Security information and event management (SIEM) is a combination of security information management (SIM) and security event management (SEM). It is an approach toward security management that provides real-time analysis of the security alerts by applications and network hardware. It deals with correlation of events, real-time monitoring, console view, and notifications. SIEM has the capability of data aggregation, alert production, correlation, pattern detection, forensic analysis, and others. It eliminates threats at a faster speed with instantaneous detection of suspicious activities and automatically responses for compliance and mitigation.
The global SIEM market is primarily attributed to regulatory compliance management such as the Payment Card Industry Data Security Standard (PCI DSS), Health Insurance Portability and Accountability Act (HIPAA), and the Sarbanes-Oxley Act (SOX) drives the market growth. In addition, growth in adoption of Bring Your Own Devices (ByOD), cloud services and enterprise mobility drive the growth in the security information and event management (SIEM) market. Furthermore, next generation SIEM systems for anomaly detection is expected to provide lucrative growth opportunities for the SIEM technology in nearly future. However, high cost of ownership of the SIEM, complexity of SIEM products, and inconvenience in demonstrating the return of investments (ROI) for network and IT administrators may hamper the growth of the market.
The global security information and event management (SIEM) market is segmented on the basis of component, enterprise size, deployment model, industry vertical, and region. Based on component, the market is segmented into solution and services. As per enterprise size, the market is segmented into large enterprises and SMEs. According to the deployment model, the market is segmented into on-premise and cloud. Based on industry vertical, the global SIEM market is segmented into banking, financial services, and insurance (BFSI), Government, IT & telecom, manufacturing, healthcare, retail, energy & utilities, and others. Based on region, the market is studied across four regions including North America, Europe, Asia-Pacific, and LAMEA.
The key players operating in the SIEM market include Dell EMC, Hewlett Packard Enterprise Development LP, IBM Corporation, LogRhythm, Inc., McAfee LLC., SolarWinds, Inc., Splunk, Inc., Symantec Corporation, Trend Micro, Inc., and Trustwave Holdings Inc. These major players have adopted various key development strategies such as business expansion, new product launches, and others, which help drive the growth of the global security information and event management market.
The global SIEM market is primarily attributed to regulatory compliance management such as the Payment Card Industry Data Security Standard (PCI DSS), Health Insurance Portability and Accountability Act (HIPAA), and the Sarbanes-Oxley Act (SOX) drives the market growth. In addition, growth in adoption of Bring Your Own Devices (ByOD), cloud services and enterprise mobility drive the growth in the security information and event management (SIEM) market. Furthermore, next generation SIEM systems for anomaly detection is expected to provide lucrative growth opportunities for the SIEM technology in nearly future. However, high cost of ownership of the SIEM, complexity of SIEM products, and inconvenience in demonstrating the return of investments (ROI) for network and IT administrators may hamper the growth of the market.
The global security information and event management (SIEM) market is segmented on the basis of component, enterprise size, deployment model, industry vertical, and region. Based on component, the market is segmented into solution and services. As per enterprise size, the market is segmented into large enterprises and SMEs. According to the deployment model, the market is segmented into on-premise and cloud. Based on industry vertical, the global SIEM market is segmented into banking, financial services, and insurance (BFSI), Government, IT & telecom, manufacturing, healthcare, retail, energy & utilities, and others. Based on region, the market is studied across four regions including North America, Europe, Asia-Pacific, and LAMEA.
The key players operating in the SIEM market include Dell EMC, Hewlett Packard Enterprise Development LP, IBM Corporation, LogRhythm, Inc., McAfee LLC., SolarWinds, Inc., Splunk, Inc., Symantec Corporation, Trend Micro, Inc., and Trustwave Holdings Inc. These major players have adopted various key development strategies such as business expansion, new product launches, and others, which help drive the growth of the global security information and event management market.
KEY BENEFITS FOR STAKEHOLDERS
- The study provides an in-depth analysis of the security information and event management market along with the current trends and future estimations to elucidate the imminent investment pockets
- Information about key drivers, restraints, and opportunities and their impact analysis on the security information and event management market size is provided
- Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the security information and event management market
- The quantitative analysis from 2020 to 2030 is provided to determine the security information and event management market potential
KEY MARKET SEGMENTS
By Component
- Solution
- Services
By Deployment Model
- On-Premise
- Cloud
By Enterprise Size
- Large Enterprise
- SMEs
By Industry Vertical
- BFSI
- Government
- IT & Telecom
- Manufacturing
- Healthcare
- Retail
- Energy & Utilities
- Others
By Region
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
The key players:
- Dell EMC
- Hewlett Packard Enterprise Development LP
- IBM Corporation
- LogRhythm, Inc
- McAfee LLC
- SolarWinds, Inc
- Splunk, Inc
- Symantec Corporation
- Trend Micro, Inc
- Trustwave Holdings Inc
Table of Contents
Chapter 1: Introduction
Chapter 2: Executive Summary
Chapter 3: Market Landscape
Chapter 4: Security Information and Event Management Market, by Component
Chapter 5: Security Information and Event Management Market, by Deployment Model
Chapter 6: Security Information and Event Management Market, by Enterprise Size
Chapter 7: Security Information and Event Management Market, by Industry Vertical
Chapter 8: Security Information and Event Management Market, by Region
Chapter 9: Company Profiles
List of Tables
List of Figures
Executive Summary
According to a recent report titled, “Security Information and Event Managements Market by Component, Deployment Model, Enterprise Size, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2021-2030,” the global security information and event management market size was valued at $3.92 billion in 2020, and is projected to reach $18.12 billion by 2030, growing at a CAGR of 16.4% from 2021 to 2030.The security information and event management (SIEM) market is expected to be driven by growing demand for security solutions that assist organizations in identifying possible security threats and vulnerabilities. As remote workforces, bring your own device (BYOD) and SaaS apps policies have increased in popularity, industries require the level of transparency to manage network potential risks from outside the traditional network perimeter. The advanced SIEM to be used for anomaly detection is expected to offer significant growth for the security information and event management industry in the near future. IBM Corporation’s QRadar Security Intelligence is the only known product, which qualifies for anomaly detection or behavioral analytics. The challenges in usage on SIEM in anomaly detection such as information of time to apply this analysis or efficient procedure to adjust time intervals to accommodate random and infrequent acts of humans, affect the extensive adoption of such SIEM products. However, with innovation and more refined understanding, the demand for such solutions is expected to increase during the forecast period.
On the basis of component, the solution segment dominated the overall security information and event management industry in 2020, and is expected to continue this trend throughout the security information and event management market forecast period. The rise in demand for modern SIEM tools to manage IT security is expected to drive the growth of the SIEM solution segment. The next generation SIEM is gaining momentum in the market due to its advanced features which help to tackle various challenges such as large number of events that are needed to be considered outside the syslog files which assist to move on an investigation forward; complexity of SIEM solutions; necessity of an expert personnel to handle the SIEM system; and others. Next gen platforms offer baselining capabilities, automation, and intelligence, which ensure data relevancy and noise filtration. In addition, technologies such as time normalization, metadata analysis, and file integrity monitoring deliver far advanced insights which is expected to drive the growth this segment. However, the services segment is expected to grow the most, and this trend is expected to continue during the forecast period. The growth in need for better security management, supportive government policies and rules to implement SIEM software, increase in adoption of SIEM on BYOD, and advancements in the SIEM technology has urged users to seek better knowledge and guidance to effectively implement the SIEM technology in enterprises to gain maximum output with high quality. These services make it easier to implement and use SIEM solution at the maximum efficiency and capabilities, which is expected to drive the growth of the service segment.
On the basis of industry vertical, the BFSI sector garnered the largest security information and event management market share in 2020, and is expected to continue this trend during the forecast period. Banks and financial institutions operate in a high-threat environment where efficient IT threat management is critical capability along with compliance. SIEM offers threat detection, risk monitoring, and necessary analytics to manage external and internal attacks. SIEM offers continuous risk monitoring, account monitoring, defense against external threats, risk mitigation, and risk routing. However, the healthcare sector is expected to witness highest growth in the upcoming years.
The global security information and event management market size was valued at $3.92 billion in 2020, and is projected to reach $18.12 billion by 2030, growing at a CAGR of 16.4% from 2021 to 2030. The COVID-19 outbreak has a positive impact on the growth of the security information and event managements market due to security and safety reasons. However, the outbreak of COVID-19 has affected communities globally, while governments and other sectors are trying their best to respond faster to the challenges posed by this pandemic. Furthermore, governments and businesses are increasingly asking employees to work from home or are shifting work to employees in less affected areas to maintain business continuity during the pandemic. However, the situation has accelerated the adoption of advanced technologies such as artificial intelligence (AI), machine learning (ML), automation, and IOT to control costs while improving the customer experience, which is expected to provide lucrative opportunities for security information and event managements market. Further, industries such as public sector, banking & financial sector, government sector, and healthcare sector have shown increased adoption of security information and event managements and are expected to continue using them owing to the rising focus on digitization, growing technological awareness, and need for better security systems. Increasing government initiatives to deploy advanced security solutions for better safety and convenience is anticipated to create significant growth opportunities for major players.
Key Findings Of The Study
- On the basis of component, the solution segment dominated the security information and event managements market in 2020 However, the services segment is expected to exhibit significant growth during the forecast period
- On the basis of enterprise size, the large enterprise segment dominated the security information and event managements market in 2020 However, the SMEs segment is expected to exhibit significant growth during the forecast period
- On the basis of deployment model, the on-premise segment dominated the security information and event managements market in 2020 However, the cloud segment is expected to exhibit significant growth during the forecast period
- On the basis of industry vertical, the BFSI sector accounted for the highest revenue of market in 2020; however, the healthcare sector is expected to witness the highest growth rate during the forecast period
- On the basis of region, the security information and event managements market was dominated by North America in 2020 However, Asia-Pacific is expected to witness significant growth in the coming years
- This report gives an in-depth profile of some key market players in the security information and event managements market, which includes Dell EMC, Hewlett Packard Enterprise Development LP, IBM Corporation, LogRhythm, Inc., McAfee LLC., SolarWinds, Inc., Splunk, Inc., Symantec Corporation, Trend Micro, Inc, and Trustwave Holdings Inc This study includes market trends, security information and event management market analysis, and future estimations to determine the imminent investment pockets
Companies Mentioned
- Dell EMC
- Hewlett Packard Enterprise Development LP
- IBM Corporation
- LogRhythm, Inc.
- McAfee LLC.
- SolarWinds, Inc.
- Splunk, Inc.
- Symantec Corporation
- Trend Micro, Inc.
- Trustwave Holdings Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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