DUBLIN, June 5, 2019 /PRNewswire/ -- The "Security Information and Event Management Market to 2027 - Global Analysis and Forecasts by Solution; Service; and End User" report has been added to ResearchAndMarkets.com's offering.
The global Security Information and Event Management market accounted to US$ 2.59 Bn in 2018 and is expected to grow at a CAGR of 10.4% during the forecast period 2019 - 2027, to account to US$ 6.24 Bn by 2027.
The advancement in IT technologies has witnessed unprecedented adoption across the industry verticals. Moreover, the growing popularity of IoT solutions and connected devices has further boosted the penetration of IT solution across major industrial and service sectors. As a result, the significant presence of IT systems and solutions coupled with large exposure to various devices results in effective and efficient management of cyber security posture of the organization. Thus, the organization has spent heavily towards minimizing the potential vulnerabilities and containment of immediate unauthorized access and breach of data.
Also, the growing sophistication of cyber threats coupled with a large number of alerts and events notification has created a strong demand for the robust and efficient market for various security-related solutions. Also, the massive cyber security attacks targeting various critical utilities and organization has swung the various international agencies into action for improved corporation towards developing superior solutions capable of mitigating such threats.
Moreover, the continuous organization inclination towards improved security posture due to their data sensitivity in sectors such as BFSI, government, defense, educational institutes, utilities and industrial among other sectors is also anticipated to drive the growth of the Security Information and Event Management market during the forecast period.
Factors such as increasing number of large volume of cyber incident threats coupled with stringent cyber security legislation and regulations are the major factors driving the growth of SOAR based solutions. Moreover, the growing popularity if automation and adoption of AI enabled solutions especially among large enterprise owners is also expected to have profound positive influence over the growth of the security information and event management market in the coming years. The increasing demand for automated incident response and use of AI enabled solutions is also expected to drive the security information and event management market growth in the coming years. Thus, the security information and event management market is poised to provide numerous profitable opportunities for the market players in the coming years.
Key Industry Dynamics
Key Market Drivers
- Increasing Cyber Threats Across Industries
- Increasing Spending On Cyber Security Solutions by Large and Medium Enterprises
Key Market Restraints
- Lack of Technically Skilled Cyber Security Experts
Key Market Opportunities
- Growing Popularity of Automation Solutions and Reducing Operational Costs
- Integration of AI and Other Advanced Technologies For Alerting and Pattern Based Monitoring
- DFLABS SPA
- Fireeye, Inc.
- Hewlett Packard Enterprise Development LP (HPE)
- IBM Corporation
- LogRhythm, Inc.
- RSA Security LLC
- SolarWinds Inc.
- Splunk Inc.
- TIBCO Software Inc.
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