Security information and event management (SIEM) is a software which provides information to enterprise security professionals related to insights and tracks records of activities performed within IT environment. The SIEM technology has been existing for more than a decade, evolving from log management discipline. It integrated security event management (SEM) with security information management (SIM), wherein SEM analyses event data and logs in real-time to provide event correlation, threat monitoring, and incident response, and SIM analyses, collect and report the log data. SIEM aids organizations to adhere to legal compliance requirements to protect their IT systems in future.

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The key factors propelling the growth of the Global Security Information and Event Management market include the rising adoption of cloud-based services among SMEs, strict security compliances and government regulations, and exponential rise and sophistication of cyber threats. In the competitive digital landscape, business value and information are migrating into digital source and globally interconnected technology platforms. This is increasing the risk of cyber-attacks such as malware, denial-of-service, phishing, and others. Presently, companies rely on data that they collect including customer information and account details. Such instances could break the trust of customers, and customers might discontinue the services of the business. Therefore, businesses started paving their path toward adoption of SIEM solution as the solution safeguards organizations against ongoing cyberattacks and simultaneously monitors issues in log data. SIEM also provides end to end visibility over data gathered from range of cybersecurity assets including, computer applications, IoT devices, antivirus software, and firewalls. By gathering such information and consolidating it in virtualized, use-friendly dashboard, SIEM solution helps IT professionals to manage, complex, and widespread digital environments. Such advanced features of SIEM technology is proliferating the growth of the market. On contrary, deployment of SIEM solution incurs higher cost, which might hamper the growth of the market.

On the basis of component, the market is segmented into solution and services. Among these, the solution segment is projected to grow at a higher CAGR during the forecast period. This is attributed to multiple features of the technology including real-time log and data collection, real-time notification and alerting, prioritization and analytics, and provides enhanced security information model. Moreover, the technology helps IT professionals in efficiently managing security threats, which is increasing the demand for SIEM solutions among industries.

Based on industry, the market is segmented into information, finance & insurance, healthcare & social assistance, retail trade, manufacturing, utilities, and others. Among these, the healthcare industry is expected to witness higher CAGR during the forecast period. SIEM in healthcare help organizations to monitor their network and identify threats before patient data theft. Healthcare organizations are required to maintain large variety of log files that are generated by all computer devices installed across the network. Management of these logs could be challenging, SIEM solutions collects all the data and events for wide-spanning group of devices anywhere across the world, which further accelerates the growth of SIEM solutions in healthcare segment.

Based on region, North America is anticipated to lead the market during the forecast period owing to the infrastructural development for adoption of SIEM technology. Moreover, the industries across the region are focused on enhancing breach detection and monitoring capabilities through deployment of SIEM solution. Majority of the key players in the market are located in the U.S, which is further accelerating the growth of Security Information and Event Management in North America.

The key players in the market includes SolarWinds Worldwide, LLC, IBM Corporation, Micro Focus International Plc, Rapid7 LLC, RSA Security LLC, McAfee, LLC, Splunk Inc, Zoho Corporation, LogRhythm, Inc, and Alert Logic, Inc., among others.

Key Developments:

    • In 2019, McAfee LLC, partnered with Oracle Corporation to provide SIEM performance capabilities in cloud. With this collaboration, McAfee Enterprise Security Manager technology which runs on Oracle Cloud Infrastructure enhanced the rate of data ingestion of events per second by more than 16 times. This enables security operations center teams to efficiently secure enterprise environment against increasing volume and complexity of threats.

The Global Security Information and Event Management market has been segmented based on Components, Application, Organization Size, Deployment Mode, Vertical, and Region. Based on Components, the market is segmented into Solution and Services. Based on Application, the market is segmented into Log Management and Reporting, Threat Intelligence, Security Analytics, and Others. Based on Organization Size, the market is segmented into SMEs and Large Enterprises. Based on Deployment Mode, the market is segmented into On-Premises and Cloud. Based on Vertical, the market is segmented into Information, Finance & Insurance, Healthcare & Social Assistance, Retail Trade, Manufacturing, Utilities, and Others.

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