What Fueled The Previous Growth In The Security Information and Event Management Market?
The security information and event management market has seen considerable growth due to a variety of factors.
• The market size of the security information and event management sector has seen a robust expansion in the past few years. The market, which stood at $5.34 billion in 2024, is projected to reach $5.67 billion in 2025, implying a compound annual growth rate (CAGR) of 6.1%.
This notable rise during the historical period is credited to factors such as the rise in regulatory compliance demands, the surge in data breaches and cyber-attacks, the complexity and boom of data, and threats from insiders and user behavior.
What Can Be Expected from the Security Information and Event Management Market Size?
The security information and event management market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the market size of security information and event management is predicted to experience substantial growth, with a projection of reaching $8.62 billion in 2029 at a compound annual growth rate (CAGR) of 11.1%.
This anticipated growth can be linked to various factors, including the growing complexity of cyber threats, the requirement for regulatory compliance, the adoption of cloud and hybrid IT environments, and the implementation of the zero trust security framework. Key trends for the forecast period encompass cloud-native SIEM, the incorporation of AI and machine learning, zero trust architecture, extended detection and response systems, automation and orchestration, and edge security.
What Are the Critical Driver Fuelling The Security Information and Event Management Market's Growth?
The growth of the security information event management market is predicted to be fuelled by escalating cyber threats. These threats, which can endanger the confidentiality, integrity and accessibility of digital assets, systems, data and networks, have been on the rise. This surge can be attributed to multiple factors, such as greater connectivity and the sophisticated strategies employed by malicious entities. SIEM Security information and event management plays an important role in responding to these threats by giving organizations extensive capabilities to monitor, detect, and effectively respond to security incidents. As an example, the Australian Cyber Security Centre, a cyber security agency based in Australia, reported in November 2022 that they received 76,000 cases of cybercrime, marking a 13% rise from the previous year. Hence, the surge in cyber threats is fuelling the expansion of the security information and event management market.
How Is The Security Information and Event Management Market segmented?
The security information and event management market covered in this report is segmented –
1) By Solution: Software, Services
2) By Deployment: Cloud, On-Premise
3) By Vertical: Banking, Financial Services And Insurance (BFSI), Information Technology And Telecom, Retail And E-commerce, Healthcare And Life Sciences, Manufacturing, Government And Defense, Energy And Utilities, Other Verticals
Subsegments:
1) By Software: On-Premises SIEM Software, Cloud-Based SIEM Software, Hybrid SIEM Solutions, Security Analytics Software
2) By Service: Managed SIEM Services, Consulting Services, Integration Services, Support And Maintenance Services
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What Trends Are Reshaping The Future Of The Security Information and Event Management Market?
Leading firms in the security information and event management market are employing new strategies like Security Management Outsourcing Services in a bid to raise their market profitability. This service provides companies with a team of experts who are consistently vigilant in identifying and addressing cyber threats. In July 2023, NTT Data, a Japanese cybersecurity firm, introduced such a service with the intent to not just reduce damage in the occurrence of an incident but stop such incidents entirely. The firm began offering the Managed Detection and Response (MDR) service in Japan from July 2023 and it is set to roll out globally by the end of the fiscal year in March 2024. Engaging with the MDR service avails organizations with the savvy of experienced security engineers, part of the firm’s Computer Security Incident Response Team (CSIRT), who have over two decades of incident response experience. They represent client companies, conducting an exhaustive sequence of steps to identify the issue, implement immediate response actions, streamline recovery procedures, and forestall a repeated occurrence.
Who Are the Key Players In The Security Information and Event Management Market?
Major companies operating in the security information and event management market are:
• The International Business Machines Corporation
• Splunk Inc.
• McAfee Corporation
• Fortinet
• Juniper Networks
• FireEye
• Rapid7
• SolarWinds Corporation
• Micro Focus (ArcSight)
• AT&T Cybersecurity AlienVault
• Trustwave
• LogRhythm
• Alert Logic
• Fidelis Cybersecurity
• Exabeam
• Securonix
• Proficio
• Logsign
• LogPoint
• Cygilant
• Seceon
• Gurucul
• Graylog
• Intel Security
What Is The Most Dominant Region In The Security Information and Event Management Market?
North America was the largest region in the security information event management market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the security information and event management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
