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The security information and event management market is estimated to grow by USD 4.18 billion at a CAGR of 10.87% between 2023 and 2028. Market expansion hinges on various factors, such as the uptick in cybercrime rates, the escalating adoption of mobile devices, and the imperative to adhere to regulatory mandates. These elements collectively shape the trajectory of market growth, reflecting a fusion of technological advancements, security challenges, and legal compliance obligations. The rise in cybercrime underscores the critical importance of robust cybersecurity solutions to safeguard sensitive data and mitigate risks. Simultaneously, the widespread use of mobile devices emphasizes the need for mobile-centric security measures to protect users' privacy and information. Additionally, the necessity to comply with regulatory requirements highlights the imperative for organizations to adhere to industry standards and legal frameworks to ensure data protection and regulatory compliance. Thus, the interplay of these factors delineates the landscape for the anticipated expansion of the market, driven by evolving security needs and regulatory landscapes.
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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 4.07 billion in 2018. 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 32% 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. Security Information and Event Management (SIEM) systems often use log management to collect, analyze, and correlate data from various sources, improving their ability to detect and respond to security incidents effectively. 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.
The market is pivotal in safeguarding organizations against cyber threats and data breaches. Leveraging SIEM technology, businesses can efficiently monitor event logs in real-time, ensuring compliance with regulations like the Global Data Protection Regulation (GDPR). As small and medium-sized enterprises face escalating risks, SIEM solutions offer robust security operations, analyzing network architecture and IT infrastructure for vulnerabilities. With a growing need for real-time data analysis to combat ransomware and protect personally identifiable information (PII), the SIEM market plays a critical role in fortifying business operations and securing critical infrastructure in today's interconnected cybersecurity landscape. Our researchers analyzed the data with 2023 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.
The increase in cybercrime is a key factor driving the growth of the 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.
Increased market consolidation is the primary trend in market growth. The market is fragmented, which creates opportunities for M&A. Both large enterprise application companies and core SIEM companies 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 companies are seeking to gain market share, more acquisitions are anticipated in the future. Several large companies, 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 companies 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.
Threat from open-source SIEM software is a major challenge to the growth of the 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.
The market research 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 Market Customer Landscape
Companies 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.
McaAfee LLC- 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 companies, including:
Qualitative and quantitative analysis of companies 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 companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
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The market is at the forefront of combating modern cybersecurity threats with advanced technologies like machine learning and AI technology. As businesses navigate the transition to the metaverse and integrate VR headsets into their operations, the demand for skilled personnel adept at log analysis grows. This holds especially true for financial sectors and manufacturing industries, where interconnected systems and assets require robust protection. Small and medium-sized enterprises (SMEs) and large corporations alike benefit from continuous monitoring and incident response capabilities offered by SIEM solutions, ensuring compliance with certifications and compliance mandates. With a focus on holistic visibility and error detection, SIEM platforms provide proactive breach detection and remediation, addressing dwelling threats across network areas. In verticals like healthcare and social assistance, SIEM tools safeguard healthcare goods and services by monitoring health insurance firms, doctors, patients, and staff while meeting stringent security and compliance reporting requirements. Adhering to industry best practices, SIEM solutions enhance business processes through effective event detection and pattern modeling for robust cybersecurity.
Industry Scope |
|
Report Coverage |
Details |
Page number |
184 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 10.87% |
Market growth 2024-2028 |
USD 4.18 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
9.53 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 32% |
Key countries |
US, China, Germany, UK, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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, Open Text Corporation, Rapid7 Inc., Securonix Inc., SolarWinds Corp., Splunk Inc., Tenable Holdings Inc., TIBCO Software Inc., Trend Micro Inc., Trustwave Holdings Inc., and Zoho Corp. Pvt. Ltd. |
Market dynamics |
Parent market analysis, Market forecasting growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our market 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 Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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