According to a recent report published by Allied Market Research, titled, “Asia Security Information and Event Management Market By Component, Deployment Model, Enterprise Size, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2021-2030,” The Asia security information and event management market was valued at $914.73 million in 2020, and is projected to reach $3,483.66 million by 2030, registering a CAGR of 14.2%.
The growth of the Asia security information and event management market size is driven by continuous increased acceptance of e-learning in corporate and academic set-ups and proactive government initiatives in developing markets. In addition, technological advancements in smart education & e-learning and growing number of mobile learning applications positively impacts the market.
In 2020, the solution segment dominated the overall Asia security information and event management market, and is expected to continue this trend during the forecast period. SIEM systems are available in a variety of forms, including traditional server software, hardware appliances, cloud-based, and virtual appliances. SIEM systems are currently built as a data store for high-velocity input, with an emphasis on usability. Need for modern SIEM tools to manage the IT security is expected to drive the growth of the SIEM solution segment in near future. However, the services segment is expected to witness highest growth in the upcoming years. Growth in need for better security management, supportive government policies and rules to implement SIEM software, increase in adoption of SIEM on BYOD, and advancements in the SIEM technology has urged users to seek better knowledge and guidance along with the other services to effectively implement the SIEM technology in enterprises to gain maximum output with high quality.
The current estimation of 2030 is projected to be higher than pre-COVID-19 estimates. Post COVID-19, revenue of the Asia security information and event management industry is estimated to be $914.73 million in 2020. It has registered increase in its revenue and is expected to reach $1,058.34 million in 2021. The rising cyber-attacks during the Covid-19 pandemic has pushed demand for security information and event management solutions among the enterprises.
Key Findings Of The Study
- By component, in 2020, the solution dominated the Asia security information and event management market size. However, the services segment is expected to exhibit significant growth rate during the forecast period.
- Depending on deployment model, the on-premise generated the highest revenue in 2020. However, the cloud segment is expected to witness highest growth rate in the near future.
- On the basis of enterprise size, the large enterprises segment accounted for the highest revenue in 2020, however, the SMEs segment is expected to witness highest growth rate in Asia security information and event management market forecast period.
- Country wise, the Asia security information and event management market share was dominated by China. However, India is expected to witness significant growth in the upcoming years.
Some of the key players profiled in the Asia security information and event management industry report include Dell EMC, Exabeam, Fortinet, Inc., IBM Corporation, McAfee LLC, Micro Focus, RAPID7, RSA Security LLC, Solarwinds Worldwide, LLC, and Splunk, Inc