Event Correlation and Analysis Tool Market - Forecast(2022 - 2027)

Report Code: ITR 0252 Report Format: PDF + Excel

Event Correlation and Analysis Tool Market Overview

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 Report Coverage

The report: “Event correlation and analysis tool Market – Forecast (2021-2026)”, by IndustryARC covers an in-depth analysis of the following segments of the event correlation and analysis tool market. 

By Solutions - Log and Event Management, Patch Management, Algorithmic trading, Firewall Security Management, Dynamic Pre-Trade Analytics, Others.
By Service - Professional service, Consulting, Installation and maintenance, Training and Support, Managed Services, Others.
By Deployment type - On premise, Cloud.
By Organization size - Small, Medium, Large.
By End user - IT and Telecommunication, Banking and financial services (BFSI), Retail, Education, Healthcare, Others.
By Geography - North America (U.S, Canada, Mexico), Europe (Germany, France, UK, Italy, Spain and Others), APAC (China, Japan, South Korea, India, Australia and Others), South America (Brazil, Argentina and Others), RoW (Middle East and Africa).

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.

Event Correlation And Analysis Tool Market , By Deployment, 2020

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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. 

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 - 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.

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.

Acquisitions/Technology Launches/Partnerships

  • In May 2021, BigPanda Joins the Datadog Marketplace to Deliver AIOps-Powered Event Correlation and Automation for Next-Gen Incident Management
  • In February 2021, SentinelOne announced its acquisition of Scalyr for $155 million in equity and cash SentinelOne aims to use this deal to dive even more fully into the Extended Detection and Response (XDR) as well as Event Management market.

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1. Event correlation and analysis tool Market – Overview
    1.1 Definitions and Scope
2. Event correlation and analysis tool Market - Executive summary
    2.1 Market Revenue, Market Size and Key Trends by Company
    2.2 Key Trends by type of Application
    2.3 Key Trends segmented by Geography
3. Event correlation and analysis tool Market
    3.1 Comparative analysis
    3.2 Product Benchmarking - Top 5 companies
    3.3 Top 5 Financials Analysis
    3.4 Market Value split by Top 5 companies
    3.5 Patent Analysis - Top 5 companies
    3.6 Pricing Analysis
4. Event correlation and analysis tool Market - Startup companies Scenario Premium  (Premium)
    4.1 Top 5 startup company Analysis by
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Market Share
        4.1.4 Market Size and Application Analysis
        4.1.5 Venture Capital and Funding Scenario
5. Event correlation and analysis tool Market - Industry Market Entry Scenario Premium  (Premium)
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing business index
    5.3 Case studies of successful ventures
    5.4 Customer Analysis - Top 5 companies
6. Event correlation and analysis tool Market Forces
    6.1 Drivers
    6.2 Constraints
    6.3 Challenges
    6.4 Porters five force model
        6.4.1 Bargaining power of suppliers
        6.4.2 Bargaining powers of customers
        6.4.3 Threat of new entrants
        6.4.4 Rivalry among existing players
        6.4.5 Threat of substitutes
7. Event correlation and analysis tool Market -Strategic analysis
    7.1 Value chain analysis
    7.2 Opportunities analysis
    7.3 Product life cycle
    7.4 Suppliers and distributors Market Share
8. Event correlation and analysis tool Market- By Solutions
    8.1 Log and Event Management
    8.2 Patch Management
    8.3 Algorithmic trading
    8.4 Firewall Security Management
    8.5 Dynamic Pre?Trade Analytics
    8.6 Data Enrichment
    8.7 Fraud Detection
    8.8 Electronic Transaction Monitoring
    8.9 Geo-Fencing and Geospatial Analysis
    8.10 Others
9. Event correlation and analysis tool Market- By Service
    9.1 Professional service
        9.1.1 Consulting
        9.1.2 Installation and maintenance
        9.1.3 Training and Support
    9.2 Managed Services
    9.3 Others
10. Event correlation and analysis tool Market- By Deployment model
    10.1 On-premise
    10.2 Cloud
11. Event correlation and analysis tool Market- By Organization size 
    11.1 Small
    11.2 Medium
    11.3 Large
12. Event correlation and analysis tool Market- By End user
    12.1 IT and Telecommunication
    12.2 Banking and financial services (BFSI)
    12.3 Retail
    12.4 Education
    12.5 Healthcare
    12.6 Others
13. Event correlation and analysis tool Market - By Geography 
    13.1 North America Product type and Application Market Size
        13.1.1 US
        13.1.2 Canada
        13.1.3 Mexico 
    13.2 South America Product type and Application Market Size 
        13.2.1 Brazil
        13.2.2 Argentina
        13.2.3 Chile
        13.2.4 Colombia
        13.2.5 Rest of South America
    13.3 Europe Segment Product type and Application Market Size
        13.3.1 U.K
        13.3.2 Germany
        13.3.3 France
        13.3.4 Italy
        13.3.5 Spain
        13.3.6 Netherlands
        13.3.7 Russia
        13.3.8 Rest of Europe
    13.4 APAC Segment - Product type and Application Market Size
        13.4.1 China
        13.4.2 Japan
        13.4.3 India
        13.4.4 South Korea
        13.4.5 Australia
        13.4.6 Indonesia
        13.4.7 Malaysia
        13.4.8 Rest of APAC
    13.5 ROW
        13.5.1 Middle-east
        13.5.2 Africa
14. Event correlation and analysis tool Market - Entropy
    14.1 New product launches
    14.2 M&A s, collaborations, JVs and partnerships
15. Event correlation and analysis tool Market - Industry / Segment Competition landscape Premium (Premium)
    15.1 Market Share Analysis
        15.1.1 Market Share by Country- Top companies
        15.1.2 Market Share by Region- Top 5 companies
        15.1.3 Market Share by type of Application - Top 5 companies
        15.1.4 Market Share at a global level - Top 5 companies
        15.1.5 Best Practices for companies
16. Event correlation and analysis tool Market - Key Company List by Country Premium (Premium)
17. Event correlation and analysis tool Company Analysis
    17.1 Market Share, Company Revenue, Products, M&A, Developments
    17.2 Argent Software
    17.3 BMC Software
    17.4 CA Technologies
    17.5 EG Innovations
    17.6 EMC Ionix
    17.7 GroundWork Open Source
    17.8 HP
    17.9 IBM Tivoli
    17.10 Microsoft
    17.11 NetIQ