Increase In The Use Of Technology In Routine Business Activities
Businesses are becoming technologically advanced and most of the activities take place on the software and through internet, which makes it necessary that the data security is given prior importance. Businesses have to make sure that the data is secure to avoid data theft or breach.
A Rise In Mandatory Regulations And Its Compliance
The businesses have customer data which includes their name, mobile number, address, bank details such as account number, which can affect the customers’ privacy in case of a data leak. Hence, businesses must keep that data safe. Moreover, if the company’s IT infrastructure is hacked it can result in the loss of confidential data.
Advancement In The SIEM Market
The SIEM software providing companies are developing and innovating new features within the existing software to provide better security to the businesses. This provides businesses with a wide range of software options to choose from as per their business needs.
AI Is The New Way Of Working
As organizations are moving towards artificial intelligence and big data, it is important to secure and monitor the events and activities of the business. By keeping records manipulation free and safe, the data can be used to make better decisions for the business on the basis of facts and past trends.
The SIEM market has the potential to grow as in the current era of digitalization and technological advancements, companies are exploiting software to make their process smoother and to fulfil the needs of the customers. Moreover, companies are moving towards online platforms for the majority of their work, as a result of which the threat to confidential data and records is higher than ever. SIEM software provides a solution for all the threats and security breaches that may occur within the IT infrastructure of an organization. The market is anticipated to grow at a significant CAGR during the forecast period, i.e. 2020-2028. A normal breach of customer data can cost businesses around millions of US dollars. Hence, businesses are focusing more on taking precautions to avoid breaching activities and to ensure data security. Past cases of the breach in renowned organizations has alerted the organizations even more. The market is segmented by solution, by application, by control and by region. On the basis of application, the market is segmented into energy & utility, IT & telecom, retail & hospitality, education, healthcare, financial & insurance services, and government, out of which, the segment for IT & telecom is predicted to hold the leading share in the market. This can be attributed to the rising utilization of cybersecurity measures in the industry which is anticipated to increase the demand for this software over the forecast period.
The world is changing rapidly, and so is the way of conducting business globally. SIEM market is evolving and is developing in order to cater to the needs of the businesses. The software is being innovated rapidly to provide the best possible security and breach alert mechanism. Businesses are digitalizing their processes and this digitalization is bringing forth new opportunities as well as new threats in form of breach. The opportunities can only be exploited when the threats are controlled and avoided.
The SIEM software is very costly and not every business can afford it. This is estimated to become a major hindrance to the growth of the market. Further, failure of software in providing security might affect market growth. Large scale businesses can afford to have proper SIEM software installation to protect their data from the breach, however, this may not be the case with SMEs.
Our in-depth analysis of the SIEM market includes the following segments:
On the basis of region-wise analysis, the SIEM software market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The demand for SIEM software is high in North America as the companies in the region are highly developed and technologically advanced. In addition to this, the countries in this region have strong and mandate regulations concerning data security. On the back of this, the SIEM software market in the region is predicted to grow significantly. The market in Asia Pacific is holding a lot of opportunities for SIEM solutions as companies are developing in this region as well. Regulations are being imposed and data security is becoming crucial. Customers as well are becoming increasingly aware of how the companies use the data that they share and how safe their data is with the company.
The SIEM software market is further classified on the basis of region as mentioned below:
• North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
• The Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of the Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis