KUALA LUMPUR, Oct 17 (Bernama) -- Total business spending on security information and event management (SIEM) is expected to exceed US$6.4 billion globally by 2027, up from just over US$4.4 billion in 2022, according to a new Juniper Research study. (US$1=RM4.71)
It predicted that the 45 per cent growth will be driven by the transition from term licence, where businesses can use SIEM for specific licence lengths, to more flexible Software-as-a-Service (SaaS) models, where SIEM solutions are purchased via monthly subscription.
A SIEM system is a combination of security information management (SIM) and security event management (SEM), resulting in real-time automated analysis of security alerts generated by applications and network hardware, leading to improved corporate cybersecurity.
The research identified the world’s leading SIEM providers by evaluating their offerings and key factors leading to their respective success such as the breadth and depth of their platforms.
The top three vendors are IBM, Rapid7, and Splunk, according to a statement.
In addition, the research found that SaaS business models within SIEM are gaining traction, accounting for almost 73 per cent of global business spending on SIEM in 2027, from only 37 per cent in 2022.
This significant increase represents an opportunity for newer vendors to break into the market with appealing SaaS-based models. Nonetheless, SIEM vendors must be careful not to ignore larger enterprises, which still prefer term licences.
Juniper Research provides research and analytical services to the global hi-tech communications sector, providing consultancy, analyst reports, and industry commentary.
-- BERNAMA
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