According to the report titled ‘Global Prescriptive Security Market Size study, by Product Type (Hosted, On Premise, Others), by Application (Incident Detection, Pattern Recognition, Surveillance) and Regional Forecasts 2021-2027’, available with Market Study Report, global prescriptive security market is anticipated to grow with a CAGR of 5.4% during 2021-2027.
 

Flourishing BFSI sector, rise in concerns regarding data security threats, and increasing investments towards cybersecurity infrastructure are propelling the growth of global prescriptive security market.
 

For those unaware, prescriptive security is a combination of technologies and processes designed to reduce time & effort to react to cyber security threats & incidents. It is primarily used with automation and artificial intelligence technologies.
 

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As per Cybercrime Magazine, the United States government allocated USD 15 billion budget towards cybersecurity in 2019, which is a 4.1% more than 2018. Increasing threats and safety concerns arising from the disputes among the nations has forced countries to raise their budgets for cybersecurity. These factors, coupled with hefty investments for technical advancements and research & development will stimulate worldwide prescriptive security industry outlook.
 

On the contrary, high costing involved in solution implementation, and stringent government norms are poised to hamper the market growth during the study period.
 

Based on product type, the market is segmented into hosted, on premises, and others. In terms of application, global prescriptive security market is classified as incident detection, surveillance, and pattern detection.
 

Geographically speaking, the marketplace is divided into Asia Pacific, North America, Europe, Latin America, and rest of the world. Of these, North America currently holds majority market share, owing to technical advancements, and massive investments in research & development activities.
 

Parallelly, Asia Pacific prescriptive security industry is expected to witness strong growth rate during the study period. Rising frequency of cyber threats, and territorial altercations are believed to facilitate adoption of these solutions.
 

The competitive landscape of global prescriptive security market is defined by Cisco Systems Inc., Atos SE, Hexagon AB, ESRI, NICE Systems Ltd., SAP SE, NEC Corporation, International Business Machines Corporation (IBM), SAS Institute, and Splunk Inc.