Report : 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 SIEM solution adoptions by BFSI sector in APAC region is anticipated to exhibit good growth rate and drive the Security Information and Event Management (SIEM) market
Latest market study on “Security Information and Event Management Market to 2027 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) - Global Analysis and Forecast”, the Security Information and Event Management market is estimated to reach US$ 6.24 Bn by 2027 from US$ 2.59 Bn in 2018. The report includes key understanding on the driving factors of this growth and also highlights the prominent players in the market and their developments.
It is believed that the average number of cyber-attacks on the banking sector is approximately four times higher than the companies in the other industries. The BFSI sector is in dire need of integrating solutions that can counter such a threatening scenario coupled with the tighter regulations. Owing to the sensitive nature of customer’s financial data in the banking sector, the impact of breach in the BFSI arena is high and therefore needs to be taken care of. Conventional data protection doesn’t suffice the security requirements in today’s world where the cyber-threats have also evolved along with other technologies. Best practices of cyber resilience standards to reduce the likelihood of cyber-attacks on the critical business functions are being integrated into businesses. Further, the economy in the APAC region has witnessed considerable rise in the last few years with many economies coming to the fore. Large number of individuals have graduated to higher levels and a huge population of High Net-worth Individuals (HNI) characterizes the APAC region. All these factors put the APAC region to high potential risks from the cyber breaches, and thereby the SIEM implementation solutions by the banking sector in APAC region is anticipated to witness rapid pace 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 market growth in the coming years. Thus, the market is poised to provide numerous profitable opportunities for the market players in the coming years.
The global market for SIEM is anticipated to exhibit very high growth in near future. Some of the major driving factors contributing to the market growth includes surge in volume of cyber alerts, and data generation increasingly stringent cyber security regulations & legislations. Also, growing spending towards enhanced IT security is expected to significantly drive the SIEM market. Despite a few factors restraining the market growth, the splurge in the number of devices on the network as a result of advent of IoT and also the accompanying incidences of cyber-attacks create good opportunities for the players operating in the SIEM market.
The key companies operating in the field of Security Information and Event Management that are profiled in the report include 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. among others. Several other players are also functioning in the market worldwide, contributing significant revenue shares year on year.
The report segments the global Security Information and Event Management market as follows:
Global Security Information and Event Management Market – By Solution
Global Security Information And Event Management Market – By Service
Global Security Information and Event Management Market – By End User
Global Security Information and Event Management Market – By Geography
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