Security Information And Event Management Market size is set to grow by USD 4.18 billion from 2024-2028, Increase in cybercrime boost the market, AI Role and Impact, Technavio

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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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 

1. Deployment 
• 1.1 On-premise
• 1.2 SaaS-based
2. End-user 
• 2.1 Government
• 2.2 BFSI
• 2.3 Telecom
• 2.4 Healthcare
• 2.5 Others
3. 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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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
• On-premise
• SaaS-based
• 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.

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SOURCE Technavio