Security breaches pose a persistent threat to security operations teams, with severe repercussions, including business loss, damaged brand reputation, and decreased revenue. Many businesses rely on automated solutions that provide real-time analysis of security warnings to successfully reduce risk. Modernized SIEM solutions are becoming more popular as these solutions help manage a high volume of security alerts and the complexities involved with old security infrastructure.
For instance,
- According to a 2020 report published by Help Net Security, in the last five years, the number of security warnings has more than doubled for 70% of the firms. Also, 99% of respondents agree that a lot of warnings are a huge issue for IT security teams. “Alert fatigue” (an overwhelming number of alerts desensitizes the people tasked with responding to them, leading to missed or ignored alerts or delayed responses) is reported by 83% of security personnel.
Security teams are often inundated with notifications, some of which are false positives; however, in many cases, real security cases get ignored. As a result, security-related problems that are left unnoticed, when not handled immediately or at all, can lead to a significant data breach. To reduce the amount of time an attacker has to conduct an attack, security problems should be detected and handled as quickly as feasible.
For instance,
- According to a 2023 report published by Help Net Security, SOC teams spend approximately three hours per day manually triaging the 4,484 alerts they get on a daily basis. Security analysts report that 83% of warnings are false positives and not worth their time and that they are unable to handle 67% of the daily alerts they receive.
Such incidents generate the need for automated SIEM solutions that include features such as incident response automation so that security teams no longer have to follow traditional, repetitive response procedures. Thus, a surge in the need for modern security solutions to manage and monitor a high volume of security alerts drives the security information and event management market.
Security Information and Event Management Market: Industry Overview
The security information and event management market is categorized on the basis of component, deployment mode, enterprise size, end user, and geography. Based on component, the security information and event management market is segmented into solution and services. By deployment model, the security information and event management market is segmented into on-premise and cloud. Based on enterprise size, the security information and event management market is categorized into large enterprises and SMEs. Based on end user, the security information and event management market is categorized into IT and Telecommunication, BFSI, healthcare, government and others. The security information and event management market, based on geography, is categorized into North America, Europe, Asia-Pacific, the Middle East & Africa, and South and Central America.
In 2022, North America led the global security information and event management market with a substantial revenue share, followed by Europe and Asia Pacific. The US, Canada, and Mexico are major countries in North America. North America is one of the most heavily impacted regions in the world by cyberattacks. This is due to the prominent presence of financial sectors, essential infrastructure, and shared opportunities, such as private-public partnerships, all of which contribute to a more robust cyber ecosystem. Governments of various countries in the region concentrate on enhancing legislation and policies to combat cyber risks in their respective countries. For example, the United States-Mexico-Canada Agreement (USMCA) and the North American Free Trade Agreement (NAFTA) have merged to produce a single SIEM solution for the manufacturing sector in the region. Furthermore, the Department of Homeland Security has identified 16 important cybersecurity sectors, including manufacturing, construction, energy, food & agriculture, chemical, healthcare, government, and others.
The expanding compliance and regulation rules, as well as the number of cyberattacks across sectors, are propelling the need for regional security information and event management systems. Cyberattacks against traditional security operations are becoming increasingly common, producing reputational damage, financial impact, and operational outages. Thus, several players in North America are expanding their business for security information and event management solutions. For instance, in July 2023, Kyndryl significantly increased the services it provides to allow business customers to swiftly detect, effectively respond to, and recover from cyberattacks. Thus, the expansion of such players in the region propels the growth of the security information and event management market.
Security Information and Event Management Market: Competitive Landscape and Key Developments
IBM, Splunk Inc., LogRhythm, Logpoint, Fortinet, Exabeam, AT&T, Logsign, SolarWinds Worldwide, LLC., and Zoho Corporation Pvt. Ltd. are among the leading market players profiled in the security information and event management market report. Several other essential market players were analyzed for a holistic view of the market and its ecosystem. The report provides detailed market insights, which help the key players strategize their market growth. A few developments are mentioned below:
- In March 2020, AT&T Cybersecurity partnered with reseller Binary Defense. The partnership led the AT&T Cybersecurity global partner community as a top reseller of the AlienVault Unified Security Management (USM) solution, which is an SIEM offering.
- In April 2023, IBM launched a new Qradar security suite to accelerate threat detection and response. It offers integrated products for endpoint security (EDR, XDR, and MDR), log management, SIEM, and SOAR—all with a common user interface, shared insights, and connected workflows.
- In October 2022, ABB and IBM announced their plan to bolster cybersecurity for industrial operations. This collaboration marks the first time that OT data and process industry domain expertise is being introduced directly into an SIEM system, allowing threats to be managed as a vital part of an organization’s widespread cybersecurity operations and strategy.