What is Cloud SIEM Market?
Security management is combined into a single, cloud-based location by security information and event management (SIEM) solutions, commonly referred to as cloud SIEM or SIEM as a Service. The flexibility and capability required to manage security threats across different settings, including on-premises deployments and cloud infrastructure, are provided by cloud-based SIEM solutions for IT and security teams. SIEM contains tools made to gather information from a variety of sources in order to spot trends in the occurrence of events that could indicate a system failure, an intrusion attempt, or the abuse of sensitive data. By combining error logs and alarms into a single solution, event identification and correlation streamlines and expedites network event monitoring. The market covers activities including gathering and archiving data logs, gathering and disseminating threat intelligence, offering information on countermeasures, and collecting and storing data logs. The market for security information and event management is primarily driven by legal requirements for IT security and an increase in worries about cyberattacks and other external and internal dangers that could affect data.
Highlights from Cloud SIEM Market Study
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
Key Companies Profiled | SolarWinds (United States), IBM (United States), Micro Focus (United Kingdom), Rapid7 (United States), Splunk Technology (United States), ManageEngine (Zoho Corporation) (India), LogRhythm (United States), LogPoint A/S (Denmark), Alert Logic (United States), Sumo Logic (United States) and Datadog (United States) |
The demand for Cloud SIEM is increasing with each passing day. The businesses in this industry facing major competition with leading players of the market that includes SolarWinds, IBM, Micro Focus and others. Many international as well as regional providers are also participants in the industry and directly compete with leaders. It has been identified that market leading players are investing heavily in growth strategies such as technological development, resource utilization to enhance their market position. The market leaders demonstrate a market-defining vision of how Cloud SIEM can help top-line business executives achieve their business objectives. Leaders have the ability to execute against that vision through both products and services. They have demonstrated solid business results in the form of revenue and earnings. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Cloud SIEM market throughout the forecasted period.
SolarWinds (United States), IBM (United States), Micro Focus (United Kingdom), Rapid7 (United States), Splunk Technology (United States), ManageEngine (Zoho Corporation) (India), LogRhythm (United States), LogPoint A/S (Denmark), Alert Logic (United States), Sumo Logic (United States) and Datadog (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are BlackStratus (United States), Exabeam, Inc. (United States) and Gurucul (United States). Cloud SIEM Market Segmentation:
Scope | Sub-Segments |
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Application / End User | Log Management and Reporting, Threat Intelligence, Security Analytics, Application Monitoring, Database Management and Others |
Enterprise Size | Large Enterprise,SMEs |
Industry Vertical | BFSI,Government,IT & Telecom,Manufacturing,Healthcare,Retail,Energy & Utilities,Others |
Component | Solution,Services |
On the basis of geography, the market of Cloud SIEM has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Rise in Demand for Modern SIEM Tools to Manage IT Security Is Expected To Drive the Market Growth
- Increasing Threat of Cybercrimes
Market Trend
- Growing Adoption of BYOD Trend
Restraints
- High Cost and Risk of Privacy Intrusion can hamper the Cloud SIEM Market Growth
Opportunities
- Growing Opportunities for Cloud SIEM Market in Healthcare Sector
- Increasing Initiatives from Government to Develop Regulations Regarding Security Compulsions
Challenges
- Unavailability of Resources in Emerging Economies can hamper the Market Growth
Market Leaders & Development Strategies
In November 2021 IBM had announced the acquisition of ReaQta. With the addition of ReaQta, the QRadar XDR suite will now additionally include a choice for Endpoint Detection and Response (EDR), enabling IBM to offer native capabilities for all core XDR functions while also giving clients the choice to utilise current investments and third-party tools across IBM's extensive partner ecosystem. The pre-built detection and response automations in IBM QRadar XDR will also be used to help decrease manual operations and deliver more accurate alerts.
In August 2021 Datadog had announced the launch of Datadog Cloud Security Platform. With the help of this new solution, enterprises can correlate security insights with monitoring data across infrastructure, network, and application tiers using a single platform, giving security professionals the visibility they need to recognise and address possible threats more quickly. By enabling DevOps and Security teams to access a shared source of truth underpinned by a common data format, Datadog's Cloud Security Platform overcomes these issues. Security leaders now have access to the underlying infrastructure, network, and application data at the moment of an attack thanks to Datadog, which gives them deeper insights that enable more precise threat detection and quicker incident response.
Key Target Audience
Venture and Capitalist, New entrants/investors, Analysts and Strategic Business Partners, Government & Regulatory Bodies, Corporate Entities, End-use industries and Others