IMARC Group, a leading market research company, has recently releases report titled “Security Information and Event Management (SIEM) Market Report by Component (Solution, Services), Deployment Mode (On-premises, Cloud-based), Organization Size (Small and Medium-sized Enterprises, Large Enterprises), Application (Log Management and Reporting, Threat Intelligence, Security Analytics, and Others), Industry Vertical (BFSI, Government, IT and Telecom, Manufacturing, Healthcare, Retail, Energy and Utilities, and Others), and Region 2024-2032”, Offers a comprehensive analysis of the industry, which comprises insights on the market.
How Big Is the Security Information and Event Management Market?
The global security information and event management (SIEM) market size reached US$ 5.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 14.0 Billion by 2032, exhibiting a growth rate (CAGR) of 10% during 2024-2032.
Factors Affecting the Growth of the Security Information and Event Management (SIEM) Industry:
- Rising Cybersecurity Threats:
The rising cybersecurity breaches to steal various confidential data represent one of the crucial factors impelling the growth of the market. Insider threats, whether intentional or unintentional, pose a significant risk. Employees or individuals with access to sensitive information may compromise security either maliciously or inadvertently. The increasing occurrence and severity of cybersecurity breaches are elevating the importance of robust security measures, positioning SIEM solutions as a vital component in the cybersecurity strategy of an organization. Threat actors are employing advanced techniques, such as ransomware, zero-day exploits, and supply chain attacks, necessitating SIEM platforms to adapt and evolve to counter these evolving threats effectively.
- Regulatory Compliance:
A growing emphasis on regulatory compliance is another significant driver influencing the SIEM market. Governments and industry regulators worldwide are enacting stringent data protection and privacy regulations, compelling companies to implement comprehensive security processes to protect sensitive data. SIEM solutions play a crucial role in helping organizations demonstrate compliance with various regulations by providing comprehensive audit trails, real-time monitoring, and incident response capabilities. Moreover, as regulatory frameworks continue to evolve, the demand for SIEM solutions that facilitate compliance will likely see continued growth.
- Technological Advancements:
The rising technological advancements in software development procedures are propelling the growth of the market. The addition of artificial intelligence (AI) and machine learning (ML) into SIEM solutions is significantly enhancing their capability to detect and respond to sophisticated cyber threats. These technologies enable SIEM platforms to analyze vast amounts of data in real-time, analyzing patterns and anomalies that might go unnoticed by traditional security measures. Moreover, as organizations strive to stay ahead of cyber adversaries, the adoption of cutting-edge technologies remains a pivotal factor in shaping the SIEM market.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/security-information-event-management-market/requestsample
Leading Companies Operating in the Global Security Information and Event Management Industry:
- 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.
- Trend Micro Inc.
Security Information and Event Management (SIEM) Market Report Segmentation:
By Component:
- Solution
- Services
Solution is the most prevalent method due to its comprehensive approach to managing an organization's information security.
By Deployment Mode:
- On-premises
- Cloud-based
On-premises accounted for the largest market share due to its user-friendliness and effectiveness.
By Organization Size:
- Small and Medium-sized Enterprises
- Large Enterprises
Large enterprises represented the biggest segment as they deal with massive quantities of confidential and important data.
By Application:
- Log Management and Reporting
- Threat Intelligence
- Security Analytics
- Others
On the basis of application, the market has been divided into blog management and reporting, threat intelligence, security analytics, and others.
By Industry Vertical:
- BFSI
- Government
- IT and Telecom
- Manufacturing
- Healthcare
- Retail
- Energy and Utilities
- Others
BFSI represented the largest segment as they focus on maintaining the security of various critical information like card details, personal credentials, and passcodes.
Regional Insights:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
North America's dominance in the security information and event management (SIEM) market is attributed the rising occurrence of cyber security breaches and increasing investments in maintaining the safety of critical data among various public and private organizations.
Global Security Information and Event Management (SIEM) Market Trends:
Security orchestration, automation, and response (SOAR) technologies are gaining prominence as organizations seek to streamline their cybersecurity operations. The integration of SIEM with SOAR platforms enhances the overall security posture by automating response actions to security incidents.
This integration not only accelerates incident response times but also reduces the burden on cybersecurity teams, allowing them to focus on numerous complex tasks. Moreover, as organizations recognize the benefits of a cohesive security infrastructure, the integration of SIEM with SOAR is expected to be a key trend shaping the future of cybersecurity operations.
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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