The global security information and event management (SIEM) market size is projected to reach $6436.2 million by 2027, from $3938.3 million in 2020, at a CAGR of 6.8% during the forecast period 2021-2027, Valuates Reports reveals.
Major factors driving the growth of the SIEM market
The important factors driving demand for the market are the necessity for continuous monitoring and incident response, adherence to regulatory requirements, getting and maintaining certifications, and managing and keeping logs.
The rise in concerns over IT security is expected to boost the SIEM market. SIEM provides threat, log, and event management at a low cost and in a consolidated system, making it easier to handle numerous security solutions while maintaining high productivity.
Globally, the SIEM market is further being driven by increased attention to comprehensive IT governance rules and compliance with the regulatory environment.
Trends influencing the growth of SIEM market
Increasing need for security solutions that help organizations recognize potential security threats and vulnerabilities is expected to drive the SIEM market. Organizations require the level of visibility required to manage network hazards from outside the traditional network perimeter, as remote workforces, SaaS apps, and BYOD (Bring Your Own Device) policies have grown in popularity.
SIEM systems monitor all network activity across all users, devices, and apps, allowing for greater visibility throughout the whole infrastructure and the detection of threats regardless of where digital assets and services are accessed.
Furthermore, when a security issue happens, SIEM systems are suitable for performing digital forensic investigations. SIEM systems enable businesses to collect and analyze log data from all of their digital assets in one central location. This enables them to reproduce previous occurrences or evaluate new ones in order to examine suspicious activity and improve security systems.
Increased attention to comprehensive IT governance policies and compliance with the regulatory framework is expected to drive the SIEM market during the forecast period. SIEM solutions are a popular choice for businesses that must comply with a variety of regulations.
SIEM is a powerful tool for gathering and verifying compliance data across the whole corporate infrastructure since it allows automated data collection and analysis. SIEM solutions may create real-time compliance reports for PCI-DSS, GDPR, HIPAA, SOX, and other compliance requirements, easing security management and detecting any violations early.
SIEM share analysis
Based on application, the retail SIEM market is predicted to develop the fastest, owing to increased concerns about the security of e-commerce data and in-store financial and personal information about customers; BFSI is also one of the top SIEM users, followed by the IT & telecom vertical.
Based on the region, North America is expedited to be the most lucrative during the forecast period. Several companies across verticals in North America are looking to enhance their breach detection and monitoring capabilities by deploying SIEM solutions.
Companies that are focusing on security and compliance reporting requirements are rapidly adopting SIEM technology. Larger companies that follow a conservative approach in adopting technology are also deploying SIEM solutions.