Security information and event management (SIEM) will prove lucrative in the years ahead as the global market should increase by more than $1 billion, reaching $5.5 billion by 2025.

That’s according to a new report by MarketsandMarkets, which anticipates a compound annual growth rate (CAGR) of 5.5% through 2025. The market now totals $4.2 billion.

Major SIEM security vendors include SolarWinds, IBM, McAfee, Splunk, Sumo Logic, Exabeam, Alert Logic AlienVault and Fortinet.

Market drivers include the need for continuous monitoring and incident response, adhering to compliance requirements, gaining and maintaining certifications, and managing and retaining logs.

By component, the SIEM solution segment will be the largest. The solution collects and examines log and event data generated by host systems, security devices and applications. The it collates the information on a centralized platform.

By application, log management and reporting will grow at the highest CAGR through 2025. Log-management tools monitor the critical activities of employees, and perform security checks with SIEM and searches across logs.

The Asia Pacific market will grow at the highest CAGR through 2025. The region comprises mixed economies with a developed network infrastructure.

APAC houses several established SMEs, which are growing at an exponential rate to cater to their broad customer base. Machine learning (ML), IoT, big data analytics and AI are the emerging methodologies being deployed in this region. Organizations are transforming their businesses to cloud to increase their productivity and business performance.