Market Trends of Security Information And Event Management Industry
Cloud to Witness Significant Growth
- SIEM continues to evolve rapidly as cloud-based tools and solutions have gained greater acceptance among enterprise IT and security teams. As per industry experts, in 2024, more than 90% of SIEM solutions are expected to offer capabilities delivered exclusively in cloud-log storage, analytics, and incident management, up from 20% in 2020. Major players offering cloud solutions include LogRhythm, Splunk, IBM, Eventsentry, Microsoft, McAfee, Securonix, and ACE Cloud.
- The flexibility, accessibility, and time value of cloud SIEM solutions are superior to those of on-premises SIEM systems. Organizations can handle scaling up to meet deadlines for massive log volume requirements using a cloud SIEM system.
- Organizations must keep logs as required by privacy laws and regulations. As a result, businesses must guarantee safe, tamper-proof log-keeping for as long as needed. A cloud SIEM solution can accomplish this affordably. For instance, Log360 Cloud enables the user to archive older logs and shift them to compressed cold storage to maintain their integrity and efficient use of the storage space.
- Since cloud installations are always up to date, cloud SIEM solutions eliminate the hassle of dealing with frequent upgrades and patches to the product. In this approach, instead of spending time on SIEM maintenance and upgrades, staff would have more time to concentrate on other crucial tasks like monitoring the network for potential threats.
- A survey by Unisys, a prominent technology solutions provider, polled 2,264 respondents across the United States, United Kingdom, Germany, Australia, and New Zealand. The respondents, comprising business and technology leaders, including 70% IT decision-makers and developers and 30% C-suite executives, revealed that 37% of technology firms planned a significant uptick in cloud computing investments in 2023.
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North America to Hold Significant Market Share
- Rising concerns over IT security and cybercrime have prompted organizations to seek more robust security solutions. This urgency has been fueled by the surge in mobile device usage, the adoption of cloud services, and the increasingly intricate threat landscape. The growing acceptance of the Bring Your Own Device (BYOD) trend is propelling the expansion of the cloud SIEM market in the United States.
- As organizations increasingly shift to the cloud, they face challenges with outdated platforms. Many businesses are now turning to cloud-native SIEM technologies. These solutions bolster their defenses against cyberattacks and provide crucial visibility into their cloud infrastructure, enabling them to tackle security issues with the required speed, flexibility, and scale.
- The market has witnessed notable innovations to address security concerns and enhance cyberattack response speed. For instance, in June 2022, Exabeam, a leader in next-gen SIEM and XDR, announced plans to enhance its cloud-native SIEM and cybersecurity analytics solutions on Google Cloud. This move offers global security teams enhanced data ingestion capabilities, speed, and scalability in their battle against increasingly sophisticated cyber threats.
- Canada has seen a surge in cyber attacks, prompting experts to stress the importance of proactive measures. In 2023, the country witnessed a notable uptick in cyber attacks, posing significant risks to its digital infrastructure and national security. As Canada embraced the digital era, cyber criminals capitalized on vulnerabilities, launching high-profile attacks.
- In November 2023, Forescout Canada, a global cybersecurity leader, opened a new R&D office in Ottawa. This facility is dedicated to helping enterprises enhance their management of cyber threats and risks, particularly in their IT, OT, and IoT domains. With a global presence, including a decade-long service to Canadian enterprises, Forescout has collaborated with major players in the finance, healthcare, and energy sectors. Leveraging its SaaS-based SIEM solution, Forescout aims to cater to the evolving needs of its end users.
- Looking ahead, the Canadian SIEM market is poised for substantial growth and innovation, driven by technology advancements, regulatory compliance demands, and the evolving threat landscape.
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