The global security information and event management market 2020 is planning to prepare for surge its investment in funds as it seeks to hit a 14.6% hike target in the face of the economic slowdown caused by the Coronavirus deadly disease. The figures are accumulated by Market Research Future that focuses on the study on security information and event management market and comes out to be gaining USD 3.89 billion by the end of 2023. The growth period is calculated to be between 2017 and 2023.
Top Impacting Factors
Security information and event management has become imperative for running a business impeccably. The security information and event management software permits its end-users to implement event forensics in case of a security breach by examining particular log for that event. Security information and event management solution are being deployed by a rising number of organizations not only for regulatory compliance but also to threat management by monitoring and detecting the first security breach in an IT system. These have been some of the essential factors leading the security information and event management market to a great extent.
Currently, organizations are failing to succeed in identifying the targeted attacks and compliance breaches due to work from home approach due to the impact of Coronavirus globally. Thus, there is a requirement that can be met by improved and enhanced threat intelligence. Therefore, to better utilize real-time monitoring, organizations are trying to expand their security information and event management solution deployments for employees working from home. Due to this reason, security information and event management vendors have started focusing on the development of technology implementations with new as well as present customer accounts and showcasing product as a platform by offering security and application analytics. All these factors are making the security information and event management market to stay stable during COVID 19 pandemic.
MRFR also digs into the fact, some more key factors responsible for the growth of security information and event management market in coming years include the growing level of sophistication in cybercrimes and mounting compliance and regulatory mandates.
On the contrary, the factor of high deployment cost and scalability of security information and event management solutions may decline the growth of the market for the future timeframe.
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The security information and event management market can be briefly segmented into solution, service, organization size, and vertical.
In terms of solution, global security information and event management has included patch management, log and event management, and firewall security management.
In terms of service, global security information and event management has included professional service and managed service. Among these, professional service has further included consulting service, integration and deployment service, and maintenance & support service.
In terms of organization size, the security information and event management has included large, small and medium-sized enterprises.
In terms of vertical, the security information and event management has included IT & telecommunication, BFSI, retail, healthcare, utilities, and others.
Region-wise, the security information and event management market is studied among the main regions of Europe, North America, Asia-Pacific, and rest of the world.
Among the regions mentioned, North America might lead with the largest market share during the assessment period. The foremost factor contributing to the growth of security information and event management market is the rapid advancement in security technologies and end-user application. Moreover, the US grabs nearly 75-80% of the foremost vital players operating in this market. North America is followed by Asia-Pacific and Europe with having nearly 22% and 18% market share.
Top Industry Players
The top industry players in the security information and event management market are Hewlett Packard Enterprise Company (US), Dell EMC (US), Logrhythm Inc (US), IBM Corporation (US), Solarwinds Inc (US), McAfee LLC (US), Symantec Corporation (US), Splunk Inc (US), Trustwave Holdings Inc (US), TrendMicro Inc (Japan), and TIBCO Software Inc (US).
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