May 27, 2020
According to the research report titled ‘Global Security Information and Event Management Market Size study, by Component (Solution and Services), Deployment Mode (Cloud and On-Premises), by Organization Size (Small and Medium-Sized Enterprises and Large Enterprises), by Application (Log Management and Reporting, Threat Intelligence, Security Analytics and Others), by Vertical (Finance and Insurance and Healthcare and Social Assistance) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global security information & event management market was worth USD 4 billion in the year 2019 and is presumed to expand with a CAGR of 5.5% during 2020-2026.
For the cord, SIEM (security information & event management) is a type of software that combines SEM (security event management) as well as SIM (security information management) under a single platform. SIEM helps in tracking and analyzing the security of an organization with the help of SEM and SIM. This platform offers real-time analysis of security threats to enterprise hardware, network applications, and IT infrastructure. Security information & event management monitors the security database of an organization, further enabling real-time analysis of the security-based events in order to take necessary actions.
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Rising prevalence of cyber-attacks, rising adoption of cloud computing services, and strict regulatory scenario are major factors driving the growth of the security information and event management industry. For instance, the Cloud Computing Community stated in 2016 that around 77% of businesses have at least one portion or application of their enterprise infrastructure on the cloud. Similarly, according to Technocrats, up to 75% public and private organizations used hybrid cloud computing services in the year 2016. Also, Benefitfocus Inc. developed a cloud-based functionality tool called BenefitsPlace™ Platform, in order to educate consumers as well as to enhance their mobile experience, further streamlining in better decision making. However, high costs associated with installing SIEM solutions may act as a restraining factor to the overall market growth.
Considering the geographical landscape, North America holds a majority share in security information & event management industry, cites the report. On the other hand, the Asia-Pacific market is expected to register significant growth during the analysis timeframe.
The prominent companies operating in global security information & event management industry are Exabeam Inc., LogRhythm, ManageEngine, Splunk Inc., McAfee LLC, RSA, Rapid7, Micro Focus International Plc., IBM Corp. and SolarWinds Inc. among others.