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Security Information And Event Management Market

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.

✷  A01982
Pages: 210
Feb 2022 | 12633 Views
Author(s) : Vikas Gaikwad and Rachita Rake
Tables: 149
Charts: 63
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COVID-19

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Security Information and Event Management Market Statistics: 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 global security information and event management market is growing at a rapid pace as a result of increase security concern in industries such as IT, BFSI, government and among others. Moreover, the small and medium scale enterprises have started to deploy advance technology to promote lower liabilities, increase employee accountability, strengthen compliances, and increase efficiencies, which is expected to drive the growth of the SIEM market post COVID-19.

SIEM includes products designed to collect data from various sources to identify patterns of events that might signify misuse of critical data, failure, intrusion, or attack on systems. Event discovery and correlation simplifies and speeds up the network event monitoring by consolidating error logs and alerts into a unified solution. The market includes events such as collect and store the data log, collect & disseminate threat intelligence, provide information on countermeasures, and offer early warning threat services. The security information and event management market is primarily driven by regulatory compliances regarding IT security and rise in concerns for cyber-attacks and external as well as internal threats that harm the data.

Segment Review

The global security information and event management (SIEM) market is segmented on the basis of component, enterprise size, deployment model, industry vertical, and region. Based on component, the market is segmented into solution and services. As per enterprise size, the market is segmented into large enterprises and SMEs. According to the deployment model, the market is segmented into on-premise and cloud. Based on industry vertical, the global security information and event management industry is segmented into banking, financial services, and insurance (BFSI), Government, IT & telecom, manufacturing, healthcare, retail, energy & utilities, and others. Based on region, the security information and event management market is studied across four regions including North America, Europe, Asia-Pacific, and LAMEA.

Security Information and Event Management Market
By Component

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Solution segment is projected as one of the most significant segments.

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On the basis of enterprise size, the large enterprise segment captured the largest share in 2020 and is expected to continue this trend during the security information and event management market forecast period. The SIEM deployments are complex and costly, which makes large enterprises its predominant users. SIEM offers streamline compliance reporting, detects incidents for minute details, and improved efficiency of activities handling; which are crucial factors in a large enterprise. Such developments, benefits, and offerings of SIEM technology, especially for large enterprises is expected to increase the demand for SIEM products in nearly future. However, the SMEs segment is expected to witness the highest growth in the upcoming years. SIEM products are in demand among small scale enterprises to cater to the rise in challenges regarding security and surveillance. Few of the challenges include compliance, weak defense system against external threats, and complexity of the SIEM solutions, public-network connections, and unavailability of resources. Furthermore, emerging matured SIEM solutions are adopted among small enterprises with high performance and increased functionality, which is expected to drive the growth this segment. 

On the basis of component, the solution segment dominated the overall SIEM industry in 2020, and is expected to continue this trend throughout the 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.

Security Information and Event Management Market
By Deployment Model

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Cloud segment is projected as one of the most lucrative segments.

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The report focuses on the growth prospects, restraints, and security information and event management market analysis. The study uses Porter’s five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, the threat of new entrants, the threat of substitutes, and bargaining power of buyers on the security information and event management market trends.

Impact of COVID-19 on the Security Information and Event Management Market trends

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 global COVID-19 pandemic has drastically affected businesses across the world. It has affected positively on the adoption of security information and event management (SIEM), due to lockdown imposed by governments of different countries. In the post COVID-19 situation, organizations are focusing on advanced technology such as BYOD, artificial intelligence (AI), machine learning (ML), internet of things (IOT), cloud computing across industries to perform contactless operation. This factor is expected to create a demand for security information and event management system, which is expected to drive the growth of security information and event management industry globally. Furthermore, global SIEM market is expanding as a result of increase security concern in industries such as IT, BFSI, government and among others, which is expected to provide lucrative growth opportunities during the forecast period. Moreover, the small and medium scale enterprises have started to deploy advance technology to promote lower liabilities, increase employee accountability, strengthen compliances, and increase efficiencies, which is expected to drive the growth of the SIEM market post COVID-19.

Security Information and Event Management Market
By Enterprise Size

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Large Enterprises segment is projected as one of the most significant segments.

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Top Impacting Factors    

Factors such as rise in concerns over IT security, growth in adoption of BYOD trend, persistent threat of cybercrimes as well as supportive IT governance, and regulatory compliance, drive the growth of the security information and event management industry. In addition, complication of SIEM solution, and inconvenience for IT administrators in validating return on investment (ROI), and anomaly detection by next generation SIEM influence the market growth. Moreover, security information and event management (SIEM) offers threat, log, and event management at an affordable cost and with a unified solution to simplify the complexity of managing multiple security solutions with high productivity, which is expected to propel the growth of the market. However, high cost and fear of privacy intrusion can hamper the security information and event management market growth.

Supportive IT governance and regulatory compliance

Increased attention to comprehensive IT governance policies and compliance with the regulatory framework drives the SIEM market worldwide. For instance, regulation mandates such as Health Insurance Portability and Accountability Act (HIPPA), the Sarbanes-Oxley Act (SOX), and the Payment Card Industry Data Security Standard (PCI DSS), majorly fuel the global SIEM market. SIEM products offer log centralism and reporting functionality, which lessens the burden associated with retention time for data storage and is beneficial during external audits as well as internal benchmarking. These factors have affected the IT security spending and are expected to positively impact the SIEM market in the near future.

Security Information and Event Management Market
By Region

2030
North America 
Europe
Asia-pacific
Lamea

Asia-Pacific is projected as one of the most lucrative region.

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Key Benefits For Stakeholders

  • The study provides an in-depth analysis of the security information and event managements market share along with the current trends and future estimations to elucidate the imminent investment pockets.
  • Information about key drivers, restraints, and opportunities and their impact analysis on the security information and event management market size is provided.
  • Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the security information and event managements market.
  • The quantitative analysis of the security information and event management market share from 2020 to 2030 is provided to determine the security information and event managements market potential.

Key Market Segments & Key Market Players

Segments Sub-segments
By Component
  • Solution
  • Services

By Deployment Model
  • On-Premise
  • Cloud

By Enterprise Size
  • Large Enterprise
  • SMEs

By Industry Vertical
  • BFSI
  • Government
  • IT & Telecom
  • Manufacturing
  • Healthcare
  • Retail
  • Energy & Utilities
  • Others

By Region
  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Spain
    • Netherlands
    • Rest of Europe
  • Asia-Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • Rest of Asia-Pacific
  • LAMEA
    • Latin America
    • Middle East
    • Africa

The key players:
  • Dell EMC
  • Hewlett Packard Enterprise Development LP
  • IBM Corporation
  • LogRhythm, Inc.
  • McAfee LLC.
  • SolarWinds, Inc.
  • Splunk, Inc.
  • Symantec Corporation
  • Trend Micro, Inc.
  • Trustwave Holdings Inc.

 

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In accordance with the CXOs of the leading companies, the SIEM market is at a mature stage and has grown at a respectable rate and is expected to witness average growth rate of 16.4% during the forecast period. The organizations seek tools that satisfy regulation compliance to include identification of possible threats and evaluation as well as easy-to-understand analysis of the data, as the threat landscape is constantly evolving. The market of SIEM products has also merged with the fellow technologies such as continuous forensic analytics (CFA) and breach detection system (BDS). These changes have presented new opportunities for the market that can fuel significant growth. In the current scenario, many consumers choose to outsource management of their SIEM products to manage security services providers (MSSPs). SIEM vendors adapt their offerings specifically toward MSSPs, which enable them to transform to security operations centers (SOCs) for their customers. This has enriched their revenue generation capabilities as well as increased the availability of SIEM products for the mid and small size enterprises.

SIEM products were traditionally inclined toward log and network event association and compliance reporting. However, the organization seeks more that would also perform incident forensics. This allows vendors to incorporate threat intelligence feed and other contextual information into their offerings to offer improved capabilities as compared to CFA products. SIEM systems are mandated by regulatory compliances such as the PCI DSS, and the HIPAA Act and generate event reports.

Nevertheless, prominent market players are exploring new technologies and applications to meet the increase in customer demands. Product launches, collaborations, and acquisitions are expected to enable them to expand their product portfolios and penetrate different regions. Emerging economies provide lucrative opportunities to market players for growth and expansion.

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