Security Information and Event Management Market - Growth by Top Company, Geographical Region, Application, Driver, Trends & Forecast to 2023

Security information and event management (SIEM) gives a real-time analysis of security alerts which are generated in organizations IT infrastructure network application and hardware. SIEM refers to software and product services which combines security event management (SEM) and security information management (SIM). The risk of cyber attack and security breaches is expected to increase in IT industry in coming years for obtaining critical information in banks and IT companies. SIEM helps to track and analyze the security with the help of functions such as SEM and SIM. These help the organizations to adhere to legal compliance requirements to protect its IT system in future. SIM helps to collect logs from organization’s IT infrastructure and store it in a centralized security database. SEM helps to consolidate the logs in security database and allows real time analysis of security related events for organizations and to take necessary security steps. Log is created across IT infrastructure including network devices, database, workstations and security appliances.

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SIEM has become vital for running a business flawlessly. The SIEM software permits its end-users to execute event forensics in case of a security breach by analyzing particular log for that event. The SIEM solution permits separating the core cause of a breach, failure, threat or any non-compliant activity. SIEM solution are being deployed by rising number of organizations not only for regulatory compliance but also for threat management by monitoring and detecting early security breach in an IT system. Currently, organizations fail to succeed in identifying the targeted attacks and compliance breaches. It can be met by improved and enhanced threat intelligence. Therefore, in order to better utilize real-time monitoring, organizations are trying to expand their SIEM deployments over a long period of time. SIEM vendors have started focusing on expansion of technology deployments with new as well as existing customer accounts and showcasing their product as a platform by offering security and application analytics.

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Some of the key factors responsible for the growth of SIEM market in coming years include rising level of sophistication in cybercrimes and growing compliance and regulatory mandates. However, the high deployment cost and scalability of SIEM solutions may decrease the growth of market.

The SIEM market can be briefly segmented into solutions, services, verticals and geography. The solution segment includes log and event management, patch management and firewall security management. The services segment includes consulting, support and integration. SIEM finds its application in government, banking, financial services and insurance (BFSI), telecom and IT, retail and hospitality, energy and utility, healthcare, education and academia among others. The segmentation in terms of geographical regions includes North America, Asia-Pacific, Europe and Rest of the World (RoW). The SIEM market is expected to witness entry of new players in coming years due to its growing importance in improving security of organization IT Infrastructure.

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