Security Information and Event Management Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The security information and event management (SIEM) market is expected to register a CAGR of 9.87%, during the forecast period (2021 - 2026). Security information and event management are based on real-time analysis of security alerts, which are generated in organizations' IT network applications and infrastructure. Increasing risks of cyber-attacks and security breaches in the IT industry, in the coming years, and high chances of critical information being extracted from banks and IT companies are anticipated. To deal with these challenges, major companies are adopting security information and event management solutions.

• Factors, such as the rise in security concerns, due to the several regulatory compliances, as government organizations have access to their country's financial data, are also aiding the growth of the market
• With the growth in complexity of the threat landscape and an increase in the number of people using the internet, the market is expected to grow rapidly in a dynamically changing environment. The growing adoption of BYOD, constant threat of cybercrime, the complexity of SIEM solutions, and high cost of ownership are also responsible for the growth of the market.
• Payment Card Industry Data Security Standard compliance originally drove SIEM adoption in large enterprises. However, concerns over advanced persistent threats have led smaller organizations to look at the benefits a SIEM managed security service provider can offer.
• Major factors, such as high cost of deployment and scalability of security information and event management software, are expected to hinder the market growth over the forecast period.

Key Market Trends

BFSI Expected to Witness Significant Growth

• SIEM solutions are used to protect banks against frauds. They offer invaluable visibility into ATM networks. Banking and financial services are the most critical sectors for fraudulent activities from both internally and externally, breaking all the breach records in comparison to other industries.
• For instance, the important financial institution of Russia, Ural FD Bank, along with Jet Infosystems, has established a security information and event management system based on HP ArcSight. The bank has acquired a reliable and convenient instrument that can promptly identify and investigate information security breaches. This resulted in dropping the turnaround time for incident response and investigation by 80%.
• According to a post on IBM’s Security Intelligence Blog, SIEM tools receive logs from ATM endpoints, controlling network servers, and employ correlation rules to help security analysts monitor things, such as entries into the network, software integrity, and antivirus feeds. This helps to deliver a comprehensive overview of the ATM network security posture at any moment.

North America to Hold the Largest Market Share

North America is expected to retain its position as the largest market for security information and event management solutions, over the forecast period. Due to the large-scale migration of blue-chip companies, North America has been witnessing significant technological growth in recent times.

The technological evolution has led to the evolution of sophisticated threats and cyber-attacks in this region. Organizations are also becoming very cautious regarding the security breaches into their private networks, which may lead to huge losses. This security concern has increased the deployment of SIEM solutions for efficiently dealing with the constant security breaches.

SIEM enables organizations to minimize their security budget. The organizations in the region always demand innovative and advanced technologies. SIEM not only helps them to detect and manage real-time threats and breaches but also enables them to analyze a large amount of information in a short span of time. SIEM providers in this region are developing advanced and ultramodern solutions, as a result of technological growth.

According to Deccan Herald, IT Technological giant, Wipro, has invested in US-based cybersecurity company Vectra Networks and fraud prevention firm Emailage Corporation, to establish a cyber defence platform. Wipro has also invested USD 8.83 million in application security company Denim Group.

Competitive Landscape

The security information and event management market is consolidated. It is dominated by the major players present in the market. The various ongoing acquisitions and innovations are leading to the growth of the market.

April 2019: Fortinet expanded its security fabric to advance the third-generation of cybersecurity driven networking to minimize the number of threats present.

March 2019: LogRhythm is recognized for its market-leading SIEM and UEBA solutions with multiple awards. The LogRhythm NextGen SIEM Platform empowers security teams to overcome the challenges created by an expanding attack surface and an increasingly virulent and sophisticated threat landscape.

Reasons to Purchase this report:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

This product will be delivered within 2 business days.