Security Information and Event Management Market

The global security information and event management market size was valued at USD 6.72 Bn in 2022, is projected to reach USD 18.34 Bn by 2031, and expand at a CAGR of 16.43% during the forecast period, 2023–2031. The growth of the market is attributed to the increasing demand for security information and event management.

Security information and event management (SIEM) enable compliance, threat detection, and security incident management. In this procedure, the information related to security events is gathered, stored, and analyzed with a broad range of other events and contextual data sources.

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Applications, host systems, networks, and domain controllers are typically included in the infrastructure, as are security devices including firewalls and antivirus filters. The market covers activities such as providing countermeasure information, accumulating and disseminating threat intelligence, and providing early warning threat services.

Increasing security concerns in numerous industries such as Information technology (IT), government premises, and even residential and commercial applications, are projected to grow the SIEM market. Reduced liabilities, raised employee responsibilities, reinforce compliance, and improve work efficiency, are some of the advantages which influence the growth of the market.

The COVID-19 pandemic affected the SIEM solutions industry in terms of manufacturing, support, distribution, maintenance, and investment. Lockdowns have resulted in a shortage of in-field employees and technicians, as offices were shutting down, and developers were cut off from the network. There was a significant investment crisis due to the economic volatility of the market.

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.

Security Information And Event Management Market Dynamics

Drivers

Increasing demand for regulatory compliance 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.

Restraints

A lack of awareness regarding sophisticated solutions is expected to hamper the market in the coming years. Factors such as the high cost of scalability & deployment of SIEM are estimated to hinder market growth. However, the installation, maintenance, updates, and staffing of SIEM is an expensive investment, and this reflects as one of the major restraints of the market. The availability of free software or system is anticipated to hinder market growth, as freely available software occupies a large section of the market.

Opportunities

Advancements in the internet of things and 5G technology is projected to create lucrative opportunities for market players. The recent trends of increase in the digitally inclined population and adoption of remote business operations require cloud-based software support. This is projected to give light on the emerging opportunities in the security information and event management market.

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Scope of Security Information And Event Management Market 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.
 

Security Information And Event Management Market Segment Insights

On the basis of application, 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, 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.

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Based on component, 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.

On the basis of organization size, 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 the deployment of advanced technology to promote lower liabilities and increase employee accountability. The large enterprise segment is expected to hold a significant share of the market, to increase efficiency and strengthen compliance.

On the basis of vertical, the market is segregated into manufacturing, retail trade, healthcare & social assistance, finance & 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 the increasing need for a balanced security approach and the integration of detection and response tools with security information.

In terms of region, 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 compliance 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.

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Segments

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

Application

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

Component

• Services
• Solutions

Organization Size

• Large Enterprises
• Small & Medium-sized Enterprises

Deployment

• Cloud-based
• On-premises

Vertical

• Manufacturing
• Retail Trade
• Healthcare & Social Assistance
• Finance & Insurance
• Information
• Utilities
• Other

Regions

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

Key Players

• Sumo Logic
• Fortra, LLC
• Fortinet, Inc.
• BlackStratu
• ALIENVAULT, INC.
• LogPoint.
• GURUCUl
• Graylog, Inc.
• Cygilant, Inc.
• LogRhythm, Inc.

Competitive Landscape

Key players in the global security information and event management market are Sumo Logic; Fortra, LLC; Fortinet, Inc.; BlackStratu; ALIENVAULT, INC.; LogPoint.; GURUCUl; Graylog, Inc.; Cygilant, Inc.; SolarWinds Worldwide, LLC.; Sumo Logic; Fortra, LLC; Fortinet, Inc.; BlackStratu; ALIENVAULT, INC.; LogPoint.; GURUCUl; Graylog, Inc.; Cygilant, Inc.; and LogRhythm, Inc.  Followed by the strategies they use. For instance,

In October 2022, LogRhythm, Inc. launched a Cloud-Native Security Operations Platform called Axon, a new system that is introduced as an upgrade to LogRhythm SIEM, NDR, and UEBA. With Axon, security teams are estimated to easily obtain clean visibility across cloud and on-premises log sources.