Latest market study on “Security Information and Event Management Market to 2027 by Solution (Patch Management, Log & Event Management, Firewall Security Management, and Others); Service (Integration, Consulting, and Support); and End User (Healthcare, Energy & Utility, BFSI, Government, Retail, and Others) – Global Analysis and Forecast”, the Security Information and Event Management market is estimated to reach US$ 6.24 Bn by 2027 from US$ 2.59 Bn in 2018. The report includes key understanding on the driving factors of this growth and also highlights the prominent players in the market and their developments.
Cyber-attacks are on the rise in both enterprises and government sector around the globe. The Insight Partner’s analysis reported the number of security incidents across all industries rose around 40% in 2017 from 2016. Ever-increasing threats and evolving industry and government regulations are forcing organizations to invest heavily in security infrastructure. Organizations are becoming increasingly alert to cyber threats. Cyber security has already become a critical issue across business, industry, government and civil society; it will only grow more urgent as the online world becomes a central and underlying component of the physical world. In the last few years, cyber-attacks have affected the ease of doing businesses across many industries including BFSI, healthcare, media & entertainment, and governments. As per the World Economic Forum, cyber security has become a major challenge for both the private and public sectors. A recent study conducted for the UK government found that 90% of large businesses and 74% of small businesses had suffered a data breach over the past year, both increases over the previous year. These increasing cyber-attacks are significantly impacting the global SIEM market.The developments in the point-of-care molecular diagnostics market have been characterized as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as launches, expansion, enhancement as well as relocation. Inorganic growth strategies witnessed in the market were mergers & acquisitions, partnership, collaborations, alliance, and agreement & joint ventures. These activities have paved way for expansion of business and customer base of market players.
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Players present in the security information and event management market takes steps to strengthen their services portfolio in order to have high clientele. To accomplish this goal, companies take initiatives in respect to merger & acquisitions of other players which would eventually help to enhance their services. The players present in security information and event management market mainly concentrate towards the merger and acquisition of other players to increase business revenue, geographical imprints throughout the globe. Most of the merger & acquisitions were observed in North America.
The number of potential vulnerabilities and large scale cyber-attacks has risen in the past few years. As a result, the cyber security continues to gain significance among leading enterprise and subsequently driving the demand for efficient and robust tools, platforms, and security solutions for their organization. Thus, over the years various market players have positioned themselves for catering to different niche market requirement. Among these, the security information and event management software solutions facilitates the organization especially their SOCs (Security Operations Center) and related corresponding teams in improving the cohesion of various technology and process security posture. The security information and event management solutions promotes a fine balance between security automation and human supervised security monitoring and response.
It is believed that the average number of cyber-attacks on the banking sector is approximately four times higher than the companies in the other industries. The BFSI sector is in dire need of integrating solutions that can counter such a threatening scenario coupled with the tighter regulations. Owing to the sensitive nature of customer’s financial data in the banking sector, the impact of breach in the BFSI arena is high and therefore needs to be taken care of. Conventional data protection doesn’t suffice the security requirements in today’s world where the cyber-threats have also evolved along with other technologies. Best practices of cyber resilience standards to reduce the likelihood of cyber-attacks on the critical business functions are being integrated into businesses.The major players operating in the market for Parcel Sortation Systems market LogRhythm, Inc., RSA Security LLC, SolarWinds Inc., Splunk Inc., TIBCO Software Inc., AlienVault, DFLABS SPA, Fireeye, Inc., Hewlett Packard Enterprise Development LP (HPE), and IBM Corporation among others.
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