The global security information and event management (SIEM) market size reached US$ 5.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 8.5 Billion by 2028, exhibiting a growth rate (CAGR) of 11.5% during 2023-2028.
Security information and event management (SIEM) refers to the process of aggregating, storing, and analyzing several events that are generated through the technological infrastructure of organizations. It is commonly utilized for log management and reporting, threat intelligence, security analytics, behavior profiling, and database management. Event discovery and correlation enhance the speed of network event monitoring by consolidating error logs and alerts into a unified solution. As a result, SIEM is widely employed across numerous industries, such as BFSI, IT and telecom, healthcare, retail, energy and utilities, etc.
Security Information and Event Management (SIEM) Market Trends:
The growing need for advanced security solutions that help organizations to recognize potential threats and vulnerabilities is primarily driving the global security information and event management market. In addition to this, the widespread adoption of SIEM for the segregation of threat alerts based on priority, triaging, and automated response is also catalyzing the market growth. Furthermore, the increasing focus on comprehensive IT governance policies, such as GDPR (General Data Protection Regulation), and compliance with the regulatory framework is augmenting the global market. Apart from this, the rising penetration of cloud-based technology to simplify digital banking processes and reduce associated risks with on-premises security solutions is further creating a positive outlook for the SIEM market. Moreover, the emerging popularity of remote working models, SaaS applications, and the BYOD (Bring Your Own Device) trend is stimulating the requirement for network visibility to mitigate risks from outside the traditional network perimeter. This, in turn, is acting as another significant growth-inducing factor. Beside this, the escalating demand for actionable intelligence to minimize data loss and assist in the prioritization of network-based paradigms is also fueling the SIEM market. Additionally, the introduction of next-gen SIEM solutions integrated with powerful Security Orchestration, Automation, and Response (SOAR) capabilities that handle complex threat identification and incident response protocols in significantly less time than physical teams is projected to drive the global security information and event management market in the coming years.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global security information and event management (SIEM)market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on component, deployment mode, organization size, application and industry vertical.
Breakup by Component:
Breakup by Deployment Mode:
Breakup by Organization Size:
Small and Medium-sized Enterprises
Breakup by Application:
Log Management and Reporting
Breakup by Industry Vertical:
IT and Telecom
Energy and Utilities
Breakup by Region:
Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being AT&T Inc., Exabeam, Inc., Fortinet, Inc., Hewlett Packard Enterprise Development LP, International Business Machines Corporation, Logpoint A/S, Logrhythm, Inc., McAfee Corp., Micro Focus International plc, Solarwinds Corporation, Splunk Inc. and Trend Micro Inc.
Base Year of the Analysis
Component, Deployment Mode, Organization Size, Application, Industry Vertical, Region
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
AT&T Inc., Exabeam, Inc., Fortinet, Inc., Hewlett Packard Enterprise Development LP, International Business Machines Corporation, Logpoint A/S, Logrhythm, Inc., McAfee Corp., Micro Focus International plc, Solarwinds Corporation, Splunk Inc. and Trend Micro Inc.
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Key Questions Answered in This Report
The global Security Information and Event Management (SIEM) market was valued at US$ 5.2 Billion in 2022.
We expect the global Security Information and Event Management (SIEM) market to exhibit a CAGR of 11.5% during 2023-2028.
The growing need for advanced security solutions that assist organizations in recognizing potential threats and vulnerabilities is primarily driving the global Security Information and Event Management (SIEM) market.
The sudden outbreak of the COVID-19 pandemic has led to the rising adoption of remote working models resulting in the increasing demand for Security Information and Event Management (SIEM) solutions to mitigate risks from outside the traditional network perimeter.
Based on the component, the global Security Information and Event Management (SIEM) market has been segmented into solution and services. Currently, solution holds the majority of the total market share.
Based on the deployment mode, the global Security Information and Event Management (SIEM) market can be divided into on-premises and cloud-based, where on-premises currently exhibit a clear dominance in the market.
Based on the organization size, the global Security Information and Event Management (SIEM) market has been categorized into small and medium-sized enterprises and large enterprises. Currently, large enterprises account for the majority of the global market share.
Based on the industry vertical, the global Security Information and Event Management (SIEM) market can be segregated into BFSI, government, IT and telecom, manufacturing, healthcare, retail, energy and utilities, and others. Among these, the BFSI industry holds the largest market share.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global Security Information and Event Management (SIEM) market include AT&T Inc., Exabeam, Inc., Fortinet, Inc., Hewlett Packard Enterprise Development LP, International Business Machines Corporation, Logpoint A/S, Logrhythm, Inc., McAfee Corp., Micro Focus International plc, Solarwinds Corporation, Splunk Inc., and Trend Micro Inc.
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