Security Information and Event Management Market Size & Share, by Solution (Patch management, Firewall security, Event & Log Management), Application (Energy & Utility, IT & Telecom, Retail & Hospitality, Education, Healthcare, Financial & Insurance services, Government), Control (Managed & Controlled By The Host, Hybrid Management, Controlled By Host Management By Software Provider) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

Growth Drivers

• Increase In The Use Of Technology In Routine Business Activities: Businesses are becoming technologically advanced and most of the activities take place on the software and through internet, which makes it necessary that the data security is given prior importance. Businesses have to make sure that the data is secure to avoid data theft or breach. 
• A Rise In Mandatory Regulations And Its Compliance: The businesses have customer data which includes their name, mobile number, address, bank details such as account number, which can affect the customers’ privacy in case of a data leak. Hence, businesses must keep that data safe. Moreover, if the company’s IT infrastructure is hacked it can result in the loss of confidential data.
• Advancement In The Security Information And Event Management Market: The SIEM software providing companies are developing and innovating new features within the existing software to provide better security to the businesses. This provides businesses with a wide range of software options to choose from as per their business needs.
• AI Is The New Way Of Working: As organizations are moving towards artificial intelligence and big data, it is important to secure and monitor the events and activities of the business. By keeping records manipulation free and safe, the data can be used to make better decisions for the business on the basis of facts and past trends.
• Trends And Opportunities: The world is changing rapidly, and so is the way of conducting business globally. security information and event management market is evolving and is developing in order to cater to the needs of the businesses. The software is being innovated rapidly to provide the best possible security and breach alert mechanism. Businesses are digitalizing their processes and this digitalization is bringing forth new opportunities as well as new threats in form of breach. The opportunities can only be exploited when the threats are controlled and avoided.

Challenges

• The SIEM software is very costly and not every business can afford it. This is estimated to become a major hindrance to the growth of the market. Further, failure of software in providing security might affect security information and event management market growth. Large scale businesses can afford to have proper SIEM software installation to protect their data from the breach, however, this may not be the case with SMEs.