London, United Kingdom, March 01, 2022 (GLOBE NEWSWIRE) — According to market research by Brandessence, the Security Information and Event Management (SIEM) Market the size reached USD 4.21 billion in 2021. SIEM market size is expected to grow at a CAGR of 8.1% over the period 2021-2028 to reach USD 6.62 billion by the end of 2028. Huge growth in demand for cloud-based SIEM services and increasing recent developments and advancements in security information and event management are some of the major factors driving the growth of the global information and security management market. security events.
Security Information and Event Management (SIEM) Market Dynamics:
The dynamics of the security intelligence and event management market are centered around the applications it has in the domain of security analytics, threat intelligence, log management and reporting and others such as database management and behavior profiling. The market is primarily working on the log management application where capabilities such as collection, generation, transmission, analysis, storage, disposition and monitoring of these logs become important to ensure compliance with standards in place and other concerns such as security and troubleshooting are well taken care of. These are the major SIEM drivers driving the growth of the industry. The main benefits of security information and event management for companies include the prevention of potential security threats, increased efficiency, the possibility of reacting correctly to security breaches and their impact can be minimized, the costs are reduced, data collection is better because there are logs which can then be analyzed and stored. It also increases IT compliances.
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Scopes of Security Information and Event Management (SIEM) Market
The security information and event management market is a market that is expected to grow continuously and increase in volume exponentially over the next few years. The request was triggered by a persistent need to monitor and respond to incidents in addition to maintaining compliance. In addition, the need to maintain and retain logs, as well as maintaining certifications, are major factors as to why the demand for security and event management information has increased.
The term security information and event management refers to the process of aggregating, storing, and analyzing many different types of events generated by organizations’ technology infrastructure. Infrastructure typically includes applications, host systems, networks, and domain controllers as well as security devices such as firewalls and virus filters.
Trend analysis of SIEM market:
The future trends which are impacting the Security Information and Event Management market and helping the market to grow are various trends such as exponential increase in cyber attacks and their sophistication in recent past and damages that they can cause security networks. . Government regulations have also been in favor of making regulations and compliances very strict. This has further led companies to adopt these means. There is also a growing adoption of cloud-based services and that has also helped the global market. The need for a balanced security approach and the integration of detection and response tools with security intelligence and event management solutions are driving future SIEM market trends.
Security Information and Event Management market services can be segmented based on application. They are used for a host of critical applications. Security analysis in this area typically includes automating error detection and how corrective action can be taken. It is expected that next generation security information and event management solutions and services will facilitate the process of security analysis through model modeling, machine learning, statistical modeling and they are the analytical tools that help organizations guide decision-making. with data manipulation and guiding decisions for event detection. They will also be used to identify breaches that may be occurring and to find ways to reduce various areas that may be compromised.
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News: Siemens Energy launches AI SIEM for the Industrial Internet of Things
September 21st2021, Siemens Energy launched a platform-as-a-service (PaaS) offering for companies in the industrial space: a security information and event management (SIEM) battled for use in operations centers (SOC) that can provide context, visibility, insights and actions on industrial data, procedures, assets and threats.
Security Information and Event Management (SIEM) Market: Competitive Analysis
Some of the major SIEM companies in the global market are Gurucul, Alert Logic, Rapid7, SolarWinds, Cygilant, BlackStratus, Sumo Logic, LogRhythm, Exabeam, IBM, Micro Focus, Forinet, LogPoint, AlienVault, McAfee, Splunk, RSA, Graylog, Manage Engine, Securonix. These are the players who have adopted many growth strategies, including strategies such as mergers and acquisitions, product enhancements, expansions and diversification, and product launch events. A few recent events have shaped the market, such as ManageEngine recently extended its log management capabilities of SIEM solutions into the cloud space. Businesses are now able to manage log data and assist with storage from the network on Zoho’s secure cloud platform. RSA’s security information and event management capabilities have recently been extended for digital risk reduction with the expansion of analytics. The objective is to find the observations that detect an anomaly. It is a growing field, so more investments can be expected in the near future and more companies will join the global security information and event management market.
Another segment where the security information and event management market has flourished is the healthcare and social assistance segment, which helps provide individuals with healthcare facilities. This is a segment where organizations manufacture health goods and services and attempt to market them and then provide social assistance. Pharmaceutical manufacturing and medical equipment as well as healthcare and insurance companies and public and private organizations and the act of providing curative, preventive and therapeutic services are also part of the process here. The data that is held here is data relating to patients, doctors, administrators and staff. The date is highly confidential and the security of this data is really important amid growing threats of cyber attacks. security information technology helps prevent this data.
- Management of logs and reports
- Threat intelligence
- Security analysis
By organization size:
- Small and medium-sized enterprises (SMEs)
- Large companies
By deployment modes:
By vertical sectors:
- Finance and insurance
- Health care and social assistance
- Retail business
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In terms of region, the security information and event management market is witnessing high growth in the North American region. Many of these companies in North America deploy SIEM systems to detect breaches and monitor their capabilities. Reporting requirements are also rapidly changing in these sectors as government becomes truly focused and this is fueling wider adoption of SIEM technology. It’s also something that has found a market in larger companies that would traditionally be conservative but are moving towards these systems, which makes it a really important thing. North America is a highly regulated hub, which means a lot of compliances that need to be met from a business perspective.
The Special Requirements Security Information and Event Management Market report is also available for the below regions and countries:
- The rest of Europe
- South Korea
- Rest of APAC
- Rest of South America
Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- South Africa
- Rest of MEA
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