Security information and event management or SIEM systems provide real-time analysis of security alerts, which are generated by network hardware and applications. These products are sold as appliances, software and products for compliance purposes. The overall need and demand for the SIEM systems is continually rising with massive rise in the instances of cyber attacks and breaches in security and compliances. The global security information and event management market is gaining rapid traction with investments from key players and rising demand from different parts of the world. As a result of all this, the industry has highly positive forecasting reports with great business opportunities for the existing as well as new companies venturing into this industry.
Scope of Research for SIEM Market
In order to perform better research and clear conclusions of the industry, the researchers have segmented the global market into different services, solutions, end-users, industry verticals, and geographic regions. Analysis of these segments provides vital details about the prevailing industry trends and growth prospects within the next four to five years to come. Following are the sub-segments in the industry:
- Solutions: Management of firewall security, log and events, and patches
- Services: Support, integration and consulting
- End-Users: Small and medium businesses or SMBs and large enterprises
- Verticals: Healthcare, BFSI, telecom and IT, government, energy, retail, academia, etc.
- Geography: North America, Latin America, Europe, Middle East, Africa, Asia and Europe
Drivers and Forecasts
At projected CAGR of over 12%, security information and event management market is expected to grow on to become worth more than $4.54 billion by the end of the year 2019. As of in the year 2014, the market was worth $2.57 billion. In current scenario, companies in the SIEM industry are looking to identify the increasing threats to security, compliance breaches, and targeted attacks. Rising demand for targeted intelligence is the strongest driver for the global industry. Technological advancements within the industry and rapid adoption across different industrial verticals are also creating equal demand for the market. Rapid rate of industrialization across emerging markets is a positive sign for this industry.
Security information and event management market is gaining major ground across emerging markets of Asia Pacific, Latin America, Middle East and Africa. This rising demand is brining the much needed stability in demand for these products. Constantly evolving technology is also a great sign for the overall industry.