SIEM: Get a pulse of the market

SIEM is a technology that supports threat detection, compliance, and security incident management through the collection and analysis of security events, and a wide variety of other event and contextual data sources. According to Gartner, effective SIEM solutions enable users to analyze event data in real time for early detection of targeted attacks and data breaches. They also help collect, store, investigate, and report on log data for incident response, forensics, and regulatory compliance.

Gartner's latest Magic Quadrant report 2022 outlines the latest trends in the SIEM market. It also helps organizations make an informed choice from among the key SIEM players that provide the most comprehensive SIEM functionalities.

The report highlights top vendors based on two significant criteria: their completeness of vision and their ability to execute. Both factors provide insights into the strategic foresight of the SIEM vendors, including their market share, product features, and market responsiveness. The report also classifies the market players into categories as leaders, challengers, visionaries, or niche players.

To understand the trends shaping the cybersecurity industry better, a periodic tactical market study is as important as annual research reports. These studies enable readers to make informed decisions before implementing a SIEM solution.

With this intention, we at ManageEngine, sought to understand the market for SIEM better from the grassroots level, and carried out a market pulse survey. We engaged with a research-ready population which was the most relevant from an industry, role, and geography perspective. We received valid responses from 773 respondents located across the globe.

Here are the demographics of the surveyed participants:

• Job titles: We surveyed participants in various roles, including security engineers, security analysts, security architects, security administrators, security managers, chief information security officers, and security directors.

  Respondents to our survey indicated that 59% are decision makers with budgetary authority who research upcoming SIEM capabilities and trends. They take an informed approach to maintaining their organization's cybersecurity posture.

• Location: Our ManageEngine survey focused on these four geographies, our biggest markets: the United States (US), United Kingdom (UK), Canada, and Australia.

  A 2020 global forecast research by Marketsandmarkets indicated that the North America region, comprised of the US and Canada, will have the largest market share for the adoption of SIEM solutions through 2025.

• Industry: The survey was designed to be industry-agnostic. However, two industries stood out, with a cumulative 43% of our respondents being from the business services, and information technology and services industries.
• Company size (number of employees): The size of the company the survey respondents belong to also indicates the nature of the current market for the adoption of SIEM solutions.

  By bringing company size into the equation, our survey provides deeper insights into how different types of organizations view and face their challenges.

  From our survey, we see that nearly 500 respondents belong to the upper range of our company size bracket, i.e., they are from companies with 1,000-5,000 employees.

We asked the participants the following three questions:

1. When it comes to selecting security analytics and SIEM solutions, please describe your role in making decisions.

2. Are you planning to implement a new security analytics or SIEM solution in the next 12 months?

3. What challenges do you wish to address with your security analytics or SIEM solution?

Key Findings

Analysis of the results of the market study has led us to infer the following:

• Report finding #1: A significant proportion of our respondents, i.e., nearly 27%, are looking to adopt a SIEM solution within 1-3 months. However, most respondents (42%) are looking to implement a SIEM solution in the next 9-12 months.

  Our analysis: Decisions on the adoption of any security-related solutions usually involve extensive research and careful evaluation.The consideration period typically ranges from a few months to close to a year. This varies for each of the survey participants based on their unique evaluation criteria.

• Report finding #2: Clear and real time visibility into threats is a major area of concern for our respondents. Nearly 24% of respondents highlighted this as their top challenge.

  Our analysis: A unified SIEM solution, with threat intelligence, attack detection, and log forensics is the need of the hour.

To learn more about the other results obtained from our survey, refer to our market pulse 2022 infographic here.

Log360 is ManageEngine's unified SIEM solution that integrates DLP and CASB capabilities for seamless and effective visibility into your organization's security needs. To schedule a free, personalized 1:1 demo to discover how your organization can gain actionable insights from Log360, click here.