Security Information and Event Management Market to grow by USD 3.42 billion between 2022 to 2027, Increase in cybercrime boosts the market - Technavio
NEW YORK, Jan. 17, 2024 /PRNewswire/ -- The security information and event management market by deployment (on-premise and saas-based), end-user (government, BFSI, telecom, healthcare, and others), and geography (North America, Europe, APAC, Middle East and Africa, and South America) - Forecast and Analysis 2023-2027 report has been added to technavio offering. The potential growth difference for the security information and event management market between 2023 and 2027 is USD 3.42 billion. The increase in cybercrime drives the market growth. Cybercrime encompasses various malicious activities, including malware attacks, hacking, DoS attacks, computer viruses, fraud, identity theft, harassment, threats, and phishing scams. The prevalence of cyberattacks involving malware, such as Trojans, viruses, adware, and worms, has increased significantly, posing a substantial threat to businesses. Hence, such factors drive the market growth.
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The Security Information and Event Management (SIEM) market is rapidly evolving, driven by an increasing need for log management, enhanced threat detection, and efficient incident response. SIEM solutions are integral to Security Operations Centers (SOC), offering advanced security analytics, security event correlation, and compliance management. The integration of User and Entity Behavior Analytics (UEBA) and advanced algorithms in SIEM systems enhances the detection of insider threats and anomaly detection.
Market Challenge -
Threat from open-source SIEM software is a major challenge hindering the market growth. Open-source SIEM solutions are emerging as a significant challenge to both on-premises and cloud-based SIEM markets. These solutions, available for free download and adaptable to various platforms, are gaining popularity, especially in developing economies like India and China. Small-scale enterprises in these regions, facing budget constraints, find open-source SIEM solutions more accessible compared to the costly alternatives of on-premises and cloud-based SIEM solutions. Hence, such factors are hindering the market growth.
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The security information and event management market has been segmented by deployment (on-premise and saas-based), end-user (government, BFSI, telecom, healthcare, and others), and geography (North America, Europe, APAC, Middle East and Africa, and South America).
The market share growth by the on-premise segment is significant during the forecast period. On-premises SIEM software demands users to obtain a software license, making it a pricier option than SaaS-based SIEM. It involves in-house hardware and substantial capital investment in software licenses. Despite its higher cost, on-premises SIEM is renowned for its enhanced security due to the absence of third-party interference. Customization capabilities and robust data security contribute to the sustained growth of this market. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
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Key Companies in the security information and event management market:
Assuria, AT and T Inc., Broadcom Inc., Dell Technologies Inc., Fortinet Inc., Hewlett Packard Enterprise Co., International Business Machines Corp., Logpoint, LogRhythm Inc., McAfee LLC, Micro Focus International Plc, Rapid7 Inc., Securonix, SolarWinds Corp., Splunk Inc., Tenable Holdings Inc., TIBCO Software Inc., Trend Micro Inc., Trustwave Holdings Inc., and Zoho Corp. Pvt. Ltd.
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Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Deployment
Market Segmentation by End-user
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
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