Security Information and Event Management Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Security Information and Event Management Market is Segmented by Deployment (On-premise, Cloud), Organisation Type (Small and Medium Enterprises, Large Enterprises), End-user Industry (Retail, BFSI, Manufacturing, Government, Healthcare), and Geography.

Market Snapshot

Security Information and Event Management (SIEM) Market Overview
Study Period: 2018 - 2026
Base Year: 2020
Fastest Growing Market: Asia Pacific
Largest Market: North America
CAGR: 9.87 %

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Market Overview

The security information and event management (SIEM) market is expected to register a CAGR of 9.87%, during the forecast period (2021 - 2026). Security information and event management are based on real-time analysis of security alerts, which are generated in organizations' IT network applications and infrastructure. Increasing risks of cyber-attacks and security breaches in the IT industry, in the coming years, and high chances of critical information being extracted from banks and IT companies are anticipated. To deal with these challenges, major companies are adopting security information and event management solutions.

  • Factors, such as the rise in security concerns, due to the several regulatory compliances, as government organizations have access to their country's financial data, are also aiding the growth of the market
  • With the growth in complexity of the threat landscape and an increase in the number of people using the internet, the market is expected to grow rapidly in a dynamically changing environment. The growing adoption of BYOD, constant threat of cybercrime, the complexity of SIEM solutions, and high cost of ownership are also responsible for the growth of the market.
  • Payment Card Industry Data Security Standard compliance originally drove SIEM adoption in large enterprises. However, concerns over advanced persistent threats have led smaller organizations to look at the benefits a SIEM managed security service provider can offer.
  • Major factors, such as high cost of deployment and scalability of security information and event management software, are expected to hinder the market growth over the forecast period.

Scope of the Report

Security information and event management is a sophisticated technology, which includes mobile devices, cloud, and third-party threat intelligence, in addition to traditional sources, such as endpoints, firewalls, system logs, and directory services. It is based on real-time analysis of security alerts generated in an organisation's IT network applications and infrastructure. 

By Deployment
On-premise
Cloud
By Organisation Type
Small and Medium Enterprises (SMEs)
Large Enterprises
By End-user Industry
Retail
BFSI
Manufacturing
Government
Healthcare
Other End-users
Geography
North America
United States
Canada
Europe
Germany
United Kingdom
France
Rest of Europe
Asia-Pacific
China
Japan
India
Rest of Asia-Pacific
Latin America
Brazil
Argentina
Rest of Latin America
Middle East & Africa
United Arab Emirates
Saudi Arabia
Rest of Middle East & Africa

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Key Market Trends

BFSI Expected to Witness Significant Growth

  • SIEM solutions are used to protect banks against frauds. They offer invaluable visibility into ATM networks. Banking and financial services are the most critical sectors for fraudulent activities from both internally and externally, breaking all the breach records in comparison to other industries. 
  • For instance, the important financial institution of Russia, Ural FD Bank, along with Jet Infosystems, has established a security information and event management system based on HP ArcSight. The bank has acquired a reliable and convenient instrument that can promptly identify and investigate information security breaches. This resulted in dropping the turnaround time for incident response and investigation by 80%. 
  • According to a post on IBM’s Security Intelligence Blog, SIEM tools receive logs from ATM endpoints, controlling network servers, and employ correlation rules to help security analysts monitor things, such as entries into the network, software integrity, and antivirus feeds. This helps to deliver a comprehensive overview of the ATM network security posture at any moment.

 

Security Information and Event Management (SIEM) Market Growth

North America to Hold the Largest Market Share

North America is expected to retain its position as the largest market for security information and event management solutions, over the forecast period. Due to the large-scale migration of blue-chip companies, North America has been witnessing significant technological growth in recent times.

The technological evolution has led to the evolution of sophisticated threats and cyber-attacks in this region. Organizations are also becoming very cautious regarding the security breaches into their private networks, which may lead to huge losses. This security concern has increased the deployment of SIEM solutions for efficiently dealing with the constant security breaches. 

SIEM enables organizations to minimize their security budget. The organizations in the region always demand innovative and advanced technologies. SIEM not only helps them to detect and manage real-time threats and breaches but also enables them to analyze a large amount of information in a short span of time. SIEM providers in this region are developing advanced and ultramodern solutions, as a result of technological growth. 

According to Deccan Herald, IT Technological giant, Wipro, has invested in US-based cybersecurity company Vectra Networks and fraud prevention firm Emailage Corporation, to establish a cyber defence platform. Wipro has also invested USD 8.83 million in application security company Denim Group.
 

Security Information and Event Management (SIEM) Market Share

Competitive Landscape

The security information and event management market is consolidated. It is dominated by the major players present in the market. The various ongoing acquisitions and innovations are leading to the growth of the market.

April 2019: Fortinet expanded its security fabric to advance the third-generation of cybersecurity driven networking to minimize the number of threats present.

March 2019: LogRhythm is recognized for its market-leading SIEM and UEBA solutions with multiple awards. The LogRhythm NextGen SIEM Platform empowers security teams to overcome the challenges created by an expanding attack surface and an increasingly virulent and sophisticated threat landscape.

 

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET INSIGHTS

    1. 4.1 Market Overview

    2. 4.2 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.2.1 Bargaining Power of Suppliers

      2. 4.2.2 Bargaining Power of Buyers/Consumers

      3. 4.2.3 Threat of New Entrants

      4. 4.2.4 Threat of Substitute Products

      5. 4.2.5 Intensity of Competitive Rivalry

  5. 5. MARKET DYNAMICS

    1. 5.1 Market Drivers

      1. 5.1.1 Growth in Security Concerns

      2. 5.1.2 Increasing Adoption of BYOD

    2. 5.2 Market Restraints

      1. 5.2.1 High Cost of Deployment and Scalability

  6. 6. MARKET SEGMENTATION

    1. 6.1 By Deployment

      1. 6.1.1 On-premise

      2. 6.1.2 Cloud

    2. 6.2 By Organisation Type

      1. 6.2.1 Small and Medium Enterprises (SMEs)

      2. 6.2.2 Large Enterprises

    3. 6.3 By End-user Industry

      1. 6.3.1 Retail

      2. 6.3.2 BFSI

      3. 6.3.3 Manufacturing

      4. 6.3.4 Government

      5. 6.3.5 Healthcare

      6. 6.3.6 Other End-users

    4. 6.4 Geography

      1. 6.4.1 North America

        1. 6.4.1.1 United States

        2. 6.4.1.2 Canada

      2. 6.4.2 Europe

        1. 6.4.2.1 Germany

        2. 6.4.2.2 United Kingdom

        3. 6.4.2.3 France

        4. 6.4.2.4 Rest of Europe

      3. 6.4.3 Asia-Pacific

        1. 6.4.3.1 China

        2. 6.4.3.2 Japan

        3. 6.4.3.3 India

        4. 6.4.3.4 Rest of Asia-Pacific

      4. 6.4.4 Latin America

        1. 6.4.4.1 Brazil

        2. 6.4.4.2 Argentina

        3. 6.4.4.3 Rest of Latin America

      5. 6.4.5 Middle East & Africa

        1. 6.4.5.1 United Arab Emirates

        2. 6.4.5.2 Saudi Arabia

        3. 6.4.5.3 Rest of Middle East & Africa

  7. 7. COMPETITIVE LANDSCAPE

    1. 7.1 Company Profiles

      1. 7.1.1 IBM Corporation

      2. 7.1.2 Splunk Inc.

      3. 7.1.3 Fortinet Inc.

      4. 7.1.4 LogRhythm Inc.

      5. 7.1.5 McAfee LLC

      6. 7.1.6 Micro Focus International PLC

      7. 7.1.7 RSA Security LLC (Dell Technologies)

      8. 7.1.8 Rapid7 Inc.

      9. 7.1.9 Exabeam Inc.

      10. 7.1.10 Securonix Inc.

      11. 7.1.11 AlienVault Inc.

      12. 7.1.12 Hewlett Packard Enterprise Company

    2. *List Not Exhaustive
  8. 8. INVESTMENT ANALYSIS

  9. 9. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability

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Frequently Asked Questions

The SIEM Market market is studied from 2018 - 2026.

The SIEM Market is growing at a CAGR of 9.87% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2020.

IBM Corporation, Splunk Inc., Fortinet Inc., Hewlett Packard Enterprise Company, LogRhythm Inc. are the major companies operating in SIEM Market.

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