LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global security information and event management market is expected to grow at a CAGR of more than 12% during the forecast period.
This research report titled ‘Global Security Information and Event Management Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
The market size of security information and event management sector is expected to grow to USD 5.93 billion by 2021. North America is the market leader and is expected to be responsible for generating maximum incremental growth through the forecast period.
North America is home to countries like the US and Canada, which display a high level of dependence on the internet and digital technologies. This calls for good security measures to protect their wireless technologies and cloud computing technologies against cyber-attacks, thus driving market growth.
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Based on end-users, the report categorizes the global security information and event management (SIEM) market into the following segments:
- Banking, financial services, and insurance (BFSI)
The top three revenue-generating end-user segments in the global security information and event management market are discussed below:
“Governments around the globe are increasingly dependent on technologies like enterprise mobility, cloud computing, and internet of things to enable faster and easier networking and information exchange. To ensure a high level of security to protect the highly classified and sensitive information, governments are increasingly adopting SIEM solutions,” says Ishmeet Kaur, one of the lead analysts at Technavio for IT security research.
Organizations in the government sector have a great responsibility towards its citizens and the nation to protect sensitive information from falling into the wrong hands. To ensure the protection of critical data and assets from theft, exploitation, and sabotage, governments are adopting SIEM solutions on a large scale, thus driving market growth.
Banking, financial services, and insurance (BFSI)
The BFSI sector attracts sophisticated and advanced persistent threats to gain access to financial details of its customers. To curb such threats from succeeding, organizations in the BFSI sector are reassessing their IT security strategies and replacing their legacy firewalls to meet the higher business requirements. With the growth of the BFSI sector and its digitization, threats of hacking, phishing, and other cyber crimes may increase, leading to increased adoption of SIEM solutions.
“The data traffic over telecom networks have increased exponentially to meet the growing voice, video, and data demands. To ensure efficient and uninterrupted functioning, telecom networks need to be extremely secure, which is leading to increasing adoption of SIEM solutions,” says Ishmeet.
The advances in the telecom sector are leading to increased use of m-commerce and cloud computing, which is exposing new threats and vulnerabilities. Since IT and network infrastructures store large amounts of sensitive data, they are adopting advanced SIEM solutions. The safety security provided ensures a smooth and hassle-free experience for the customers, thus guaranteeing a steady demand for these solutions.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Hewlett Packard Enterprise
- Intel Security
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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