Factors driving growth in global security spending
According to a recent report from Gartner released in December 2017, global security spending is expected to grow 8% to $96.3 billion in 2018. According to a recent report from Grand View Research, the threat intelligence market is expected to grow at a CAGR (compound annual growth rate) of 17.4% and reach $12.6 billion by 2025.
As threats evolve and adapt, so must enterprises. This swift statistical climb comes at a steady projected CAGR of 17.4% over the next eight years.
The persistent advances in threats and cyberattacks are a positive sign for the cybersecurity market. The growing awareness of sophisticated threats, the change in buyer mindsets, and the increased inclination toward the adoption of a digital business strategy are the main drivers of increased security spending.
According to Ruggero Contu, the research director at Gartner, “Overall, a large portion of security spending is driven by an organization’s reaction toward security breaches as more high profile cyberattacks and data breaches affect organizations worldwide.”
Leading players in the SIEM space will benefit most from increased security spending
Within this space, IT (information technology) outsourcing, security testing, and SIEM (security information and event management) are expected to be the fastest-growing security subsegments in cybersecurity space.
According to Frost and Sullivan’s report released in mid-2017, FireEye’s TAP (Threat Analytics Platform) is a leader in SIEM Solutions.
IBM and FireEye
IBM (IBM) is another leading player in the SIEM space. IBM’s SIEM technology is based on QRadar Security Intelligence Platform. The strategic acquisition of Resilient’s incident response platform complemented its SIEM technology and now provides an integrated end-to-end security operation and Incident Response Platform solutions.
To be sure, FireEye (FEYE) Mandiant is also a leading player in the incident-response services space.