Security information and event management (SIEM) is a subfield of cybersecurity, where real-time analysis and security alerts are generated internally by the network’s applications.
More applications enterprises are adopting SIEM into their base build, offering security as an added feature to their clients.
See below to learn all about the current SIEM global market:
Growth in SIEM market
The SIEM global market had an estimated value of $4.2 billion, in 2020. With a compound annual growth rate (CAGR) of 5.5%, it’s anticipated to grow to $5.5 billion by 2025.
By region, the SIEM market is divided in value and growth rates:
- North America contributes 26% to the SIEM market growth
- The European SIEM market is expected to witness a 7.6% growth rate between 2020-2026
- Asia is estimated to have $3.48 billion in the SIEM market by 2030 with a 14.2% CAGR
Industry-wise, the retail and software industries combined make up 27% of the demand in the SIEM industry. Other industries include:
- Financial services
- Health care
- Information technology and services
When it comes to built-in security features, software should to offer several features before qualifying as a SIEM solution:
- Scalable infrastructure for big data
- Scalable log collection
- Data visualization
- Real-time alerting and notifications
- Threat detection and hunting
- Automated and semi-automated incident response
- Customized notifications and alerts
SIEM solutions can operate on-premises or in cloud environments.
At its core, SIEM software works by collecting logs and event data that applications, devices, infrastructure components, and systems generate. It then analyzes the data in real-time in order to provide a view of an organization’s IT systems.
Benefits of SIEM
As security and data protection solutions, SIEM software has many benefits when it comes to improving an organization’s security standards.
- Improved regulation compliance
- Increased network visibility
- Increased threat detection accuracy
- Increased SecOps efficiency
- Effective in post-incident forensics
SIEM use cases
SIEM solutions play a critical role in enterprises securing their internal networks and digital assets.
Sogeti Luxembourg works with clients and partners to create custom solutions using existing and emerging technologies. It provides services in over 100 locations worldwide.
It sought to develop a way for its clients to rapidly analyze data from potential threats, as they were overwhelmed with a sea of information due to the exponential increase in threats.
Using cognitive security from IBM Watson, Sogeti was able to extend its IBM QRadar platform to increase analysis speed and accuracy in responding to threats. It ended up reducing the time for investigation and root cause determination from three hours to three minutes.
“Using Watson, our analysts are able to do things 50 times faster than those without the Watson solutions,” says Vincent Laurens, VP and cybersecurity practice executive at Sogeti Luxembourg.
“By bringing together top-notch expertise from Sogeti and IBM, along with superior innovation, we are helping our clients improve and fortify their cyber security.”
Fundbox is an AI-powered fintech startup that provides payment and credit solutions to small businesses. Since its founding in 2013, Fundbox has connected with over 325,000 businesses.
During an attempt to strengthen its DevOps processes, Fundbox found that its engineers had a hard time using eight separate systems to monitor hundreds of microservices on its platform, making it hard to quickly spot and resolve issues.
Working with Datadog, Fundbox was able to consolidate all of its monitoring tools into one. It was also able to increase operational efficiency, resolution time, and heighten collaboration.
“The reaction that we had from the R&D teams was overwhelming: they really loved Datadog. One of the team leads told me ‘Datadog was the friend I never knew I was missing,’ and it was true!” says Tal Turgeman, Environments Lead at Fundbox.
“Our DevOps success with Datadog came from the combination of time savings, very easy cross-referencing, a single unified UI, and ease of use.”
Leading SIEM providers in the market include:
- Splunk Enterprise Security
- SolarWinds Security Event Manager
- IBM QRadar
- LogRhythm NextGen SIEM Platform
- McAfee Enterprise Security Manager
- Datadog Security Monitoring
- AlienVault USM
- Micro Focus ArcSight
- Exabeam Security Management Platform