The threat intelligence segment is estimated to hold the largest market size in the social media security market, in 2018. This 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 by employees, the imminent need to protect the social media platforms and networks against the malicious attacks has increased. Social media security solutions not only offer security to these platforms, but also help organizations to closely track and monitor the activity of their employees who are using these platforms for personal, as well as business purposes.
MarketsandMarkets forecasts the global social media security market to grow from USD 895.6 million in 2018 to USD 1970.6 million by 2023, at a Compound Annual Growth Rate (CAGR) of 17.1% during the forecast period.
Employees in organizations are using social media platforms at an unprecedented rate. The proliferation of smartphones and the advent of the Bring Your Own Device (BYOD) technology have also contributed greatly to the use of social media platforms in organizations. Companies, earlier, used to block the use of these platforms by their employees within the enterprise premises, however they have now realized the true potential of social media platforms and are encouraging their employees to use these platforms for day-to-day business tasks and purposes. Though social media platforms offer several advantages to companies, they also pose certain risks and challenges, which might affect the growth of the market.
Among the security type, the network security segment is expected to grow at the highest CAGR during the forecast period. One of the key reasons for the growth of the network security segment is the increasing use of internal, as well as external social media networks by organizations and the necessity to protect these networks against malicious cyber-attacks.
The Small and Medium-sized Enterprises (SMEs) segment is expected to play a key role in the growth of the social media security market. The SMEs segment is expected to grow at a higher CAGR than large enterprises during the forecast period. SMEs are always seeking opportunities to optimize the employee productivity and increase their efficiency at a minimum cost, thus social media turns out to be a solution to this problem. With the high penetration of social media into the enterprise segment, SMEs want to secure their social media platforms, hence are adopting social media security solutions and services on a large scale.
Services comprise professional and managed services. The demand for social media security services, especially for professional services, is also expected to increase, specifically, as the market for social media security solutions is growing. The professional services segment is expected to grow at a higher CAGR during the forecast period. The increasing need to safeguard organizations data and reputation on social media networks, due to the drastic increase in the use of social media platforms by employees for both the professional and personal purposes would boost the growth for the professional services segment.
Among verticals, the manufacturing vertical is estimated to account for the largest market share, in 2018, and is expected to grow at the highest CAGR during the forecast period. The wide use of social media platforms by the manufacturing industries for promotion, customer experience management, and marketing purposes and the need to safeguard these platforms against malicious threats and deliberate spoiling of brand reputation would boost the adoption of social media security solutions and services by organizations in this vertical.
The social media security market in Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. APAC is expected to grow at the highest CAGR during the forecast period, due to the enhanced penetration of security vendors, high internet penetration, and growth in the demand for social media security solutions, owing to the better adoption of enterprise social media would drive the growth in this region.