Automating the platform to increase the reliability of alert analysis and improve security analyst productivity.
Frost & Sullivan's recent analysis, Security Information and Event Management (SIEM)—Global Market Analysis, Forecast to 2023, examines the market drivers, restraints, and market distribution channels of the SIEM market. It presents revenue forecasts and key findings to help participants make the most of the market potential. The study covers the four product types of physical appliance, virtual appliance, software, and Software-as-a-Service (SaaS).
The report finds that Security Information and Event Management (SIEM) vendors have begun to inject greater versatility into their platforms as well as incorporate new security functionalities and analyst-friendly dashboards. Also, managed SIEM providers are offering cloud-hosted SIEM solutions to lower the per customer cost-to-serve to penetrate the SMB market.
These advances will drive the USD 1.98 billion global SIEM market to USD 3.23 billion by 2023.
"SIEM 3.0, with its high degree of automated response and remediation, can detect malicious threats attempting to penetrate the environment and automatically perform actions to thwart attackers' advances," said Mauricio Chede, Senior Industry Analyst, Digital Transformation. "The integration of several functionalities, such as user & entity behaviour analytics (UEBA), security operation and automation response (SOAR), and forensic analysis, is essential to effectively compete in the SIEM market."