London, UK, March 01, 2022 (GLOBE NEWSWIRE) -- According to Brandessence market research, the Security Information and Event Management (SIEM) market size reached USD 4.21 Billion in 2021. The SIEM market size is likely to grow at 8.1% CAGR during 2021-2028 to reach USD 6.62 Billion by 2028 end. Huge growth in demand for cloud-based SIEM services and growing recent developments and advancements in security information and event management are some of the major factors driving the growth of the Global Security Information And Event Management Market.
Security Information and Event Management (SIEM) Market Dynamics:
Security information and event management market dynamics are centred around the applications that it has in the field of security analytics, threat intelligence, log management and reporting and others such as database management and behaviour profiling. The market primarily works on the log management application where the capabilities like collection, generation, transmission, analysis, storage, disposition and monitoring of these logs becomes important to ensure that there is compliance with the norms in place and the other concerns such as security and troubleshooting are dealt with well. These are the SIEM key drivers that lead to the growth of the industry. The major benefits of the security information and event management to companies includes prevention of potential security threats, increase in efficiency, security breaches can be responded to properly and their impact can be minimalized, the costs are reduced, there is better data collection as there are logs which can be later analysed and retained. It also increases the IT compliances.
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Scopes of Security Information and Event Management (SIEM) Market
Security information and event management market is a market that has been touted to grow continuously and increase its volume exponentially in the coming few years. The demand has been triggered by a persistent need for monitoring incidents and responding to them in addition to the adherence of the compliances. Further, the need to maintain logs and retain them and maintenance of certifications are the main factors as to why the demand for the security information and event management has been on the rise.
The term security information and event management refers to the process of aggregating, storing and analysing a lot of different kinds of events that are generated through the technological infrastructure of the organizations. The infrastructure usually includes the applications, host systems, networks and domain controllers along with the security devices like the firewalls and the antivirus filters.
Trends Analysis of SIEM Market:
The future trends impacting the security information and event management market and are helping the market grow are various trends such as the exponential rise of the cyber attacks and how sophisticated they have been in the recent past and the harm that they can cause to the security networks. The government regulations have also been in favor of making the regulations and compliances really stringent. This has further led to companies adopting these means. There is also an increasing adoption of services which are cloud based and that has been aiding the global market too. The need for a balanced security approach and the integration of detection and response tools with the security information and event management solutions is driving the future SIEM market trends.
The security information and event management market services can be segmented on the basis of application. They are being used for a whole host of crucial applications. Security analytics in this field usually includes the automation for the detection of errors and how remedial action can be taken. It is being expected that the future generation security information and event management solutions as well as services are going to facilitate the process of security analytics by pattern modeling, machine learning, statistical modeling and these are the analytical tools which help the organizations in guiding decision making with the manipulation of data and guiding the decisions for the detection of an event. They will also be used for identifying breaches which may potentially happen and in working out ways of reducing various areas which may be compromised.
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Recent Development:
News: Siemens Energy Launched AI SIEM for Industrial Internet of Things
On September 21st, 2021, Siemens Energy launched of a platform-as-a-service (PaaS) offering for enterprises in the industrial space: a security information and event management (SIEM) battered for use inside Security Operation Centers (SOC) that can deliver context, visibility, insights, and actions on industrial data, procedures, assets, and threats.
Security Information and Event Management (SIEM) Market: Competitive Analysis
Some of the SIEM top companies in the global market are Gurucul, Alert Logic, Rapid7, SolarWinds, Cygilant, BlackStratus, Sumo Logic, LogRhythm, Exabeam, IBM, Micro Focus, Forinet, LogPoint, AlienVault, McAfee, Splunk, RSA, Graylog, ManageEngine, Securonix. These are the players which have been adopting a lot of growth strategies which include strategies such as merger and acquisitions, improvements in products, expansions and diversification and product launch events. Recent few events have shaped the market up such as ManageEngine recently extended its capabilities of log management of the SIEM solutions into cloud space. The enterprises are now able to manage the log data and help in storage from the network on the secure cloud platform of Zoho. The security information and event management capabilities of RSA were extended recently for the reduction of digital risks with the analytics being expanded. The objective is to find the observations which detect an anomaly. It is a field which is growing so more investment can be expected in the near future and more companies will join in on the global security information and event management market.
Segmentation Analysis:
Another segment where the security information and event management market has been prospering is the healthcare and social assistance segment which helps in providing individuals with healthcare facilities. This is a segment where the organizations make healthcare goods and services and try to commercialize them and then provide social assistance. Pharmaceutical manufacturing and medical equipment along with the healthcare and ensure firms and the public and private organizations and the action of providing remedial, preventive and therapy services is also a part of the process here. The data which is possessed here is the data related to patients, doctors, administrators and staff. The date is highly confidential and security of this data is really important amidst the rising cyberattack threats. security information technology helps in preventing such data.
By Components:
- Solution
- Services
By Applications:
- Log Management and Reporting
- Threat Intelligence
- Security Analytics
- Others
By Organization Size:
- Small and Medium-sized Enterprises (SMEs)
- Large Enterprises
By Deployment Modes:
- On-premises
- Cloud
By Verticals:
- Information
- Finance and Insurance
- Healthcare and Social Assistance
- Retail Trade
- Manufacturing
- Utilities
- Others
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Regional Analysis:
In terms of region, the security information and event management market is seeing great growth in the North American region. A lot of these companies in North America are deploying the SIEM systems for detecting breaches and monitoring their capabilities. The reporting requirements are also changing rapidly in these sectors as the government is becoming really focused and that is fueling SIEM technology adoption at a larger scale. It is also something that has found a market in the larger companies which would traditionally be conservative but are moving towards these systems making it a really important. North America is a highly regulated center so it involves a lot of compliances which need to be met from the company stand point.
On Special Requirement Security Information and Event Management Market Report is also available for below Regions and Country:
North America
- U.S.
- Canada
Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Sweden
- Netherland
- Turkey
- Switzerland
- Belgium
- Rest of Europe
Asia-Pacific
- South Korea
- Japan
- China
- India
- Australia
- Philippines
- Singapore
- Malaysia
- Thailand
- Indonesia
- Rest Of APAC
Latin America
- Mexico
- Colombia
- Brazil
- Argentina
- Peru
- Rest of South America
Middle East and Africa
- Saudi Arabia
- UAE
- Egypt
- South Africa
- Rest Of MEA
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