Security Information and Event Management Market is expected to grow at a CAGR of 10.4% during the forecast period 2020 – 2027

Press Release

“The global security information and event management market accounted to US$ 2.59 Bn in 2018 and is expected to grow at a CAGR of 10.4% during the forecast period 2020 – 2027, to account to US$ 6.24 Bn by 2027.” Europe was the leading geographic market and it is anticipated to be the highest revenue contributor throughout the forecast period. The constantly rising demand for cyber security in the highly data sensitive industries of European region is set to nurture the security information and event management market in the European region.

A highly attractive adoption rate for the security information and event management market is anticipated

The global market for cyber security has witnessed some profound changes in the past few years owing to growing awareness towards data security, coupled with an increase in the number of threats related to technologies, tools, and IT solutions among other threats. Moreover, the rise in adoption of various IT enabled services & solutions globally along with the growing popularity of connected devices has further boosted the amount of data generated daily subsequently resulting in vast scope for potential vulnerabilities that require effective management as well as containment in case of cyber-attacks. Thus, the surge in demand for effective and efficient security automation and response solutions that offers seamless real-time monitoring of various security-related alerts, events notification and reporting of unauthorized access is anticipated to be the significant market driving force for the global security information and event management market in the coming years. The global security information and event management market has witnessed substantial growth in the past few years owing to unprecedented investment focused towards minimizing enterprise exposure towards cyber-attacks, cyber-security, and automation of low-level threats alerts and notification.

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Security information and event management Market – Company Profiles

  • AlienVault
  • DFLABS SPA
  • Fireeye, Inc.
  • Hewlett Packard Enterprise Development LP (HPE)
  • IBM Corporation
  • LogRhythm, Inc.
  • RSA Security LLC
  • SolarWinds Inc.
  • Splunk Inc.
  • TIBCO Software Inc.

 

Growing awareness towards security solutions to propel the growth of security information and event management in the forecast period

The security solutions has gained significant traction in the past few years. Moreover, factors such as increase in investment, emerging of new market players, acquisition, and solutions development among others continue to attract large enterprise investment for security solutions and services and subsequently driving the growth of the security information and event management market. As a result, the growing adoption by leading enterprise for end-to-end security solutions across their entire organizational structure is also anticipated to drive the market growth in the coming years.
The increasing demand for unique and flexible security automation tools, platforms and solutions that perfectly embodies the organization operations, processes, structure across all strategic business units and organizational hierarchies are gaining huge market among leading solution providers. As a result, this has attributed in growing demand for consulting, training & development, maintenance, upgrades and continuous improvement of the existing security solutions across the different clients. In addition, the growing penetration of IoT solutions along with automation solutions also requires integration within the existing security solutions to minimize the exposure to vulnerabilities.

Segment by Solution Insights

The global security information and event management market by solution is segmented into Patch Management, Log & Event Management, Firewall Security Management, and Others. The global security information and event management market by solution was led by log & event management segment. The challenges associated with manual entry of logs with human errors forming major part of it, and the advantages provided by log and event management software is anticipated to drive the revenues for this software component. Further, higher costs of this software is another major factor that would drive higher revenues for log and event management.

Segment by Service Insights

The global security information and event management market by service has been segmented into integration, consulting, and service. The security information and event management market by service was led by integration service segment. Large number of enterprises around the globe are rapidly moving towards cloud storage. Apart from these two deployment types hybrid model is also adopted by multiple enterprises, hybrid deployment type which is combination of both on-premises and public cloud. Even in the coming years, industry experts expect this trend to continue the same way. This has led to high growth in the integration and deployment services market contributing to largest share in the security information and event management services market.

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  • Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
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About The Insight Partners:

The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

 

 

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