Security Information and Event Management Market Trends
How Are the key drivers contributing to the expansion of the security information and event management market?
The escalation of cyber threats is anticipated to boost the expansion of the security information event management market. Such threats constitute harmful actions that endanger the security, integrity, and availability of digital assets, networks, systems, and data. The surge in these risks can be attributed to factors such as enhanced connectivity and innovative tactics adopted by malicious actors. Using Security Information and Event Management (SIEM) helps combat these threats, offering organizations a broad range of capabilities to effectively oversee, identify, and respond to security incidents. For example, the Australian Cyber Security Centre, a cyber security agency based in Australia, reported in November 2022 that they received 76,000 reports of cybercrime in 2022, marking a 13% rise from the previous year. Consequently, the growing cyber threats are fuelling the expansion of the Security Information and Event Management market.
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What growth opportunities are expected to drive the security information and event management market’s CAGR through 2034?
In recent times, the security information and event management market has witnessed significant growth. It is projected to expand from a value of $5.34 billion in 2024 to $5.67 billion in 2025, with a compound annual growth rate (CAGR) of 6.1%. This growth in the historical period can be credited to factors such as heightened regulatory compliance needs, data breaches and cyber threats, increased data complexity, and the rise of insider threats and user behavior patterns.
The anticipated expansion of the security information and event management market is quite significant, with a projected value of $8.62 billion in 2029, representing a compound annual growth rate (CAGR) of 11.1%. This projected increase over the forecast period can be tied to factors such as a surge in elaborately designed cyber threats, the necessity for regulatory compliance, cloud technology adoption, hybrid IT landscapes, and the implementation of a zero-trust security framework. Some dominant trends that will mark this forecast period comprise of cloud-native SIEM, the integration of AI and machine learning, zero trust structures, extended detection and response techniques, automation and orchestration, and heightened edge security.
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What are the emerging trends shaping the future of the security information and event management market?
Leading entities within the security information and event management market are leveraging innovative technologies like Security Management Outsourcing Services to enhance their market profitability. This service provides a team of experts constantly watching, identifying, and managing cyber threats. For instance, in July 2023, the cybersecurity firm based in Japan, NTT Data, introduced its Security Management outsourcing service. This service is designed to reduce the impact of incidents and prevent them from happening at all. Starting from July 2023, the MDR service will be offered in Japan, and it is expected to roll out globally by the fiscal year ending March 2024. Advanced security technicians with more than two decades of experience in incident response will operate as part of the company’s CSIRT within the MDR service, conducting a wide range of actions to identify the issue, implement emergency responses, improve recovery procedures, and curb repeat incidents.
Which growth-oriented segments of the security information and event management market are leading the industry’s development?
The security information and event management market covered in this report is segmented –
1) By Solution: Software, Services
2) By Deployment: Cloud, On-Premise
3) By Vertical: Banking, Financial Services And Insurance (BFSI), Information Technology And Telecom, Retail And E-commerce, Healthcare And Life Sciences, Manufacturing, Government And Defense, Energy And Utilities, Other Verticals
Subsegments:
1) By Software: On-Premises SIEM Software, Cloud-Based SIEM Software, Hybrid SIEM Solutions, Security Analytics Software
2) By Service: Managed SIEM Services, Consulting Services, Integration Services, Support And Maintenance Services
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North America was the largest region in the security information event management market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the security information and event management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What companies are at the forefront of innovation in the security information and event management market?
Major companies operating in the security information and event management market are The International Business Machines Corporation, Splunk Inc., McAfee Corporation, Fortinet, Juniper Networks, FireEye, Rapid7, SolarWinds Corporation, Micro Focus (ArcSight), AT&T Cybersecurity AlienVault, Trustwave, LogRhythm, Alert Logic, Fidelis Cybersecurity, Exabeam, Securonix, Proficio, Logsign, LogPoint, Cygilant, Seceon, Gurucul, Graylog, Intel Security
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What Is Covered In The Security Information and Event Management Global Market Report?
•Market Size Forecast: Examine the security information and event management market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the security information and event management market for a structured understanding.
•Key Players Overview: Analyze major players in the security information and event management market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the security information and event management market.
•Segment Contributions: Evaluate how different segments drive overall growth in the security information and event management market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the security information and event management market.
•Industry Challenges: Identify potential risks and obstacles affecting the security information and event management market.
•Competitive Landscape: Review strategic developments in the security information and event management market, including expansions, agreements, and new product launches.
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