Security Information and Event Management Market Overview:
Security Information and Event Management Market or SIEM market includes products designed to collect data from various sources to identify patterns of events that might signify misuse of critical data, failure, intrusion, or attack on systems.
Event discovery and correlation simplifies and speedup the network event monitoring by consolidating error logs and alerts into a unified solution. The market includes events such as collection and storage of the data log, collection & dissemination of threat intelligence, provision of information on countermeasures, and early warning threat services. The SIEM market is driven by regulatory compliances related to IT security and rise in concerns for cyberattacks and external & internal threats that are expected to harm the data.
The SIEM market is analyzed based on solutions and services offered by the market players from various industry verticals. SIEM products were traditionally inclined toward log and network event association and compliance reporting. However, the organization seek more efficient defense and expect to perform incident forensics. This has allowed vendors to incorporate threat intelligence feed and other contextual information into their offerings to offer improved capabilities as compared to Continuous Forensic analysis (CFA) products. SIEM systems are mandated by regulatory compliances such as the PCI DSS and the HIPAA Act, which has significantly affected the growth of global SIEM market.
Global Security Information and Event Management Market Segmentation
The global SIEM market is segmented based on product, enterprise size, vertical, and geography. Based on product, it is bifurcated into solution and services. As per enterprise size, it is divided into large enterprise, medium enterprise, and small enterprise. Based on vertical, it is classified into banking, financial services, and insurance (BFSI); government; IT & telecom; healthcare; retail; utilities; and others. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The global SIEM market was valued at $1,866 million in 2016, and is expected to reach $3,720 million by 2023, growing at a CAGR of 10.1% from 2017 to 2023. The major factors that drive the market growth are rise in security concerns as government institutes have access to country’s financial and personnel data, regulatory compliances related to SIEM, growth in complexity of threat landscape, and increase in number of population using internet. Retail SIEM market is expected to witness highest market growth, owing to surge in concern over security of e-commerce data and in-store financial and personal information about customers; BFSI is also one of the largest consumers of SIEM products, followed by IT & telecom vertical.
North America SIEM market generated highest revenue in 2016, attributed to regulatory compliances. The Asia-Pacific SIEM market is expected to grow at the highest CAGR, owing to enterprise mobility; rise in penetration of smartphones, laptops, and tablets; improvement of high-speed connectivity and significant increase in ICT expenditure.
The key players operating in the global SIEM industry include Dell EMC, Hewlett Packard Enterprise Company, IBM Corporation, LogRhythm, Inc, McAfee LLC., SolarWinds, Inc., Splunk, Inc., Symantec Corporation, Trend Micro, Inc., and Trustwave Holdings Inc. These players have expanded their market presence by adopting various business strategies such as acquisition, geographical expansion, product development, strategic alliances, and collaborations
Top Impacting Factors
Rise in Concerns Over IT Security
IT security has become a crucial issue for all organizations regardless of their industry and size. Customers demand for security management system that is well integrated with the IT infrastructure of the company and offers efficient performance at the affordable price. SIEM offers threat, log, and event management at an affordable cost and with a unified solution to simplify the complexity of managing multiple security solutions with high productivity.
Supportive it Governance and Regulatory Compliance
Increased attention to comprehensive IT governance policies and compliance with the regulatory framework drive the SIEM market globally. For instance, regulation mandates such as Health Insurance Portability and Accountability Act (HIPPA), the Sarbanes-Oxley Act (SOX), and the Payment Card Industry Data Security Standard (PCI DSS) drive the global SIEM market.
Increase in Security and Privacy Concerns
SIEM audio & video sessions offer encryption capabilities at the initial state; however, it is mandatory for the user that utilize video conferencing to check the encryption support. Rise in security & privacy concerns negatively impact the SIEM, in terms of encryption support and high security.
Complexity of SIEM Solutions
SIEM is a complex technology, which includes mobile devices, the cloud, and third-party threat intelligence in addition to the traditional sources such as endpoints, firewalls, system logs, and directory services. Although these additions offer better data analytics, it mandates ongoing tuning and maintenance.
Inconvenience in Demonstrating ROI
It is a difficult task for an IT administrator to calculate the return on investment (ROI) on security products. A well-known technique is to use data from studies illustrating the cost of data breaches to quantify the average cost per record or user. This can cause increased IT security expenditure.
- In-depth analysis of the global SIEM market and dynamics is provided to understand the market scenario.
- Quantitative analysis of the current trends and future estimations from 2017 to 2023 is provided to assist strategists and stakeholders to capitalize on prevailing opportunities in SIEM market
- Porters Five Forces analysis examines the competitive structure of the security information and event management market and provides a clear understanding of the factors that influence the market entry and expansion.
- A detailed analysis of the geographical segments enables identification of profitable segments for market players in SIEM market.
- Comprehensive analyses of the trends, sub-segments, and key revenue pockets in SIEM market are provided.
- Detailed analyses of the key players and their business strategies are anticipated to assist stakeholders to take informed business decisions.
Security Information and Event Management Market Key Segments:
By Enterprise Size
- Large Enterprise
- Medium Enterprise
- Small Enterprise
- IT & Telecom
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Middle East
The Key Players Profiled in the Report are as follows:
- Dell EMC
- Hewlett Packard Enterprise Company
- IBM Corporation
- LogRhythm, Inc.
- McAfee LLC.
- SolarWinds, Inc.
- Splunk, Inc.
- Symantec Corporation
- Trend Micro, Inc.
- Trustwave Holdings Inc.