Security Information and Event Management (SIEM) vendors have begun to inject greater versatility into their platforms as well as incorporate new security functionalities and analyst-friendly dashboards. Also, managed SIEM providers are offering cloud-hosted SIEM solutions to lower the per customer cost-to-serve to penetrate the SMB market.

These advances will drive the $1.98 billion global SIEM market toward $3.23 billion by 2023. “SIEM 3.0, with its high degree of automated response and remediation, can detect malicious threats attempting to penetrate the environment and automatically perform actions to thwart attackers’ advances,” said Mauricio Chede, Senior Industry Analyst, Digital Transformation. “The integration of several functionalities, such as user & entity behavior analytics (UEBA), security operation and automation response (SOAR), and forensic analysis, is essential to effectively compete in the SIEM market.”

Frost & Sullivan’s recent analysis, Security Information and Event Management (SIEM)—Global Market Analysis, Forecast to 2023, examines the market drivers, restraints, and market distribution channels of the SIEM market. It presents revenue forecasts and key findings to help participants make the most of the market potential. The study covers the four product types of physical appliance, virtual appliance, software, and Software-as-a-Service (SaaS).

For further information on this analysis, please visit: http://frost.ly/3cf

“SIEM vendors are currently focusing on enhancing incident detection and response (IDR) by employing machine learning to diminish the high rates of false positives generated by SIEM tools,” noted Chede. “They are also aiming to provide SIEM integration with external threat intelligence and forensic capabilities.”

In 2018, North America accounted for 65% of the SIEM market; EMEA, 20% percent; APAC, 12%; and Latin America, 4%. Growth opportunities will materialize by:

• Automating the platform to increase the reliability of alert analysis and improve security analyst productivity.
• Employing the cloud for multi-tenancy and distributed administrative functions.
• Building a data lake to receive the logs from other security tools and then correlating and analyzing them to block advanced or unknown attacks with less human intervention.
• Ensuring compliance with global and local data protection regulations.
• Equipping channel partners with an effective go-to-market strategy so they can transform their sales motion from selling product to solving business problems.

Security Information and Event Management (SIEM)—Global Market Analysis, Forecast to 2023 is part of Frost & Sullivan’s global Cybersecurity Growth Partnership Service program.

SOURCE Frost & Sullivan