Overview and Scope
Security information and event management, or SIEM, is a security solution that helps organizations recognize and address potential security threats and vulnerabilities before they have a chance to disrupt business operations. Security information and event management (SIEM) systems provide a comprehensive suite of services aimed at monitoring, detecting, and responding to security events within an organization’s IT infrastructure.
Sizing and Forecast
The security information and event management market size has grown rapidly in recent years. It will grow from $4.73 billion in 2023 to $5.34 billion in 2024 at a compound annual growth rate (CAGR) of 12.8%. The growth in the historic period can be attributed to increasing regulatory compliance requirements, data breaches and cyber attacks, data explosion and complexity, and insider threats and user behavior.
The security information and event management market size is expected to see strong growth in the next few years. It will grow to $7.78 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%. The growth in the forecast period can be attributed to rising cyber threat sophistication, regulatory compliance mandate, cloud adoption and hybrid it environment, and zero trust security framework. Major trends in the forecast period include cloud-native siem, ai, and machine learning integration, zero trust architecture, extended detection and response, automation and orchestration, and edge security.
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Segmentation & Regional Insights
The security information and event management market covered in this report is segmented –
1) By Solution: Software, Services
2) By Deployment: Cloud, On-Premise
3) By Vertical: Banking, Financial Services and Insurance (BFSI), Information Technology and Telecom, Retail and E-commerce, Healthcare and Life Sciences, Manufacturing, Government & Defense, Energy and Utilities, Other Verticals
North America was the largest region in the security information event management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the security information and event management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing cyber threats are expected to propel the growth of the security information event management market going forward. Cyber threats refer to malicious activities and actions that pose a risk to the confidentiality, integrity, and availability of digital assets, systems, networks, and data. Cyber threats are increasing due to several factors contributing to the evolving landscape of cyber security risks such as increased connectivity, and evolving tactics employed by malicious actors. SIEM Security information and event management is instrumental in addressing cyber threats by providing organizations with comprehensive capabilities to monitor, detect, and respond to security incidents effectively. For instance, in November 2022, according to the Australian Cyber Security Centre, an Australia-based cyber security agency, the number of cybercrime reports received in 2022 was 76,000, an increase of 13% from the year before. Therefore, the rising cyber threats are driving the growth of the Security information and event management market.
Key Industry Players
Major companies operating in the security information and event management market are The International Business Machines Corporation, Splunk Inc., McAfee Corporation, Fortinet, Juniper Networks, FireEye, Rapid7, SolarWinds Corporation, Micro Focus (ArcSight), AT&T Cybersecurity AlienVault, Trustwave, LogRhythm, Alert Logic, Fidelis Cybersecurity, Exabeam, Securonix, Proficio, Logsign, LogPoint , Cygilant, Seceon, Gurucul, Graylog, Intel Security
The security information and event management market report table of contents includes:
- Executive Summary
- Security Information and Event Management Market Characteristics
- Security Information and Event Management Market Trends And Strategies
- Security Information and Event Management Market – Macro Economic Scenario
- Global Security Information and Event Management Market Size and Growth
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- Global Security Information and Event Management Market Competitive Benchmarking
- Global Security Information and Event Management Market Competitive Dashboard
- Key Mergers And Acquisitions In The Security Information and Event Management Market
- Security Information and Event Management Market Future Outlook and Potential Analysis
- Appendix
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