Analysis by Frost & Sullivan recently claimed that the security information and event management (SIEM) market will grow to $3.23 billion by 2023 as a result of recent advances and greater versatility.
A far cry from the days of simple log management, SIEM has grown significantly to include different features such as user and event behavior analytics (UEBA), security operation and automation response (SOAR), and forensic analysis.
The growth of the SIEM market has been driven by vendors such as Splunk and LogRhythm, and even smaller players like Logpoint. The evolution of their products focused on matching the needs of their customers by adding machine learning and offering a cloud-based solution.
These advances have made it possible for managed security service providers to break into the small and medium business market, because they not only manage an organization’s SIEM but also provide external threat intelligence and forensic services.
In the future, analysts expect growth to come from:
Security operations is no longer simply focused on a center but also includes a robust process, and this appears to be the trend for SIEM as well. The need for a physical security hub has evolved because of cloud solutions that fuse prevention, detection, analysis, and response efforts into a more versatile market.
By focusing on solving business problems as opposed to only selling a product, vendors have made SIEM more customizable and configurable for small- and medium-sized businesses as well as larger enterprises, making the market much more competitive and open to further innovation.