The 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 Compound Annual Growth Rate (CAGR) of 5.5% during the forecast period. SIEM can be deployed on-premises as well as on cloud as per business requirements. The on-premises deployment mode allows organizations to control all the systems and data, but they also must pay the cost for hardware, software, and other resources used for its maintenance. It also restricts the storage capacity that is needed to maintain new functionalities and technologies. Cloud-based deployment benefits organizations with increased scalability, speed, 24/7 services, and improved Information Technology (IT) security. The demand for Software-as-a-Service (SaaS)-based security solutions is rapidly increasing, as the central delivery model meets the IT security needs. Owing to the increasing number of applications being deployed over the cloud, there is a shift from traditional on-premises SIEM solutions to cloud-based SIEM solutions across large enterprises and SMEs.
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.
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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.
The major vendors covered in the SIEM market include SolarWinds (US), IBM (US), Micro Focus (UK), Rapid7 (US), RSA (US), McAfee (US), Splunk (US), ManageEngine (US), LogRhythm (US), Exabeam (US), Securonix (US), Alert Logic (US), Sumo Logic (US), BlackStratus (US), AlienVault (US), Fortinet (US), LogPoint (Europe), Gurucul (US), Graylog (US), and Cygilant (US). These players have adopted various growth strategies, such as new product launches, business expansions, partnerships, agreements, and collaborations, and acquisitions, to further expand their presence in the global SIEM market. These strategies have helped them innovate their offerings and broaden their customer base.
SolarWinds was founded in 1999 and is headquartered in Texas, US. The company is a leading provider of powerful and affordable IT infrastructure management software. SolarWinds’ product portfolio comprises network management, system management, database management, IT security, cloud monitoring, and IT help desk. The company provides various services, along with the products, such as consulting, education and training, customer support and maintenance, and technical support. The company serves its products and services to 3,00,000 customers worldwide, including Fortune 500 enterprises, government agencies, and educational institutions. It offers products and solutions to various verticals, such as automotive, IT and telecom, education, BFSI, global service providers, Industrial Control Systems (ICS), healthcare, government, and retail. The company has a global presence in more than 170 countries across North America, Europe, APAC, MEA, and Latin America. It offers the SolarWinds Security Event Manager (SEM) in the SIEM market. This solution can be deployed on Microsoft Azure, Amazon AWS, and self-contained virtual appliances.
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Micro Focus was founded in 1976 and is headquartered in Newbury, UK. A global software company, Micro Focus delivers enterprise software solutions and enables customers to innovate new technologies, thereby improving their overall productivity. The wide range of solutions helps clients maximize the value of their investments in the IT infrastructure and business applications. The company caters to large scale businesses and small-scale businesses, as well as independent software clients, from various industries, including government, BFSI, healthcare, education, federal, and airlines. It has a global presence across regions, such as North America, Europe, APAC, MEA, and Latin America. As of April 2019, the company has a significant presence in 43 countries worldwide, with an employee count of more than 14,000. In the SIEM market, Micro Focus offers the ArcSight Enterprise Security Manager (ESM), which helps enterprises to connect with more than 450 data sources to feed this data across security analytics. The solution offers features, such as real-time detection of threats, provision of rapid responses to identified threats, and integration of other security solutions.
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