Security Information and Event Management Market to Grow at a CAGR of 10.4% to reach US$ 6.24 Billion from 2019 to 2027

The security information and event management market expected to grow from US$ 2,834.15 million in 2019 to US$ 6,243.73 million by 2027; it is estimated to grow at a CAGR of 10.4% from 2019 to 2027.

Increasing spending on cyber security solutions by large and medium enterprises is attributing to the growth of the market. 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 Insight Partners, it is estimated that the total spending on enterprise security is 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 SIEM market during the forecast period.

Lucrative Regions in Security Information and Event Management Market

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Market Insights–Security Information and Event Management Market

Growing popularity of automation solutions and reducing operational costs

The unprecedented increase in the volume of threats incidence coupled with the requirement for a related response, the action often consumes a significant portion of the SOC professional. Moreover, the inclusion of multiple false positive alerts and event notification further creates a challenging task for allocating the resource on high priority and sensitive alerts. As a result, the SIEM offers a viable alternative coupled with versatile benefits. For instance, the integration of efficient solution yields a significant reduction in resolving various low threat risks, segregation of alerts based on priority, triaging, and automated response considerably. As a result, the increasing popularity of various incident response automation and security information & event management solutions continue to gaining major audience across the leading enterprise and different industry vertical. Moreover, the rising enterprise inclination towards managed and automated services is also anticipated to propel the growth of the SIEM market in the coming years. Thus, the integration of various automated solutions coupled with intelligent solutions are projected to provide numerous profitable opportunities to the various market players in the coming years.

Solution -Based Insights

Based on solution, the security information and event management market is segmented into patch management, log & event management, firewall security management, and others. The log & event management segment held the largest market share in 2018.

Strategic Insights

Players operating in the security information and event management market are mainly focused on the development of advanced and efficient products.

• In 2018, Splunk announced its expansion with the opening new offices in San Francisco and San Jose. With this expansion the company is strongly focusing towards the growth technologically and hire over 2,000 employee across the company.
• In 2018, SolarWinds announced the acquisition of Trusted Metrics which is a provider of real-time threat monitoring and management software. The acquisition extended the company’s IT management portfolio to include network security monitoring.

The security information and event management market has been segmented as follows:

Security Information and Event Management Market – by Solution

• Patch Management
• Log & Event Management
• Firewall Security Management
• Others

Security Information and Event Management Market – by Services      

• Integration
• Consulting
• Support

Global Security Information and Event Management Market – By End User

• Healthcare
• Energy & Utility
• BFSI
• Government
• Retail
• Others

Security Information and Event Management Market – by Geography

• North America

  • US
  • Canada
  • Mexico

• Europe

  • France
  • Germany
  • Italy
  • Russia
  • U.K
  • Rest of Europe

• Asia Pacific (APAC)

  • Japan
  • China
  • Australia
  • India
  • South Korea
  • Rest of APAC

• Middle East and Africa (MEA)

  • Saudi Arabia
  • UAE
  • South Africa
  • Rest of MEA

• South America (SAM)

  • Brazil
  • Argentina
  • Rest of SAM

Security Information and Event Management Market – Company Profiles

• 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