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The security information and event management market is estimated to grow at a CAGR of 9.87% between 2022 and 2027. The size of the market is forecast to increase by USD 3,416.2 million. The growth of the market depends on several factors, including the increase in cybercrime, the increased use of mobile devices, and the need to comply with regulatory requirements.
This report extensively covers market segmentation by deployment (on-premise and saas-based), end-user (government, BFSI, telecom, healthcare, and others), and geography (North America, Europe, APAC, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Technavio categorizes the global security information and event management (SIEM) market as a part of the global IT consulting and other services market within the global IT services market. The super parent global IT services market covers companies offering IT consulting and system integration services, application services, electronic data processing services, business process outsourcing services, infrastructure services, and Internet services. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The increase in cybercrime is notably driving the market growth, although factors such as the threat from open-source SIEM software may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Security Information And Event Management Market Driver
The increase in cybercrime is a key factor driving the growth of the global SIEM market. Cybercrime includes malware, hacking and DoS attacks, computer viruses, fraud, identity theft, harassment and threats, and phishing scams. Cyberattacks by malware such as Trojans, viruses, adware, and worms have become very common, which is a major concern for businesses. Such malware allows hackers to gain access to confidential data on mobile devices, triggering the loss of personal and financial data, exploitation, and misconduct. Malware can infect a mobile device through networks, the Internet, and the use of external devices such as USBs and media cards. Hackers are increasingly focusing on attacking network layers instead of application layers. DoS is one of the most common techniques used to steal confidential data.
Hackers use it to send harmful data into a user's web server and network resources to increase traffic. It automatically generates requests for access, blocking both the server and accessibility to legitimate users. Hackers are now opting for distributed denial of service techniques, an improved version of DoS, to initiate a coordinated attack from multiple systems, which has a more powerful effect than DoS. With cyber-attacks becoming more complex and sophisticated, the demand for SIEM solutions is growing. The increase in the number of cyber-attacks has raised fears and awareness among organizations about the different security risks, which is compelling them to adopt SIEM solutions. Thus, the need demand for SIEM solutions is growing and is expected to fuel the growth of the market during the forecast period.
Significant Security Information And Event Management Market Trend
Increased market consolidation is the primary trend in the global SIEM market growth. The market is fragmented, which creates opportunities for M&A. Both large enterprise application vendors and core SIEM vendors are engaging in M&A strategies to improve their market presence and expand their reach. Big companies are acquiring small ones with the motive of increasing their product base and market share. With such acquisitions, big companies gain a competitive edge by achieving advances in technology and obtaining the opportunity to enter emerging or new markets.
As many vendors are seeking to gain market share, more acquisitions are anticipated in the future. A number of large vendors, such as Fortinet, Splunk, Intel Security, and Trustwave, have shown this acquisition trend in the past six years, and it is likely to continue in the future. In addition, the increased competition to provide integrated security solutions has compelled vendors with weak market presence to increase their hold through M and A. Thus, the above factors are expected to fuel the growth of the market during the forecast period.
Major Security Information And Event Management Market Challenge
Threat from open-source SIEM software is a major challenge to the growth of the global SIEM market. Open-source SIEM solutions are posing a serious threat to the on-premises and cloud-based SIEM market. They can be downloaded and run on all platforms and are becoming increasingly popular in developing economies such as India and China. Most of the small-scale enterprises in these economies cannot afford to invest in expensive on-premises and cloud-based SIEM solutions.
As a result, enterprises are adopting open-source solutions that require no capital investment. It is a very economical solution for organizations with limited resources and expertise. The increasing adoption of open-source SIEM solutions is reducing the overall revenue generated in the global SIEM market. Such factors hamper the growth of the market during the forecast period.
Key Security Information And Event Management Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Security Information and Event Management Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
mcafee.com - The company offers security information and event management solutions such as McAfee Enterprise Security Manager. Also, the company offers various solutions on a subscription basis to the individual consumer.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the on-premise segment will be significant during the forecast period. The on-premises SIEM software requires end-users to have a software license and is more expensive compared with SaaS-based SIEM because it requires in-house hardware and high capital investment in software licenses. However, on-premises SIEM software is considered to be highly secure as there is no third-party interference. Customization and high data security offered by the on-premises deployment model are some factors responsible for the growth of the market during the forecast period.
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The on-premise segment was valued at USD 3,830.49 million in 2017 and continue to grow by 2021. The on-premises segment of the global security information and event management (SIEM) market is expected to witness an increase in its year-over-year growth rate during the forecast period. The digitization of processes, the rising demand for the Internet of Things (IoT), and workflow automation globally are the primary factors that drive the growth of the on-premises segment of the global security information and event management market during the forecast period.
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North America is estimated to contribute 33% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. North America is a more advanced region in terms of its dependence on the Internet and its awareness of digital technologies. The high dependence on digital technologies results in high vulnerability to cyber-attacks. Cybercriminals are becoming advanced and shifting their targets from the theft of financial information to business espionage and accessing government-critical information. North America faced a rise in the number of security breaches and cyber-attacks across industry verticals such as retail, government, and BFSI, which have caused a significant loss of data and damage to the internal network of these organizations. Moreover, the availability of adequate infrastructure, the high frequency of cyberattacks, and volume of malware, the presence of numerous global financial institutions and large companies, compliance regulations, and increased adoption of technologies among organizations are some of the key factors contributing to the growth of the market in the region during the forecast period.
Due to the COVID-19 outbreak, various industries (except the healthcare industry) across the US witnessed a slump in their revenues in 2020. However, recruitment has witnessed a boost from 2021 since the normalization of processes post-COVID-19 after the vaccination drive. As organizations are expanding globally, the requirement for employees is increasing, and organizations are keen on recruiting new people through outsourcing owing to the low costs compared to direct recruiting. This is expected to positively drive the growth of the market during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Security Information And Event Management Market Scope |
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Report Coverage |
Details |
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Page number |
167 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 9.87% |
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Market growth 2023-2027 |
USD 3,416.2 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
9.0 |
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Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
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Performing market contribution |
North America at 33% |
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Key countries |
US, China, Japan, Germany, and UK |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Assuria, AT and T Inc., Broadcom Inc., Dell Technologies Inc., Fortinet Inc., Hewlett Packard Enterprise Co., International Business Machines Corp., Logpoint, LogRhythm Inc., McAfee LLC, Micro Focus International Plc, Rapid7 Inc., Securonix, SolarWinds Corp., Splunk Inc., Tenable Holdings Inc., TIBCO Software Inc., Trend Micro Inc., Trustwave Holdings Inc., and Zoho Corp. Pvt. Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Deployment
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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