The User Activity Monitoring market was valued at USD 1,185.6 million in 2019, and it is expected to reach USD 4,135.1 billion by 2025, registering a CAGR of 25.5% over the forecast period (2020 - 2025). User Activity Monitoring solutions ensure that enterprises' system remains safe under any circumstance by strengthening its security concerns. Accordingly, UAM helps organizations track security incidents and reduce the occurrence of significant security issues, leading to the theft of sensitive files, hijacking of accounts, malware injections, and insider threats.
- Due to the increasing need to enhance employees' productivity and to protect confidential information, the market is proliferating. Moreover, there is a growing demand for user activity monitoring due to rising concerns about data security and data theft, further driving the growth of the market.
- Those with insider access perpetrate more than 50% of cyber-attacks. Moreover, increasing adoption for user activity monitoring solutions across various sectors is the ongoing trend observed, which is expected to support market growth in the near future.
- Employees and business partners are the privileged users given access to an organization's critical applications to perform their jobs effectively. UAM is a comprehensive solution for large and medium-sized industries to track and monitor privileged users; UAM solutions help implement advanced security checks and reduce probabilities of data breach and insider threat.
- Also, as per the demand of organizations, UAM vendors focus on providing integrated IAM and SIEM software. Also, UAM solutions support enterprises to increase IT efficiency, follow regulatory compliance, vendor auditing, database monitoring, and trace data logs to detect possible threats.
- However, financial constraint due to higher innovation cost of UAM solution is restraining the market's growth, as it directly affects the budget allocation of organizations. Similarly, the market's development is hindered due to its installation cost, managing user privacy, and the atmosphere of mistrust between employees and management. The installation cost of UAM solutions is high, which changes the procuring decision of small enterprises. It also becomes challenging to select the best activity monitoring tool as it depends on the business size, budget, and other critical factors.
- Further, the outbreak of COVID-19 pandemic has increased the demand for monitoring malicious activities. The UK’s National Cyber Security Centre (NCSC) has issued a public alert and fresh guidance as more cybercriminals get wise to the lucrative potential of COVID-19. The NCSC mentioned that it is witnessing an increase in the registration of websites relating to the coronavirus. In the past few days, NCSC has added new automation measures to identify and remove sites using the coronavirus as bait to serve malware to unsuspecting visitors.
- The attacks it has recognized so far are versatile and can be administered through various media, adapting to various sectors via multiple means, such as credential theft, ransomware, bitcoin scams, or straight-up fraud.
- Among some of the major widespread campaigns spotted in the wild to date have been fraudulent emails indicating to be coming from the World Health Organisation (WHO) and the US Center for Disease Control (CDC), building domain names that look similar to the CDC’s official web address to steal passwords, and even request bitcoin “donations” to fund a fake vaccine. Such instances have increased the demand for user activity monitoring.
Key Market Trends
Retail to Register Significant Growth
- With the increasing smartphone and internet usage, customers can easily access information about different products and services across multiple channels, like the web, social media, and other applications. With an average time spent on mobile phones reaching around 5 hours per day and the availability of multiple customer touchpoints, like websites, social media, live chats, phone calls, apart from the in-person assistance, brands find ample opportunity to engage customers with their brand and generate more revenues.
- According to Button, across the Button platform, mobile spending per shopper rose 68% from Nov 24, 2019, to Jan 3, 2020, compared with the same period a year earlier. During the same period, the vendor says the total number of orders per shopper increased 38% year over year. The total number of retail mobile app installations increased by 106%, and the overall mobile conversion rate increased by 12%, Button found.
- Further, the need to address these end-point systems, avoid any data or security breaches and ensure PCI compliance within their stores across all IT systems that store, transmit, or track credit card data drives the implementation of user activity monitoring applications in retail stores.
- The growing penetration of technology facilitators, coupled with increasing acceptance of virtual shopping, has bolstered the e-commerce ecosystem and has increased the need for a robust network to secure the online website and secure the customer financial data customer sensitive information.
- According to Wipro’s State of Cybersecurity Report 2019, the consumer and retail sectors are being targeted at a greater frequency than other sectors. The report further adds, at least 73% of the organizations are expected to lose revenue in case of an attack, due to the non-availability of services at critical times. With such a high probability of vulnerabilities, the demand for user activity monitoring is anticipated to grow in the retail industry.
North America to Hold Major Share
- Cybersecurity Ventures predicts cybercrime would continue rising and cost businesses globally more than USD 6 trillion annually by 2021. The estimate is based on historical cybercrime figures including recent year-over-year growth, a dramatic increase in the hostile nation state-sponsored and organized crime gang hacking activities, a cyberattack surface which is anticipated to be an order of magnitude higher than the present, and the cyber defenses expected to be pitted against hackers and cybercriminals over that time. This would increase cybersecurity spending over the forecast period.
- The US retail segment is one of the largest sectors in the world. It is estimated that more than two-thirds of the US gross domestic product (GDP) comes from retail consumption, annually. In the case of the country’s e-commerce sector, sales growth continues to increase more than the physical stores.
- According to CBRE, the e-commerce retail sales grew by 25% during the quarter ending June 2020, in the country, reflecting the consumer shift to e-commerce, while grocery stores and building and garden suppliers each saw a 13% growth over this period. With this increasing e-commerce usage, the need for secured consumer payment options is demand the usage of user activity monitoring.
The user activity monitoring market is moderately competitive consisting of players strategically focusing on innovation and new solution launches. The companies are also focusing on strategic partnership & collaboration initiatives and fund-raising activities to expand their offerings and increase their market share.
- June 2020 - SaltStack announced the general availability of SaltStack Enterprise Splunk Add-On for Splunk Enterprise. The add-on is available on Splunkbase and requires SaltStack Enterprise (SSE) 6.3.
- May 2020 - CyberArk announced it had acquired Santa Clara, California-based IDaptive Holdings, Inc. Through the acquisition, CyberArk and Idaptive will deliver a comprehensive Artificial Intelligence (AI)-based, security-first approach to managing identities that are adaptive and context-aware, and architected on the principles of Zero Trust and least privilege access, to reduce risk dramatically.
- The market estimate (ME) sheet in Excel format
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Table of Contents
1.2 Scope of the Study
4.2 Market Drivers
4.2.1 Increasing Need Among Organizations to Optimize Employee Productivity
4.2.2 Need for Enhanced Control Over Employees and Third-Party Vendors in Enterprises
4.3 Market Restraints
4.3.1 High Cost of Innovation for Developing Robust UAM Solutions
4.4 Industry Attractiveness - Porters Five Force Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
4.5 Technology Snapshot
4.5.1 Behavior Analytics
4.5.2 Log Management
4.5.3 Auditing and Reporting
4.5.4 Other Technologies
4.6 Assessment of Impact of COVID-19 on the Industry
5.1.1 System Monitoring
5.1.2 Application Monitoring
5.1.3 File Monitoring
5.1.4 Network Monitoring
5.1.5 Database Monitoring
5.2 By Enterprise
5.2.1 Small & Medium Enterprises
5.2.2 Large Enterprises
5.3 By End-user Industry
5.3.3 IT & Telecom
5.3.6 Other End-user Industries
5.4.1 North America
5.4.3 Asia Pacific
5.4.4 Latin America
5.4.5 Middle East and Africa
6.1.1 Micro Focus International PLC
6.1.2 Splunk Inc.
6.1.4 Imperva Inc.
6.1.5 CyberArk Software Ltd.
6.1.6 Centrify Corporation
6.1.7 Securonix Inc.
6.1.8 Netwrix Corporation
6.1.9 LogRhythm Inc.
6.1.10 Teramind Inc.
6.1.11 Ezwim B.V.