A new study by Juniper Research found that total SIEM (Security Identity & Event Management) business spending will exceed $6.4 billion globally by 2027 from just over $4.4 billion in 2022. It predicts that this 45% growth will be driven by the transition from term licensing (where businesses can use SIEM for specific license lengths) to more flexible SaaS (software as a service) models (where SIEM solutions are purchased via a monthly subscription). This will enable small businesses to access previously unavailable services.

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

• To learn more, see the new report: Security Intelligence and Event Management: Key Trends, Competitor Ranking and Market Forecast 2022-2027.

• Download the free white paper: Why SIEM is critical to cybersecurity processes

IBM tops Juniper Research’s competitor rankings

The study identifies the world’s leading SIEM vendors 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 suppliers are:
1. IBM
2. Fast7
3. Splunk

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

The shift to SaaS is accelerating rapidly

Additionally, the research found that SaaS business models within SIEM are gaining in popularity; accounting for nearly 73% of global business SIEM spending in 2027, up from just 37% in 2022. This significant increase presents an opportunity for newer vendors to break into the market with attractive SaaS-based models, but SIEM vendors must to be careful not to leave behind the larger enterprises that still prefer term licenses.

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

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

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