In a recent published report, Kenneth Research has updated the market report for Security Information and Event Management Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Security Information and Event Management Market products.
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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further projected to touch USD 6 million by 2023.
Market Synopsis
The global security information and event management market was valued at USD 1.75 billion in 2017 and is expected to reach USD 3.89 billion by the end of the forecast period with a CAGR of 14.6%The security and information event management enables the end customers to identify their needs and subsequently analyze the event data in real time. This benefits the end-users to be prepared for the data breaches, and cyber attacks. Moreover, the customers can store, and log any of the security breach incidents. The security information and event management technology enables the network engineers to compile the event data produced by networking devices, systems, and specific applications.
The Final Report will cover the impact analysis of COVID-19 on this industry:
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Further, this collected information is compiled with contextual information regarding the customers, cyber threats, and vulnerabilities with real-time analysis. The security information and event management software is used to execute the raw data ceollected before and after the event log. Various small and medium enterprises are deploying security information and event management solutions to monitor security breach detection.
The major factors that contribute the market growth is the increasing cyber crime rates in the US and economically stable European countries. Most the businesses that function over cloud face security breach as a major challenge.
Segmentation
The global security information and event management market is segmented into solution, service, organization size, vertical and region.By solution, the global security information and event management is segmented into log and event management, patch management, and firewall security management.
By service, the global security information and event management is segmented into professional service, and managed service. Professional service is further segmented into integration and deployment service, consulting service, and maintenance & support service.
By organization size, the global security information and event management is segmented into large enterprise and small and medium sized enterprises.
By vertical, the global security information and event management is segmented into BFSI, IT & telecommunication, healthcare, retail, utilities, and others.
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By region, the security information and event management market is segmented into North America, Europe, Asia-Pacific, and rest of the world.
Regional analysis
The global market for security information and event management is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of security information and event management market is studied for North America, Europe, Asia-Pacific, and the rest of the world (including the Middle East, Africa, and Latin America).
Among the regions mentioned, North America is anticipated to have the largest market share during the forecast period. The major factor contributing towards the growth of security information and event management market is owing to the rapid advancement in security technologies and end-user application. Moreover, the US occupies nearly 75-80% of the major key players operating in this market. North America is followed by Asia-Pacific and Europe having nearly 22% and 18% market share.
Global Security Information and Event Management Market, USD billion
Security Information and Event Management Market Research Report – Global Forecast till 2023 -Report image 00
Source: MRFR Analysis
Key Players
The key players in the security information and event management market are identified across all the major regions based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise. Some of them are—Dell EMC (US), Hewlett Packard Enterprise Company (US), IBM Corporation (US), Logrhythm Inc (US), McAfee LLC (US), Solarwinds Inc (US), Splunk Inc (US), Symantec Corporation (US), TrendMicro Inc (Japan), Trustwave Holdings Inc (US), Assuria Ltd (UK), and TIBCO Software Inc (US).
Apart from the top key players, the other players contribute nearly 30–35 % in the security information and event management market. These include LogPoint A/S (Denmark), AlienVault Inc (US), Micro Focus International PLC (UK), Elastic NV (Netherlands), Exabeam (US), Fortinet Inc (US), Rapid7 Inc (US), ManageEngine (US), EventTracker (US), FireEye Inc (US), Graylog (US), Securonix (US)), HanSight (China), Venustech (China), Tripwire Inc (US), Comodo Group (US), and others.
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Intended Audience
Government Agencies
Service/Solution Providers
Software Vendors
Consulting Firms
System Integrators
Research Institutes and Organizations
Technology Standards Organizations
Security Information and Event Management Vendors
Application Developers
Container Services Providers
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