Small to mid-sized businesses are the next frontier for SIEM market growth.
- According to IDC, the hot areas for (cybersecurity market) growth are security analytics/SIEM, threat intelligence, mobile security, and cloud security. Corporations are investing heavily in these areas to combat cybercrime.
- “IT organizations aren’t just fighting hackers and malware—they’re also battling a torrent of data from their own networks,” stated Jeff Edwards, Solutions Review Editor. “Information is pouring in. A fortune 500 enterprise’s infrastructure can easily generate 10 terabytes of plain-text data per month. So how can enterprises effectively log, monitor, and correlate that data to obtain actionable insight? Enter the Security Information and Event Management (SIEM) solution” adds Edwards. Security Information and Event Management (SIEM) allows real-time monitoring of security events, analytics, and historical analysis for incident investigation and compliance reporting.
- The threat intelligence security market (SIEM, Log Management, IAM, SVM, Risk Management, Incident Forensics) is expected to grow from just over $3 billion in 2015 to nearly $6 billion by 2020, at a compound annual growth rate (CAGR) of 14.3 percent from 2015 to 2020, according to Markets and Markets. They state that SIEM is expected to dominate the market with the largest market share of the solution segment in 2020 – and forecasts the global SIEM market will grow to $4.5+ billion in 2019. They previously estimated the SIEM market to be worth approximately $2.6 billion in 2014.
- Research firm Gartner expected the SIEM market to grow 12.4 percent in 2015, according to numbers in their most recent “SIEM Magic Quadrant Report”.
- “We predict a big uptick in SIEM adoption by small to midsized businesses (SMBs) from 2016 to 2020” says Steve Morgan, Founder and CEO at Cybersecurity Ventures and Editor-In-Chief of the Cybersecurity Market Report. “Most Fortune 500 and Global 2000 corporations have adopted SIEM solutions by now. SMBs are the next frontier for SIEM vendors” adds Morgan.
- AlienVault has carved out a niche in the SIEM market by catering to small-to-midsized businesses (SMBs) who are serious about security. Historic SIEM solutions are geared to large enterprises with dedicated IT security staff including full time personnel who are devoted to log management. SMBs do not have the same people resources as large corporations, but they are faced with the same cyber risks. The AlienVault Unified Security Management (USM) platform is a full featured SIEM solution for SMBs, at an affordable price point. Gartner calls AlienVault a “Visionary” in its most recent “SIEM Magic Quadrant Report”.
- While security budgets are stable or increasing for almost all organizations, security managers reported significant obstacles in fully realizing the benefits of SIEM solutions because of lack of staff expertise (44.4%) and inadequate staffing (27.8%), according to recent research from 451 Research. By 2019 there will be a global cybersecurity workforce shortage that is estimated at 1.5 million people, according to the Cybersecurity Jobs Report which is published by Cybersecurity Ventures.
- The cybersecurity labor shortage may be the biggest barrier to SIEM adoption. The SANS Institute 2015 Analytics and Intelligence Survey states that most organizations are struggling mightily with finding the right skill sets to properly operate and maintain a security analytics platform for detection and response. In fact, this was overwhelmingly cited as the top impediment to discovering and following up on attacks today. Finding these skill sets in today’s marketplace is difficult due to incredibly high demand for top talent that understands SIEM and correlation, forensics, event management and now, with analytics in the mix, pattern analysis across large diverse datasets.
- In a recent IT World Canada article, Gartner Analyst Oliver Rochford stated “Although SIEM solutions share a common capability and feature set, for example they are all competent at log management, third party technology support, workflow and deployment architectures do vary widely. As a consequence, buyers often select the “best” solution based on high level criteria such as fancy features, resulting in a mismatch of requirements when it comes to implementation.” SMBs especially can not afford to make the wrong SIEM choice.
[su_box title=”About Steve Morgan” style=”noise” box_color=”#336588″]Steve Morgan is founder and CEO at Cybersecurity Ventures and editor-in-chief of the Cybersecurity Market Report and the Cybersecurity 500 list of the world’s hottest and most innovative cybersecurity companies. Steve is a contributor writer for Information Security Buzz, IDG’s CSO, Homeland Security Today, SandHill.com, and other business, technology, and cybersecurity media properties.[/su_box]