Categories: Wire Stories

Juniper Research: Security Information & Event Management Spend to Exceed $6.4 Billion by 2027 Globally, as IBM, Rapid7 & Splunk Lead the Market

BASINGSTOKE, England–(BUSINESS WIRE)–#siemdata–A new study from Juniper Research has found that the total business spend on SIEM (Security Identity & Event Management) will exceed $6.4 billion globally by 2027, from just over $4.4 billion in 2022. It predicts that this growth of 45% will be driven by the transition from term licence (where businesses can use SIEM for specific licence lengths) to more flexible SaaS (Software-as-a-Service) models (where SIEM solutions are purchased via monthly subscription). This will enable small businesses to access previously unaffordable services.

A SIEM system is a combination of SIM (Security Information Management) & SEM (Security Event Management), which results in real-time automated analysis of security alerts generated by applications and network hardware; leading to improved corporate cybersecurity.

IBM Tops Juniper Research Competitor Leaderboard

The research identified the world�s leading SIEM providers by evaluating their offerings, and the key factors that have led to their respective success, such as the breadth and depth of their platforms.

The top 3 vendors are:

  1. IBM
  2. Rapid7
  3. Splunk

Research co-author Nick Maynard explained further: “Juniper Research has ranked IBM as leading in the global SIEM market, based on its highly successful analytics platform and its ease of integration. SIEM vendors aiming to compete must design scalable solutions that are accessible to smaller businesses, which can provide easy-to-understand, actionable insights for less experienced cybersecurity teams.”

Transition to SaaS Accelerating Rapidly

Additionally, the research found that SaaS business models within SIEM are gaining traction; accounting for almost 73% of global business spend on SIEM in 2027, from only 37% in 2022. This significant increase represents an opportunity for newer vendors to break into the market with appealing SaaS-based models, but SIEM vendors must be careful not to leave larger enterprises, which still prefer term licences, behind.

View the SIEM market research: https://www.juniperresearch.com/researchstore/key-vertical-markets/security-information-event-research-report

Download the whitepaper: https://www.juniperresearch.com/whitepapers/why-siem-is-critical-to-cybersecurity-processes

Juniper Research provides research and analytical services to the global hi-tech communications sector; providing consultancy, analyst reports, and industry commentary.

Contacts

Sam Smith, Press Relations

T: +44(0)1256 830002

E: sam.smith@juniperresearch.com

Alex

Recent Posts

China Focus: Technology sows seeds of hope in combating desertification

HOHHOT, CHINA - Media OutReach Newswire - 23 December 2024 - China's National Forestry and…

10 hours ago

Novautek Honored with the “Outstanding SME ESG and Business Performance Award”

HONG KONG SAR - EQS Newswire - 23 December 2024 - Novautek Autonomous Driving Limited…

12 hours ago

V-GREEN and Xanh SM Indonesia sign MoU with Lippo for comprehensive green ecosystem in Indonesia

JAKARTA, INDONESIA - Media OutReach Newswire - 23 December 2024 - V-GREEN and PT Xanh…

12 hours ago

Molex Anticipates Steady Growth in High-Speed Connectivity in 2025, Driving Electronics Design Innovations Across Diverse Industry Sectors

Increase in opportunities predicted for high-speed optical transceivers and miniaturized connectivity solutions to address data-intensive…

14 hours ago

Celebrating 25 Years of Excellence: DYXnet Embarks the New Chapter of Digital Transformation

HONG KONG SAR - Media OutReach Newswire - 23 December 2024 - DYXnet, a wholly-owned…

15 hours ago

The Top 10 Best Places to Work in Egypt for 2024 revealed

CAIRO, EGYPT - Media OutReach Newswire - 23 December 2024 - Eand, Novo Nordisk, BSH,…

17 hours ago