Event Correlation and Analysis Tool Market Size Forecast to Reach $10.0 Billion by 2026
Growing Demand to Capture Actionable Business Insights From Events Driving the Growth of Event Correlation And Analysis Tool Market.
Hyderabad, India – July 24, 2021 /MarketersMedia/ —
The Global Market for Event Correlation and Analysis Tool is forecast to reach $10.0 billion by 2026, growing at a CAGR of 10.1% from 2021 to 2026. The market growth is attributed to the benefits of the event correlation and analysis tool including real time threat visibility, vigilance of network safety and network management, continuous compliance reports, low operational cost, improved time and systems management and others. Moreover, growing data centres are further enhancing the market growth owing to the deployment of the event correlation tools for identifying the events that brings difference to the business through magic quadrants.
Event Correlation And Analysis Tool Market Segment Analysis – By Deployment type
Event correlation and analysis tools is segmented into on premise and cloud on the basis of deployment model. Cloud deployment model held the highest market share at 54% of event correlation and analysis tool in 2020. Moreover, it is anticipated to witness significant market growth during the forecast period 2021-2026 attributed to the high adoption rate of cloud technologies by the end users. Banking and financial service, retail, healthcare, government, education and others deploy the correlation tools to prevent data breaching. Additionally, it prevents cyber- attacks by setting patterns from huge pile of data to set an alert for the investigation thereby boosting the market growth.
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Event Correlation And Analysis Tool Market Segment Analysis – By End user type
Banking and financial services (BFSI) segment held the highest market share of 23.8% for event correlation and analysis tool market in 2020. Moreover, it is anticipated to witness the significant market growth during the forecast period 2021-2026 as it is more prone to cyber-attacks which requires a hyper-vigilant security system. Moreover this vertical deals with large number of customers, thus there is the need for IT infrastructure that remain available throughout the year in order to meet the required services internal as well as external. Additionally, presence of huge pile of data needs to be properly correlated to add up to the business growth and figuring out patterns to provide security to the data, network and others thereby boosting the market growth during the forecast period.
Event Correlation And Analysis Tool Market Segment Analysis – By Geography
North America held the highest market share of the event correlation and analysis tool market at 36.5% in 2020. This is due to the technological development, improved industrial infrastructure, improved economic condition and a higher rate of adoption of new technologies in the region. Moreover event correlation and analysis tool market in APAC is expected to grow at highest rate during the forecast period owing to the various factors such as investments in research and development activities, adoption of advanced technologies in different end user verticals including banking and financial services, retail, government, education and others. Research and development activities for the utilisation of artificial intelligence (AI), block-chain, and distributed ledger, quantum computing and other technologies improves the customer experience. Agent-AI, Heart-Touching-AI, Ambient-AI, Network-AI are the four directions of artificial intelligence along which the R&D activities is going on in NTT Group. Additionally growing medium and large enterprises in region is enhancing the market growth.
Event Correlation And Analysis Tool Market Drivers
Security concerns
Technological advancements and growing digitalization in all verticals requires a robust security protocols to protect data, networks and others from breaching or any cyber threat. Data intelligence, root cause analysis, fraud detection, electronic money transactions and others are the cases where event correlation and analysis techniques is deployed. Thus these techniques plays a major role in providing alerts regarding the threats by identifying certain patterns and sets an alarm for the investigation.
Growing demand to capture actionable business insights from events
The event analysis software allows companies to leverage the benefits of real-time data for extracting actionable business insights from events that are required to drive organizational growth. Utilization of event correlation software in events helps in saving time that is needed for manual processing. Increasing B2B and B2C professional events need to facilitate networking and engagement and they also need to serve a larger event strategy that necessitates in-depth analytics on the event outcome. These analytics can help then help event organizers in increasing return on investments and the overall efficiency of their event strategy. Moreover, it helps organizations capture and analyze attendees’ behavior, which helps them make effective business decisions and this is set to increase the adoption of event correlation tools for events, thereby driving the market growth.
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Event Correlation And Analysis Tool Market Challenges
Unfavorable among small scale enterprises
Small scale enterprises have low revenue and the advanced technologies are less deployed. Moreover installation cost pose a challenge to the small scale enterprises owing to the unavailability of adequate funds and weak economic background. There is the lack of appropriate resources to update or upgrade the plant and equipment. Additionally lack of skilled personnel to handle the advanced technologies is hindering the market growth.
Event Correlation And Analysis Tool Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the event correlation and analysis tool market. Event correlation and analysis tool driver market is expected to be dominated by major companies such as Argent Software, BMC Software, CA Technologies, EG Innovations, EMC Ionix, GroundWork Open Source, HP, IBM Tivoli, Microsoft, NetIQQuest Software and among others.
Key Takeaways
Concerns related to security of data among different industry verticals including banking and financial services, retail, healthcare and others is enhancing the market growth for event correlation and analysis tool.
APAC region is expected to dominate the global event correlation and analysis tool market during the forecast period 2021-2026 due to the investments made in research and development activities by the market players, potential for market growth, growing data centres and rising adoption rates of cloud technologies in different verticals.
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Source: MarketersMedia
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