New York, Aug. 23, 2022 (GLOBE NEWSWIRE) — The Insight Partners published latest research study on “Security Information and Event Management Market to 2027 – Global Analysis and Forecasts by Solution (Patch Management, Log & Event Management, Firewall Security Management, and Others); Service (Integration, Consulting, and Support); and End User (Healthcare, Energy & Utility, BFSI, Government, Retail, and Others)”, the global security information and event management market growth is driven by increasing spending on cyber security solutions by large and medium enterprises. Moreover, the growing popularity of IoT solutions and connected devices has further boosted the penetration of IT solution across major industrial and service sectors.
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|Market Size Value in||US$ 2.83 Billion in 2019|
|Market Size Value by||US$ 6.24 Billion by 2027|
|Growth rate||CAGR of 10.4% from 2020-2027|
|No. of Pages||185|
|No. of Charts & Figures||78|
|Historical data available||Yes|
|Segments covered||Solution ; Service ; and End User|
|Regional scope||North America; Europe; Asia Pacific; Latin America; MEA|
|Country scope||US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
Security Information and Event Management (SIEM) Market: Competitive Landscape and Key Developments
AlienVault, DFLABS SPA, Fireeye, Inc., Hewlett Packard Enterprise Development LP (HPE), IBM Corporation, LogRhythm, Inc., RSA Security LLC, SolarWinds Inc., Splunk Inc., and TIBCO Software Inc. were studied and analyzed to get a holistic view of the security information and event management (SIEM) market and its ecosystem.
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In 2018, Splunk announced its expansion with the opening new offices in San Francisco and San Jose. With this expansion the company is strongly focusing towards the growth technologically and hire over 2,000 employee across the company.
In 2018, SolarWinds announced the acquisition of Trusted Metrics which is a provider of real-time threat monitoring and management software. The acquisition extended the company’s IT management portfolio to include network security monitoring.
The number of potential vulnerabilities and large scale cyber-attacks has risen in the past few years. As a result, the cyber security continues to gain significance among leading enterprise and subsequently driving the demand for efficient and robust tools, platforms, and security solutions for their organization. Thus, over the years various market players have positioned themselves for catering to different niche market requirement.
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Among these, the security information and event management software solutions facilitates the organization especially their SOCs (Security Operations Center) and related corresponding teams in improving the cohesion of various technology and process security posture. The security information and event management solutions promotes a fine balance between security automation and human supervised security monitoring and response.
The advent of IoT has enabled each device to be connected over the internet and the rising adoptions globally would result in more than billions of devices connected over the internet. These devices are bound to generate huge amounts of data. On a global level, that data traffic rate has grown at an annual rate of more than 65% over the last five years.
With increasing data transfers on the internet, the potential risks of cyber-attacks have also increased over the years. Malicious attackers have found different ways to cause inconvenience to the users of data and create a chaotic environment. A Security Information and Event Management (SIEM) takes a holistic view of the IT infrastructure of any client organization. An SIEM system is capable of detecting difference between the pre-laid rules and the reported events. This difference is configured to trigger an alarm and notify the central host regarding anomaly found.
The Security Information and Event Management market globally has been segmented on the basis of solution into patch management, log & event management, firewall security management, and others. The services allied with SIEM have further been segmented into integration, consulting, and support.
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On the basis of industry vertical the Security Information and Event Management market is further segmented into healthcare, energy & utility, BFSI, government, retail, and others. Geographically the security information and event management market is presently dominated by developed regions including, North America. However, the security information and event management market is expected to be in favor of APAC.
Cyber-attacks are on the rise in both enterprises and government sector around the globe. The Insight Partner’s analysis reported the number of security incidents across all industries rose around 40% in 2017 from 2016. Ever-increasing threats and evolving industry and government regulations are forcing organizations to invest heavily in security infrastructure. Organizations are becoming increasingly alert to cyber threats. Cyber security has already become a critical issue across business, industry, government and civil society; it will only grow more urgent as the online world becomes a central and underlying component of the physical world.
In the last few years, cyber-attacks have affected the ease of doing businesses across many industries including BFSI, healthcare, media & entertainment, and governments. As per the World Economic Forum, cyber security has become a major challenge for both the private and public sectors. A recent study conducted for the UK government found that 90% of large businesses and 74% of small businesses had suffered a data breach over the past year, both increases over the previous year. These increasing cyber-attacks are significantly impacting the global SIEM market.
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