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.
Information security leaders fully understand the importance of having a security incident and event management (SIEM) solution, but teams need to overcome three main challenges before considering purchasing a SIEM solution.
Chronicle, Alphabet’s enterprise security company, expands its North American partner base with Herjavec Group, its first Canadian partner. Herjavec Group is the first service provider in Canada to be certified in, and provide access to, Chronicle’s security intelligence products.
IBM is changing the terms of its ubiquitous Passport Advantage agreement to remove entitled discounts on over 5,000 on-premises software products, resulting in an immediate price increase for IBM Software & Support (S&S) across its vast customer landscape.
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For organizations that experience time-sensitive incidents that must be resolved in the most optimal and efficient manner, Bomgar (Beyond Trust) and BMC Software may have the solution. The two vendors have teamed up to address a reduction in the time it takes to resolve problematic tickets and assist in lessening the impact of cyber threats to which all organizations are subjected.
Microsoft’s cloud Security Incident Event Management (SIEM) solution leverages modern day enhancements such as Security Orchestration Automated Response (SOAR), Machine Learning (ML), and Artificial Intelligence (AI).
In today’s world many security teams require a simplified holistic method to consolidate disparate log data, threat anomalies, and responses. Due to these pressured requirements, organizations across the world are adopting or considering cloud-native Security Information and Event Management (SIEM) solutions.
KBV Research released its Global Security Information and Event Management (SIEM) Market Forecast report last month. In light of the recent COVID-19 pandemic, the SIEM market report highlights continued growth for the security solution and offers insights into how SIEM will continue to be essential for enterprises going forward.
As the Security Information and Event Management (SIEM) market continues to grow, organizations now have more options than ever to decide which SIEM is right for them. While SIEM vendors continue to innovate, the final decision often comes down to price. In the second of this five-part series on SIEM pricing, we will dive into pricing by data volume.