NEW
YORK, Aug. 22, 2024 /PRNewswire/ -- The global
security information and event management market size is estimated
to grow by USD 4.18 billion from
2024-2028, according to Technavio. The market is estimated to grow
at a CAGR of about 10.87% during the forecast period.
Increase in cybercrime is driving market growth, with a
trend towards growing popularity of managed security service
providers. However, threat from open-source siem software
poses a challenge. Key market players include Assuria, AT and
T Inc., Broadcom Inc., Dell Technologies Inc., Fortinet Inc.,
Hewlett Packard Enterprise Co., International Business Machines
Corp., Logpoint, LogRhythm Inc., McAfee LLC, Open Text Corporation,
Rapid7 Inc., Securonix Inc., SolarWinds Corp., Splunk Inc., Tenable
Holdings Inc., TIBCO Software Inc., Trend Micro Inc., Trustwave
Holdings Inc., and Zoho Corp. Pvt. Ltd..
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Security Information
And Event Management Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
10.87%
|
Market growth
2024-2028
|
USD 4183.9
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
9.53
|
Regional
analysis
|
North America, Europe,
APAC, Middle East and Africa, and South America
|
Performing market
contribution
|
North America at
32%
|
Key
countries
|
US, China, Germany, UK,
and Japan
|
Key companies
profiled
|
Assuria, AT and T Inc.,
Broadcom Inc., Dell Technologies Inc., Fortinet Inc., Hewlett
Packard Enterprise Co., International Business Machines Corp.,
Logpoint, LogRhythm Inc., McAfee LLC, Open Text Corporation, Rapid7
Inc., Securonix Inc., SolarWinds Corp., Splunk Inc., Tenable
Holdings Inc., TIBCO Software Inc., Trend Micro Inc., Trustwave
Holdings Inc., and Zoho Corp. Pvt. Ltd.
|
Market Driver
Managed security services, including managed firewalls, virtual
private networks, intrusion detection, managed antivirus, and
compliance services, are outsourced to third-party service
providers known as managed security service providers (MSSPs).
Organizations are turning to MSSPs to alleviate the pressure on
their day-to-day business operations related to information
security, such as targeted malware, resource constraints, customer
data theft, and a shortage of IT skilled professionals. MSSPs act
as partners and consultants, collaborating with businesses to
discuss long-term goals and advise on achieving security needs.
During the 1990s, companies did not prioritize maintaining strong
relationships with MSSPs. However, in today's complex network and
IT system security landscape and expanding global business
environment, it is essential for companies to maintain close
relationships with MSSPs to maximize benefits. MSSPs offer simple
security solutions, such as security event monitoring and content
security, but also cater to the growing demand for more complex
services like vulnerability management and compliance-related
solutions. The vulnerability management space, which encompasses
vulnerability scanning, patching, upgrades, configuration
enforcement, and change control, is experiencing increased demand.
Similarly, compliance-related security offerings, such as
compliance and policy assessments and security benchmarking, are
also gaining popularity. These factors are expected to fuel the
growth of the global security information and event management
market during the forecast period.
In today's digital world, enterprises face increasing risks from
cyberattacks and data breaches. To mitigate these threats,
businesses are turning to Security Information and Event Management
(SIEM) technology. SIEM solutions help monitor IT infrastructure in
real-time, analyzing event logs for cyber threats such as
ransomware and malware. Machine learning and AI technology enhance
SIEM capabilities, enabling statistical and pattern modeling for
error detection and remediation. Trends like the metaverse, VR
headsets, and interconnected systems present new challenges. Large
enterprises in financial sectors, healthcare, IT & Telecom,
manufacturing, and critical infrastructure require continuous
monitoring and incident response. Compliance requirements and
certifications demand holistic visibility into business operations.
SIEM solutions provide real-time data analysis, ensuring data
protection and asset security. Skilled personnel manage network
architecture and security operations, ensuring compliance with
mandates and minimizing risks. Automation streamlines log analysis,
reducing manual effort and improving efficiency. In the evolving
cybersecurity landscape, SIEM technology plays a crucial role in
safeguarding businesses against cyber threats.
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Market Challenges
- Open-source Security Information and Event Management (SIEM)
solutions are gaining significant traction in the market,
particularly in developing economies such as India and China. These solutions offer an economical
alternative to expensive on-premises and cloud-based SIEM systems.
Small-scale enterprises in these regions, with limited resources
and expertise, are increasingly adopting open-source SIEMs due to
their zero capital investment requirement. This trend is posing a
challenge to the revenue growth of the global SIEM market.
Open-source SIEMs can be downloaded and run on various platforms,
making them a flexible and cost-effective option for businesses.
However, they may require more technical expertise for
implementation and maintenance compared to their commercial
counterparts. Despite this, the adoption of open-source SIEMs is
expected to continue, as they offer an attractive proposition for
cost-conscious organizations.
- The Security Information and Event Management (SIEM) market is
growing rapidly due to the increasing risks and complexities in the
cybersecurity landscape. Network architecture and interconnected
systems present significant challenges for security operations.
Financial sectors, critical infrastructure, and large enterprises
are prime targets for ransomware and malware attacks. SIEM
solutions provide continuous monitoring, incident response, and
compliance requirements for assets and data protection. In the
healthcare sector, SIEM solutions help detect potential breaches,
monitor capabilities, and ensure HIPAA compliance. IT & Telecom
and manufacturing industries also benefit from SIEM's holistic
visibility and automation. However, challenges remain, such as log
analysis, error detection, remediation, and compliance mandates.
SIEM solutions must provide statistical and pattern modeling to
detect potential breaches and dwelling threats in network areas.
Certifications and best practices are essential for effective SIEM
implementation. In the cybersecurity landscape, SIEM solutions
offer continuous monitoring, compliance, and incident response for
assets, data protection, and business processes. SIEM solutions
help financial firms, healthcare providers, and critical
infrastructure organizations mitigate risks and meet regulatory
requirements.
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Segment Overview
This security information and event management market report
extensively covers market segmentation by
- Deployment
- 1.1 On-premise
- 1.2 SaaS-based
- End-user
- 2.1 Government
- 2.2 BFSI
- 2.3 Telecom
- 2.4 Healthcare
- 2.5 Others
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 Middle East and
Africa
- 3.5 South America
1.1 On-premise- The on-premises segment of the
Security Information and Event Management (SIEM) market is
experiencing growth due to its customization and high data security
benefits. This model requires significant capital investment as it
involves purchasing hardware and software licenses in-house.
Despite the higher cost, businesses prefer on-premises SIEM for
enhanced security as there is no third-party interference. Key
drivers fueling the market growth include the digitization of
processes, increasing demand for IoT, and workflow automation
worldwide. These trends are expected to boost the on-premises SIEM
market during the forecast period.
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analysis including forecast (2024-2028) and historic data
(2017-2021) - Download a Sample Report
Research Analysis
The Security Information and Event Management (SIEM) market is
experiencing significant growth due to the increasing number of
cyberattacks and data breaches threatening businesses across
various industries. Digital technologies have become integral to
business operations, leading enterprises to prioritize IT
infrastructure security. SIEM technology plays a crucial role in
monitoring and analyzing event logs from IT systems and networks in
real-time, enabling early detection and response to cyber threats.
With interconnected systems and critical infrastructure at risk,
the need for skilled personnel and advanced security operations is
more important than ever. Siem technology helps organizations
protect their assets, mitigate risks, and maintain compliance in
the ever-evolving cybersecurity landscape. The IT & Telecom
sector, in particular, faces significant risks from cyber threats
such as ransomware, making SIEM a must-have solution for data
protection.
Market Research Overview
The Security Information and Event Management (SIEM) market is a
critical component of the cybersecurity landscape, particularly in
the face of increasing cyberattacks and data breaches. With the
proliferation of digital technologies and interconnected systems in
enterprises, real-time data analysis is essential for detecting and
responding to cyber threats. SIEM technology plays a crucial role
in this regard by collecting and analyzing event logs from IT
infrastructure, including network areas, VR headsets, smart
glasses, and other digital assets. Machine learning and AI
technology are increasingly being used to enhance SIEM
capabilities, enabling statistical modeling and pattern modeling to
detect potential breaches and dwelling threats. Siem solutions help
businesses ensure continuous monitoring, incident response, and
compliance with certifications and mandates. The financial sectors,
healthcare, IT & Telecom, manufacturing, and critical
infrastructure are among the industries that can significantly
benefit from SIEM technology to protect their assets and ensure
data protection. Best practices for SIEM implementation include
skilled personnel, log analysis, error detection, remediation, and
holistic visibility. The cybersecurity landscape is constantly
evolving, and SIEM solutions must keep up with the latest risks and
threats, including ransomware, malware, and compliance
requirements.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Deployment
-
- End-user
-
- Government
- BFSI
- Telecom
- Healthcare
- Others
- Geography
-
- North America
- Europe
- APAC
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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