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.
The report highlights that the global SIEM market is expected to reach $6 billion by 2026, with a predicted rise of 8.4% compound annual growth during the forecasted period. The report notes that the COVID-19 pandemic of 2020 may impact the growth of the overall market, but that this occurrence will only be temporary.
SIEM provides invaluable security solutions for organizations to conduct incident forensics after an incident takes place, but it is the new innovations within the SIEM market that continue to drive its growth. Focus has shifted for the SIEM market to deploy security orchestration automation and response (SOAR) as well as user and entity behavior analytics (UEBA) to improve the positive rate of detection, driving the SIEM market in the direction of predictive, active defense instead of solely forensic use cases. As these new technologies are leveraged by the SIEM market, organizations unearth renewed value from their SIEM’s integration with new detection capabilities.
For instance, RSA’s Netwitness is demonstrating its evolved SIEM with the same capabilities mentioned above, specifically its Netwitness Orchestrator, which is powered by the ThreatConnect technology, which enhances the ability of analysts to automatically manage threat data by using automated responses to the requisite security tools to contain and eradicate incoming threats. Exabeam also provides SOAR capabilities with its Incident Responder to allow complete case management via automated incident response playbooks.
Source: SoftwareReviews Security Information and Event Management, Report Published October 2019
SIEM continues to be relevant in the current market, but its role has changed based on its integrations with other technologies such as UEBA and SOAR. Furthermore, the specialized role of SIEM analysts will also change because of these new technologies, shifting to a more defensive role in detecting threats as they happen as opposed to a more forensic role to determine how a threat turns into an incident. Due to the numerous benefits of these changes, the market predicts that SIEM is unlikely to lose momentum and will continue to prove its relevancy within the current and future cybersecurity climate.
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.
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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.
With its announcement of SvKMS, StorMagic, known for leading-edge storage solutions, has officially entered the security marketplace. SvKMS provides key management for any application that requires encryption in any location – edge, datacenter, or cloud – the proverbial magic bullet for KMS.