Security Information and Event Management (SIEM) Market Predicted to Flourish $3,720 Million by 2023
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The global SIEM market was valued at $1,866 million in 2016, and is projected to reach $3,720 million by 2023, growing at a CAGR of 10.1% from 2017 to 2023. The SIEM market for the services segment is anticipated to grow at the highest growth rate during the forecast period.
North America was the largest shareholder, in terms of revenue; while Asia-Pacific SIEM market is expected to witness highest growth during the forecast period.
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North America was the largest market in global SIEM industry in 2016, as it offers adequate infrastructural development for the adoption of SIEM technology. The primary driver for this adoption is the regulatory compliance such as the Payment Card Industry Data Security Standard (PCI DSS), Freedom of Information and Protection of Privacy Act, the Federal Information Security Management Act (FISMA), and the Sarbanes-Oxley Act (SOX) in the region. Asia-Pacific SIEM market is expected to grow at the highest rate during the forecast period, owing to evolution in IT security arena, increase in cloud adoption, stringent regulatory compliances, and rise in demand for enterprise mobility.
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The report features a competitive scenario of the global SIEM industry and provides a comprehensive analysis of key growth strategies adopted by the major players. Key players profiled in the study are 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 adopted competitive strategies, such as geographical expansion, mergers & acquisitions, new product launch, and partnership & collaborations to augment the growth of the SIEM market.
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