level security solutions to secure top-secret data of the organisations.
North America held the largest share in 2019
The report said that the market across North America held the largest share in 2019, accounting for more than one-third of the market. It is due to a rise in the adoption of open source intelligence tools by various government and non-government organizations to gain business insights. It added, “However, the global open source intelligence market across Asia-Pacific is expected to manifest the highest CAGR of 26.2 per cent during the forecast period, due to surge in adoption in the banking & insurance industry in developing nation of Asia-Pacific such as India, China, and Japan.”