User Activity Monitoring Market Growing at a CAGR 25.5% | Key Player Micro Focus, Splunk, Rapid7, Forcepoint, Digital Guardian

May 07 20:56 2021
User Activity Monitoring Market Growing at a CAGR 25.5% | Key Player Micro Focus, Splunk, Rapid7, Forcepoint, Digital Guardian

Micro Focus (UK), Splunk (US), Forcepoint (US), Imperva (US), ManageEngine (US), CyberArk (US), Rapid7 (US), Centrify (US), SolarWinds (US), Securonix(US), NetWrix (US), Digital Guardian (US), Birch Grove Software (US), LogRhythm (US), Sumo Logic (US), Balabit (Hungary), ObserveIT (US), Dtex Systems (US), WALLIX (France), Teramind (US), Veriato (US), SysKit (Croatia)
User Activity Monitoring Market by Component, Technology Type (Behavior Analytics, Log Management), Application Area (System, Application, File, Network Monitoring), Deployment Mode, Organization Size, Vertical, and Region – Global Forecast to 2023

User Activity Monitoring (UAM) is a cybersecurity solution that monitors and records the activities of the internal and external users of an organization’s resources, such as devices, networks, and IT resources. The rapid growth in insider threats has led to major security breaches in organizations. The UAM solution constantly monitors users and records their activities to detect suspicious ones and also help organizations in improving the productivity. The solution matches user activity patterns with the existing patterns to identify malicious activities and alert organizations’ IT staff to mitigate the potential security risks. The stringent regulatory compliances and adoption of the best UAM practices are encouraging organizations to deploy UAM solutions. MarketsandMarkets expects the global UAM Market size to grow from USD 1,071.3 Million in 2018 to USD 3,335.7 Million by 2023, at a Compound Annual Growth Rate (CAGR) of 25.5% during the forecast period.

Application monitoring segment is expected to play a key role in the UAM market

The application monitoring segment is expected to play a key role in the changing the UAM marketscape and grow at the highest CAGR during the forecast period. UAM solutions provide robust security to organizations’ critical IT assets. Additionally, they help organizations to meet PCI DSS, HIPAA, SOX, NERC CIP, FISMA, and other regulatory compliances.

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Cloud-based deployment is expected to be a faster growing deployment mode

In the UAM market, the cloud is expected to be the faster growing deployment mode, as it benefits organizations with increased scalability, speed, 24/7 services, and enhanced management capabilities. Cloud-based UAM solutions are available according to customer requirements, wherein customers can start or stop any service, at will.

Key players in the global UAM market include Micro Focus (UK), Splunk (US), Forcepoint (US), Imperva (US), ManageEngine (US), CyberArk (US), Rapid7 (US), Centrify (US), SolarWinds (US), Securonix(US), NetWrix (US), Digital Guardian (US), Birch Grove Software (US), LogRhythm (US), Sumo Logic (US), Balabit (Hungary), ObserveIT (US), Dtex Systems (US), WALLIX (France), Teramind (US), Veriato (US), SysKit (Croatia), Ekran System (US), NetFort (Ireland), and TSFactory (US). These players have adopted various strategies, such as partnerships, collaborations, agreements, mergers and acquisitions, and new product launches, to achieve growth in the global UAM market.

ObserveIT is among the leading players in the UAM market. The fundamental objective of the company is to meet every client’s requirements and also provide new advancements in UAM. The company serves clients across industries, such as government, Banking, Financial Services and Insurance (BFSI), healthcare, and IT and telecom. The company has its customer base in North America, Europe, and Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. The company follows both organic and inorganic growth strategies for business expansions. For instance, in April 2017, the company enhanced its insider threat detection and prevention solution with actionable analytics and user activity profiling, to mitigate insider threats by proactively blocking risky and out-of-policy activities. In January 2017, the company partnered with Macnica Networks, a leading supplier of network equipment and security solutions. Macnica Networks agreed to distribute the ObserveIT platform in Japan. Moreover, in November 2016, ObserveIT enhanced its insider threat management solution to assist IT and security teams in proactively protecting organizations from intentional or unintentional harm, caused by employees and third parties.

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Teramind is another innovative provider of UAM solutions and services to SMEs and large enterprises across the globe. The company has a noteworthy presence across industry verticals, including BFSI, healthcare, retail, and energy and utilities. Teramind’s long-term strategy is to embed advancements to its UAM solutions and enhance its capabilities through new product launches. For instance, in June 2017, the company enhanced its platform with the anomaly detection feature to automatically quantify and analyze internal employees’ data, identify internal security anomalies, and prevent the occurrence of internal data leaks. Similarly, in January 2017, the company launched enhancements to its platform by introducing the intelligent session mining feature, to deliver analytics for automating the detection and prevention of insider threats. These developments helped the company to enhance its capabilities as well as gain a significant market share in the global UAM market.

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