Security Information and Event Management Market by Applications (Security Analytics, Threat Intelligence, Log Management and Reporting, and Others), Components (Services and Solutions), Organization Sizes (Large Enterprises and Small & Medium-sized Enterprises), Deployments (Cloud-based and On-premises), Verticals (Manufacturing, Retail Trade, Healthcare and Social Assistance, Finance and Insurance, Information, Utilities, and Others), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2022 – 2030

The global security information and event management market size was valued at USD 4.22 billion in 2021, is projected to reach USD 6.63 billion by 2030 and expanding at a CAGR of 8.1% during the forecast period, 2022–2030. The growth of the market is attributed to increasing demand for security information and event management.

Security information and event management (SIEM) enables compliance, threat detection, and security incident management. In this procedure, the information related to security events is gathered, stored, and analyzed with the broad range of other events and contextual data sources. Applications, host systems, networks, and domain controllers are typically included in the infrastructure, as are security devices including as firewalls and antivirus filters. The market covers activities such as providing countermeasure information, accumulate and disseminating threat intelligence, and providing early warning threat services.

The COVID-19 pandemic affected the SIEM solutions industry in terms of manufacture, support, distribution, maintenance, and investment. Lockdowns have resulted in a shortage of in-field employees and technicians, as offices were shutting down, developers were cut off from the network. There was a significant investment crisis due to the market economic volatility. A thorough security information and event management market study is necessary, to completely identify all areas of the industry. However, current developments such as an increase in the digital population and distant company activities via cloud-based software suggest that the SIEM system industry has a bright future.

Market Trends, Drivers, Restraints, and Opportunities

• Increasing demand for regulatory compliances regarding IT security is expected to drive the market.
• Rising concern for cyber-attacks and external or internal threats that harm the data is projected to propel the market during the forecast period.
• Availability of free software or system is anticipated to hinder the market growth, as freely available software occupies a large section of the market.
• Lack of awareness regarding sophisticated solutions is expected to hamper the market in the coming years.
• Advancements in internet of things and 5G technology is projected to create lucrative opportunities for market players. 

Scope of the Report

The report on the global security information and event management market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

Security analytics segment to expand at a considerable CAGR

On the basis of applications, the security information and event management market is segregated into security analytics, threat intelligence, log management and reporting, and others. The security analytics segment is projected to expand at a considerable CAGR during the forecast period. Comprehensive visibility, automation for error detection and remediation, adherence to demanding compliance demands, log collecting and management, and fewer false positives are some of the elements that drive the need for security analytics. The threat intelligence segment is anticipated to account for a major market share during the forecast period, as it is used to identify potential breaches and dwelling threats from disparate network areas.

Solutions segment to hold a significant share of the market

Based on components, the market is bifurcated into services and solutions. The solutions segment is expected to hold a significant share of the market in the coming years, due to rising demand for modern SEIM tools to manage IT security. The services segment accounts for a significant market share, owing to rising demand for security management, supportive government policies and rules to implement SEIM software.

Small & medium-sized enterprises segment to expand at a substantial CAGR

On the basis of organization sizes, the security information and event management market is segregated into large enterprises and small & medium-sized enterprises. The small & medium-sized enterprises segment is anticipated to expand at a substantial CAGR during the forecast period, owing to deployment of advance technology to promote lower liabilities and increasing employ accountability. The large enterprises segment is expected to hold a significant share of the market, to increase efficiency and to strengthen compliances.    

Cloud-based segment to register considerable market share

Based on deployments, the market is segmented into cloud-based and on-premises. The cloud-based segment is projected to register considerable market share in the coming years, owing to analyze large volumes of data across an enterprise. The on-premises segment is expected to hold substantial CAGR, due to increasing need for early detection of targeted attacks and data breaches in real-time.

Healthcare and social assistance segment to expand at a considerable CAGR

On the basis of verticals, the market is segregated into manufacturing, retail trade, healthcare and social assistance, finance and insurance, information, utilities, and others. The healthcare and social assistance segment is projected to expand at a considerable CAGR during the forecast period, to generate and commercialize healthcare goods and services. The finance and insurance segment is anticipated to account for a major market share during the forecast period, owing to increasing need for balanced security approach and the integration of detection and response tools with the security information.

North America is anticipated to constitute a key market share

In terms of regions, the security information and event management market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the forecast period, owing to increasing demand for regulatory compliances regarding IT security in the region. The market in Asia Pacific is anticipated to expand at a rapid pace during the forecast period, due to rising concern for cyber-attacks in the region.

Segments

The global security information and event management market has been segmented on the basis of

• Security Analytics
• Threat Intelligence
• Log Management and Reporting
• Others

• Services
• Solutions

• Large Enterprises
• Small & Medium-sized Enterprises

• Cloud-based
• On-premises

• Manufacturing
• Retail Trade
• Healthcare and Social Assistance
• Finance and Insurance
• Information
• Utilities
• Others

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

• Alert Logic
• Sumo Logic
• BlackStratu
• AlienVault
• Fortinet
• LogPoint
• Gurucul
• Graylog
• Cygilant
• SolarWinds
• IBM
• Micro Focus
• Rapid7
• RSA
• McAfee
• Splunk
• ManageEngine
• LogRhythm
• Exabeam
• Securonix

Competitive Landscape

Key players competing in the global security information and event management market are Alert Logic; Sumo Logic; BlackStratus; AlienVault; Fortinet; LogPoint; Gurucul; Graylog; Cygilant; SolarWinds; IBM; Micro Focus; Rapid7; RSA; McAfee; Splunk; ManageEngine; LogRhythm; Exabeam; and Securonix.

Market for security information and event management is growing due to the different ongoing acquisitions and advancement in technology. Siemens Energy launched a platform-as-a-service (PaaS) offering for industrial businesses on September 21st, 2021: a security information and event management (SIEM) platform designed for use inside Security Operation Centers (SOC) that can deliver context, insights, visibility, and actions on industrial data, assets, procedures, and threats.