A new report “Security Information and Event Management Market released by MarketsandMarkets indicates that global Security Information and Event Management (SIEM) market size is 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.
By component, the solution segment to hold a larger market size in 2020
The SIEM solution collects and examines log and event data that is generated by host systems, security devices, and applications throughout organizations’ infrastructure, and collates it on a centralized platform.
It helps organizations investigate their event logs, thereby maintaining privacy and security across their network infrastructure. The solution further assists organizations in preventing data losses and automatically controlling or encrypting sensitive data across networks.
The alerts generated from the SIEM solution are crucial for organizations’ ecosystem. These alerts can be set as either low or high priority using a set of pre-defined rules.
By application, the log management and reporting segment to grow at the highest CAGR during the forecast period
The significance of log management is due to the several key features of log management tools offered by the key market players.
Some of the features of log management tools are monitoring the critical activities of employees, identifying remedy issues, selecting event log retrieval technologies, the monitoring of logs virtually, aggregating logs in a central location, performing security checks with SIEM and searches across logs, working with multiple formats, and reading the logs.
Asia Pacific security information and event management market to grow at highest CAGR during the forecast period
Asia Pacific (APAC) comprises mixed economies, such as Australia, India, and Japan, with a developed network infrastructure. Large enterprises and Small and Medium-sized Enterprises (SMEs) in APAC countries are admitting the significance of data usage and security.
APAC houses several established SMEs, which are growing at an exponential rate to cater to their broad customer base. Machine learning (ML), Internet of Things (IoT), big data analytics, and Artificial Intelligence (AI) are the emerging methodologies that are being deployed in this region.
Organizations are transforming their businesses to cloud to increase their productivity and business performance.