The global Security Information and Event Management market accounted to US$ 2.59 Bn in 2018 and is expected to grow at a CAGR of 10.4% during the forecast period 2019 - 2027, to account to US$ 6.24 Bn by 2027. The advancement in IT technologies has witnessed unprecedented adoption across the industry verticals. Moreover, the growing popularity of IoT solutions and connected devices has further boosted the penetration of IT solution across major industrial and service sectors. As a result, the significant presence of IT systems and solutions coupled with large exposure to various devices results in effective and efficient management of cyber security posture of the organization. Thus, the organization has spent heavily towards minimizing the potential vulnerabilities and containment of immediate unauthorized access and breach of data. Also, the growing sophistication of cyber threats coupled with a large number of alerts and events notification has created a strong demand for the robust and efficient market for various security-related solutions. Also, the massive cyber security attacks targeting various critical utilities and organization has swung the various international agencies into action for improved corporation towards developing superior solutions capable of mitigating such threats. As per the publisher, it is estimated that the total spending on enterprise security was estimated around $98 billion in 2017, and expected to have high year-on-year growth during the forecast period.
Moreover, the continuous organization inclination towards improved security posture due to their data sensitivity in sectors such as BFSI, government, defense, educational institutes, utilities and industrial among other sectors is also anticipated to drive the growth of the Security Information and Event Management market during the forecast period.
Factors such as increasing number of large volume of cyber incident threats coupled with stringent cyber security legislation and regulations are the major factors driving the growth of SOAR based solutions. Moreover, the growing popularity if automation and adoption of AI enabled solutions especially among large enterprise owners is also expected to have profound positive influence over the growth of the security information and event management market in the coming years. The increasing demand for automated incident response and use of AI enabled solutions is also expected to drive the security information and event management market growth in the coming years. Thus, the security information and event management market is poised to provide numerous profitable opportunities for the market players in the coming years.
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. 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.
The overall Security Information and Event Management market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the Security Information and Event Management market. Also, multiple primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Security Information and Event Management industry.
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Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- AlienVault
- DFLABS SPA
- Fireeye, Inc.
- Hewlett Packard Enterprise Development LP (HPE)
- IBM Corporation
- LogRhythm, Inc.
- RSA Security LLC
- SolarWinds Inc.
- Splunk Inc.
- TIBCO Software Inc.
