Social Media Security Market - Forecasts from 2024 to 2029

The social media security market is evaluated at US$1,745.427 million for the year 2022 and is projected to grow at a CAGR of 20.15% to reach a market size of US$6,311.116 million by the year 2029.

Maintaining robust social media security is essential for protecting online privacy and personal data. Creating strong, one-of-a-kind passwords for every social media account that combine capital and lowercase letters, digits, and symbols is one of the first steps. By requiring a supplementary verification step, such as an SMS code or a code produced by an authenticator app, enabling Two-Factor Authentication (2FA) wherever feasible provides an extra layer of security. Changing passwords regularly and checking privacy settings can also help reduce the hazards that come with disclosing personal information on social networking sites.

MARKET TRENDS:

Social media is an emerging platform where people connect for numerous purposes. With rising internet penetration and growing smart device usage, social media is gaining robust popularity and adoption. However, with flourishing social platforms and users, social crime and insecurities have increased tremendously. Social crime includes social harassment, fake profiles, misguiding leads, data theft, breaching, hacking, and others.

The high risk of social crime creates a market demand for social media security services. It is expected that rising instances of social crime and dysfunctions will drive the market demand for social media security. Furthermore, expanding social media platforms' usage as earning sources has also increased the market prospects for social media security.

MARKET DRIVERS:

• Rising internet penetration is anticipated to drive the market's growth.

The social media security market is significantly impacted by the growing internet adoption, both in terms of potential and constraints. Social media platforms continue to see fast growth in user base as more people across the world acquire internet access. Owing to the increase in users, social media platforms have become more attractive to hackers who use them to distribute malware, steal personal information, or carry out phishing schemes. As a result, there is a rising need for strong security solutions to preserve users' private data and defend against dynamic online threats.

Furthermore, as more people get access to the internet, social media use spreads among a wider range of demographics and geographic areas, raising a wider range of security issues and legal needs. There is a growing demand for social media firms to improve their security architecture to uphold user confidence and adhere to changing data protection laws. To identify and reduce security vulnerabilities in real-time, this trend encourages investments in cutting-edge security technologies including artificial intelligence (AI), machine learning (ML), and behavioural analytics.

• Growing instances of cybercrime might impact the social media security market growth.

Another key factor that supports the market growth of social media security is rising instances of social media and cybercrime, which has severely impacted users. Social media has become an inevitable part of life and has opened numerous growth opportunities. Various platforms like Instagram and Facebook have provided business and other earning opportunities, especially for individuals and small businesses and hence involve sharing loads of financial and personal information. With the boom of social media platforms and other facilities, a surge in cases of social media and cybercrime has been observed.

According to NCRB 50,035 incidents of cybercrime were recorded in India in 2020. Of those, 1614 cases included cyberstalking, 762 cases involved cyber blackmail, 84 cases involved defamation, 247 cases involved false profiles, and 838 cases involved fake news were looked into. According to NCRB data, cybercrimes in India soared by 63.48% (27248 instances to 44548 cases) between 2018 and 2019, and then by 12.32% (44548 cases to 50035 cases) in 2020.

RESTRAINTS:

Several market constraints exist in the field of social media security that might hinder the uptake or efficacy of security solutions. The difficulty of striking a balance between security precautions and user ease and experience is one prominent limitation. Stringent security measures, including difficult authentication procedures or frequent password changes, may irritate users and discourage them from using social networking sites, which might lead to a decline in user activity or a transfer to less safe sites.

Another issue is the rapidly changing landscape of social media platforms and the security risks they bring. The constant need for security solutions to adjust to novel attack methods, security flaws, and user behaviour can tax resources and impede the creation of all-encompassing defence plans which in turn is anticipated to restrain the market.

Asia Pacific's social media security market is anticipated to grow substantially.

Geographically, the social media security market is divided into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific regions for the study. The Asia Pacific social media security market is expected to grow at a lucrative rate during the forecasted period. The regional market is fueled by growing internet penetration in the region and the rising adoption of social media.

Furthermore, an increase in social media earnings has notably increased disposable income. Social media platforms such as Instagram and Facebook have emerged as entertainment, education, skill enhancement, and connection areas in the Asia Pacific region, which has significantly surged social media earnings. A rise in income and propelling threat of social and cybercrime are expected to drive the social media security market region. Additionally, North America and European regions are anticipated to dominate the market owing to higher expenditure capability and significant users.

Key Developments:

• In September 2023, the world's top cybersecurity company, Kaspersky, and India's top IT distribution company, Savex Technologies, announced their strategic alliance. Savex Technologies provides businesses with top-tier security solutions for protecting their operations against new, unexpected, and elusive threats while preserving resource efficiency owing to Kaspersky's partnership with Savex Technologies on its whole business solution portfolio.
• In February 2023, global leader in managed security services, Atos, announced the release of its new security offering, called "5Guard," for businesses wishing to set up private 5G networks as well as telecom providers wishing to offer integrated, automated, and coordinated security to safeguard their clients' information and assets.

Segmentation:

By Size

• Large Enterprise
• Small and Medium Enterprise

By Solution

• Monitoring
• Risk Management
• Access Management
• Others

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• United Kingdom
• Germany
• France
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Israel
• Others
• Asia Pacific
• China
• Japan
• India
• South Korea
• Taiwan
• Thailand
• Indonesia
• Others