DUBLIN--(BUSINESS WIRE)--The "Security Information and Event Management Market by Component, Application, Deployment Mode, Organization Size, Vertical (Information, Finance and Insurance, Healthcare and Social Assistance, Utilities), and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global Security Information and Event Management (SIEM) market size are expected to grow from USD 4.2 billion in 2020 to USD 5.5 billion by 2025, at a CAGR of 5.5% during the forecast period.
The need for continuous monitoring and incident response, adhering to compliance requirements, gaining and maintaining certifications, and managing and retaining logs are the primary factors to drive the demand for the SIEM market during the forecast period.
Cloud segment to hold a higher market share during the forecast period.
SIEM solutions are deployed using two modes: on-premises and cloud. Depending on the requirements of organizations as well as users, companies can decide between cloud and on-premises deployment modes. The cloud-based deployment model provides organizations with benefits such as increased scalability, speed, 24/7 services, and improved IT security. The demand for SaaS-based security solutions is rapidly increasing, as the central delivery model meets IT security needs. The cost-effectiveness and scalability of the cloud deployment mode are expected to boost the growth of cloud-based SIEM solutions. Owing to the increasing number of applications being deployed in the cloud, there is a shift from the traditional on-premises SIEM solution to the cloud-based SIEM solution across large enterprises and SMEs.
Large enterprises segment to grow at a higher CAGR during the forecast period.
Based on organization size, the SIEM market has been segmented into SMEs and large enterprises. Large enterprises are the early adopters of threat intelligence solutions, as they use a large number of business applications that are susceptible to the increasing cyberattacks. Huge volumes of data, along with various business applications and processes of enterprises, involve an elevated level of complexities and distributed environments. Large enterprises prefer implementing solutions that can provide them with assistance in increasing their profits. These enterprises have their offices across regions due to which they provide their solutions to their employees through real-time data access.
North America to hold the largest market size during the forecast period.
North America is a technologically advanced region and is considered to be a leader in the global cybersecurity market due to the presence of major security vendors. The region is also considered to be a leader in the field of SIEM technology. North America is highly regulated and controlled by various government standards and regulations. The major economies in this region are the US and Canada. The US and Canada have been expansively implementing SIEM applications to comply with regulations and improve security for better troubleshooting. As the world is moving toward digitalization, protecting enterprise-critical infrastructure, information, and sensitive data has become one of the major challenges for organizations. The increasing adoption of cloud-based applications, technologies, and platforms has further increased the demand for enhanced security solutions for these platforms.
- Exponential Rise and Sophistication of Cyber Attacks
- Stringent Security Compliances and Government Regulations
- Increase in Adoption of Cloud-Based Services Among Smes
- Higher Cost Involved in Deploying Siem Solution
- Increasing Instances of False Positives
- Integration of Siem Solution With Managed Detection and Response Tools
- Necessity of Balanced Security Approach
- Management of Enormous Data
- Micro Focus
- Alert Logic
- Sumo Logic
- Alien Vault
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