Security information and event management systems are useful in management and tracking security threats. It offers real-time information about security alerts to the organization. Increasing threats posed by cyberattacks are likely to generate demand for the system in the upcoming years. This assessment by Market Research Future MRFR indicates that the global security information and event management market is set to register 14.6% CAGR during the forecast period 2018 to 2023. It also suggests that the market will be earning revenues worth USD 3.89 Bn by 2023 up from USD 1.75 Bn in 2017.
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It has been observed that the rate of cyberattacks is rapidly increasing. It is anticipated to boost the growth of the security information and event management market in the forthcoming years. IT services have penetrated across almost every sector of economy. With the advancements in technology adopted by these sectors, the demand for SIEM is also anticipated to increase drastically in the foreseeable future. The growth of end-users is prognosticated to prompt market growth over the next couple of years.
Key vendors of the product are emphasizing on technological developments to capitalize on the growing opportunities. It is further anticipated to drive the proliferation of the security information and event management market. These factors ensure a lucrative future trajectory for the market on the global front. The global security information and event management market is also projected to benefit from the government regulations that necessitate the provision for organization’s security. On the other hand, high cost of deployment can pose a challenge to market growth in the upcoming years.
Dell EMC (US), IBM Corporation (US), Hewlett Packard Enterprise Company (US), Logrhythm Inc (US), McAfee LLC (US), Splunk Inc (US), Solarwinds Inc (US), Symantec Corporation (US), Trustwave Holdings Inc (US), Assuria Ltd (UK), TrendMicro Inc (Japan), and TIBCO Software Inc (US) are the major players of the global security information and event management market. Other players contributing around 35% of the revenues are LogPoint A/S (Denmark), Micro Focus International PLC (UK), AlienVault Inc (US), Elastic NV (Netherlands), Fortinet Inc (US), Exabeam (US), Rapid7 Inc (US), EventTracker (US), ManageEngine (US), FireEye Inc (US), Securonix (US)), Graylog (US), HanSight (China), Tripwire Inc (US), Venustech (China), and Comodo Group (US) among others.
By solution, the Security Information and Event Management Market has been segmented into patch management, log and event management, and firewall security management.
By service, the security information and event management market has been divided into professional service and managed service. The professional service segment is sub-segmented into consulting service, integration and deployment service, and maintenance & support service.
Based on organization size, the global security information and event management market is segmented into small & medium sized enterprises and large enterprise.
By vertical, the security information and event management market has been segmented into IT & telecommunication, BFSI, healthcare, utilities, retail, and others.
The geographical analysis of the global security information and event management market has been covered for North America, Europe, Asia Pacific, and the Rest of the World (RoW). These regions are also studied on the basis of country-level markets present. The report suggests that North America will retain its leading position in the near future. This can be accredited to the consolidation of a major fraction of key players in the U.S. In addition, the industries in the region are keen on the adoption of advanced IT services. This further necessitates the deployment of systems that help in the management of security alerts. These factors are expected to lead the growth of the security information and event management (SIEM) market in the region. Europe is also anticipated to thrive on account of the large-scale adoption of technologies. Asia Pacific, meanwhile, is gaining quick momentum. The development of the IT industry in the region has unleashed developmental opportunities. It is supposed to drive the growth of the security information and event management market.
LIST OF TABLES
Table 1 Global Security Information And Event Management Market, By Solution, 2018–2023 (USD Million)
Table 2 Global Security Information And Event Management Market, By Organization Size, 2018–2023 (USD Million)
Table 3 Global Security Information And Event Management Market, By Service, 2018–2023 (USD Million)
Table 4 Global Security Information And Event Management Market, By Vertical, 2018–2023 (USD Million)
Table 5 Global Security Information And Event Management Market, By Region, 2018–2023 (USD Million)
LIST OF FIGURES
FIGURE 1 Global Security Information And Event Management Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Porter’s Five Forces Analysis Of Global Security Information And Event Management Market
FIGURE 4 Value Chain Of Global Security Information And Event Management Market
FIGURE 5 Share Of Global Security Information And Event Management Market In 2017, By Country (In %)
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