26 March 2021
Visiongain has published a new report on Security Information and Event Management Market Report to 2031: Forecasts by Component (Solution and Services), By Application (Log Management and Reporting, Threat Intelligence, Security Analytics, and Others), By Organization Size (Small and Medium-sized Enterprises (SMEs) and Large Enterprises), By Deployment Mode (On-premises and Cloud), and By Vertical (Finance and Insurance, Healthcare and Social Assistance, Retail Trade, Manufacturing, and Others). PLUS, Profiles of Leading Security Information and Event Management Companies and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios.
Global Security Information and Event Management market was valued at US$ xx billion in xx and is projected to reach at a market value of US$ xx billion by 2031.
COVID-19 Impact on Security Information and Event Management Market
The COVID-19 pandemic has impacted lives of people all around the globe. It has proved quite detrimental for business across the globe and no industry and remained untouched by its impacts. This pandemic has caused a serious disruption in the supply chain and has resulted in a huge supply-demand gap in the market for security and vulnerability management worldwide.
Due to increased internet penetration across crucial industry verticals such as healthcare, finance and insurance, and others, the demand for security and vulnerability management solutions for the protection against cyber-attacks is driving the growth of security information and event management market.
Exponential rise and sophistication of cyber attacks
The threat of loss of sensitive data has grown tremendously owing to rise in number of cyber-attacks in recent years, for instance, Wannacry and Notpetya. Cyber-attacks obstruct the work, leads to loss of crucial organizational data, and results in huge financial losses. To protect the cyber-attacks, the security and vulnerability management plays a vital role.
Increase in adoption of cloud-based services among SMEs
SMEs are focusing on streamlining their business models and using cloud-based platforms for achieving business effectiveness. As SMEs generally don’t have strict security measures for protecting their data, they are most vulnerable for cyber-attacks. The cloud deployment offers benefits to the SMEs such as high flexibility, cost-effectiveness, and scalability to update their business operations.
Increasing instances of false positives
Security information and event management (SIEM) has become crucial for running an enterprise seamlessly. The SIEM solution are being deployed in huge numbers due to the growing number of establishments for risk management by detecting the early security breaches in an IT ecosystem. Presently, organizations are unable to successfully detect the compliance breaches and targeted attacks. This can be addressed by improved threat intelligence. Hence, in order to employ superior real-time monitoring, businesses are expanding their SIEM deployments over a large period.
Some of the companies profiled in the report include Solarwinds, IBM, Micro Focus, RAPID7, RSA, MCAFEE, Splunk, ManageEngine, Logrhythm, and Exabeam. In July 2018, ManageEngine extended the log management capabilities of the SIEM solution to the cloud. In March 2019, RSA extended its SIEM capabilities to reduce digital risks with expanded analytics.
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