The security information and event management (SIEM) market size is expected to grow by USD 3.94 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled Global Security Information and Event Management (SIEM) Market 2020-2024 (Graphic: Business Wire)
The increase in the number of cyber-attacks has raised awareness among organizations about the different security risks, which is compelling them to adopt SIEM solutions. Hackers are increasingly focusing on attacking network layers instead of application layers. DoS is one of the most common techniques used to steal confidential data. For instance, in 2019, a hack into Capital One Financial Corp., the fifth-largest credit-card issuer in the US, resulted in unauthorized access to the personal information of approximately 106 million card customers and applicants. With cyber-attacks becoming more complex and sophisticated, the demand for SIEM solutions is growing, which will drive the growth of the market during the forecast period.
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As per Technavio, the increased use of mobile devices will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Security Information And Event Management (SIEM) Market: Increased Use Of Mobile Devices
High acceptance of policies such as bring your own device (BYOD) and corporate owned personally enabled (COPE) is encouraging employees to use mobile devices such as smartphones, tablets, and laptops at the workplace. However, mobile devices are comparatively less secure, as hackers can gain unauthorized access to firewalls, VPNs, and corporate networks through these devices. This may result in the theft of critical corporate and business data, and financial loss. Thus, enterprises are increasingly adopting SIEM solutions to secure their networks from the growing security threats and to provide employees with secure access to confidential information. Thus, the increased use of mobile devices is expected to drive the growth of the market during the forecast period.
“Factors such as the increasing need to comply with regulatory requirements, and the increased attacks and insider thefts in government network infrastructure will have a significant impact on the growth of the security information and event management market value during the forecast period,” says a senior analyst at Technavio.
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Security Information And Event Management (SIEM) Market: Segmentation Analysis
This market research report segments the security information and event management market by deployment (on-premise SIEM and SaaS-based SIEM), end-user (government, BFSI, telecom, healthcare, and others), and geography (North America, Europe, APAC, South America, and MEA).
The North American region led the security information and event management market in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as the high dependence on digital technologies, and increasing prevalence of cybercrime.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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