Enterprises will spend $330 million on security event management (SEM) solutions this year and will spend $800 million on the technology by 2008, according to research firm Yankee Group.
The 30 percent annualized growth reflects a shift to holistic security management by enterprises as they deal with compliance demands and increased cyberthreats, researchers said.
The SEM market is maturing rapidly, which is helping companies reduce risk and deal with new compliance regulations more effectively, according to Yankee Group.
Making the most of an investment in SEM technology, however requires that an organization integrate IT and security departments, researchers said. "Today, most security groups operate as an independent silo," George Hamilton, senior analyst at Yankee Group, said in a prepared statement.
The firm predicts the security industry as a whole will amount to $12.9 billion this year and grow 6 percent per year.