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Security Information and Event Managements Market is Expected to Reach $18.12 Billion by 2030

 
2022
Security Information and Event Managements Market

Report Code : A01982

quote The Asia-Pacific region is expected to witness highest growth in the upcoming years. This is attributed to rise in demand for SIEM among the enterprises in Asia-Pacific region, owing to evolution in the IT security arena, cloud computing, and enterprise mobility. The need for comprehensive SIEM deployments is expected to drive the growth for SIEM products in Asia-Pacific as it has become vital to protect the critical assets in the enterprise networks. Further, regulatory compliances surrounding IT security have compelled enterprises in the region to adopt SIEM technology, which is expected to propel the growth of the market in this region in the upcoming years. quote

Rachita Rake
Research Analyst, ICT at Allied Market Research

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According to a recent report published by Allied Market Research, titled, “Security Information and Event Managements Market by Component, Deployment Model, Enterprise Size, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2021-2030,” the global security information and event management market size was valued at $3.92 billion in 2020, and is projected to reach $18.12 billion by 2030, growing at a CAGR of 16.4% from 2021 to 2030.

The security information and event management (SIEM) market is expected to be driven by growing demand for security solutions that assist organizations in identifying possible security threats and vulnerabilities. As remote workforces, bring your own device (BYOD) and SaaS apps policies have increased in popularity, industries require the level of transparency to manage network potential risks from outside the traditional network perimeter. The advanced SIEM to be used for anomaly detection is expected to offer significant growth for the security information and event management industry in the near future. IBM Corporation’s QRadar Security Intelligence is the only known product, which qualifies for anomaly detection or behavioral analytics. The challenges in usage on SIEM in anomaly detection such as information of time to apply this analysis or efficient procedure to adjust time intervals to accommodate random and infrequent acts of humans, affect the extensive adoption of such SIEM products. However, with innovation and more refined understanding, the demand for such solutions is expected to increase during the forecast period.

On the basis of component, the solution segment dominated the overall security information and event management industry in 2020, and is expected to continue this trend throughout the security information and event management market forecast period. The rise in demand for modern SIEM tools to manage IT security is expected to drive the growth of the SIEM solution segment. The next generation SIEM is gaining momentum in the market due to its advanced features which help to tackle various challenges such as large number of events that are needed to be considered outside the syslog files which assist to move on an investigation forward; complexity of SIEM solutions; necessity of an expert personnel to handle the SIEM system; and others. Next gen platforms offer baselining capabilities, automation, and intelligence, which ensure data relevancy and noise filtration. In addition, technologies such as time normalization, metadata analysis, and file integrity monitoring deliver far advanced insights which is expected to drive the growth this segment. However, the services segment is expected to grow the most, and this trend is expected to continue during the forecast period. The 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 to effectively implement the SIEM technology in enterprises to gain maximum output with high quality. These services make it easier to implement and use SIEM solution at the maximum efficiency and capabilities, which is expected to drive the growth of the service segment.

On the basis of industry vertical, the BFSI sector garnered the largest security information and event management market share in 2020, and is expected to continue this trend during the forecast period. Banks and financial institutions operate in a high-threat environment where efficient IT threat management is critical capability along with compliance. SIEM offers threat detection, risk monitoring, and necessary analytics to manage external and internal attacks. SIEM offers continuous risk monitoring, account monitoring, defense against external threats, risk mitigation, and risk routing. However, the healthcare sector is expected to witness highest growth in the upcoming years.

The global security information and event management market size was valued at $3.92 billion in 2020, and is projected to reach $18.12 billion by 2030, growing at a CAGR of 16.4% from 2021 to 2030. The COVID-19 outbreak has a positive impact on the growth of the security information and event managements market due to security and safety reasons. However, the outbreak of COVID-19 has affected communities globally, while governments and other sectors are trying their best to respond faster to the challenges posed by this pandemic. Furthermore, governments and businesses are increasingly asking employees to work from home or are shifting work to employees in less affected areas to maintain business continuity during the pandemic. However, the situation has accelerated the adoption of advanced technologies such as artificial intelligence (AI), machine learning (ML), automation, and IOT to control costs while improving the customer experience, which is expected to provide lucrative opportunities for security information and event managements market. Further, industries such as public sector, banking & financial sector, government sector, and healthcare sector have shown increased adoption of security information and event managements and are expected to continue using them owing to the rising focus on digitization, growing technological awareness, and need for better security systems. Increasing government initiatives to deploy advanced security solutions for better safety and convenience is anticipated to create significant growth opportunities for major players.

Key Findings Of The Study

  • On the basis of component, the solution segment dominated the security information and event managements market in 2020. However, the services segment is expected to exhibit significant growth during the forecast period.
  • On the basis of enterprise size, the large enterprise segment dominated the security information and event managements market in 2020. However, the SMEs segment is expected to exhibit significant growth during the forecast period.
  • On the basis of deployment model, the on-premise segment dominated the security information and event managements market in 2020. However, the cloud segment is expected to exhibit significant growth during the forecast period.
  • On the basis of industry vertical, the BFSI sector accounted for the highest revenue of market in 2020; however, the healthcare sector is expected to witness the highest growth rate during the forecast period.
  • On the basis of region, the security information and event managements market was dominated by North America in 2020. However, Asia-Pacific is expected to witness significant growth in the coming years.

This report gives an in-depth profile of some key market players in the security information and event managements market, which includes Dell EMC, Hewlett Packard Enterprise Development LP, IBM Corporation, LogRhythm, Inc., McAfee LLC., SolarWinds, Inc., Splunk, Inc., Symantec Corporation, Trend Micro, Inc., and Trustwave Holdings Inc. This study includes market trends, security information and event management market analysis, and future estimations to determine the imminent investment pockets

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quote Security Information and Event Management Market by Component (Solution and Services), Deployment Model (On-premise and Cloud), Enterprise Size (Large Enterprise, Small and Medium Size Enterprise), and Industry Vertical (BFSI, Government, IT & Telecom, Manufacturing, Healthcare, Retail, Energy & Utilities, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030. quote

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