Security Information and Event Management Market Research, By Solution (Log and Event Management, Patch Management, Firewall Security Management), Organization Size (Large Enterprise, SMEs), Service (Professional, Managed), Vertical – Global Forecast till 2030

Security Information and Event Management Market Overview:

The Information Security and Event Management Market is growing at a CAGR of 7.90% for the period 2022 to 2030 with USD value of 6.77 Billion. Owing to the security and efficiency concern of various industries, the global market is expanding with time. Cybercrime is a huge concern that drives end-users to adopt security information and event management (SIEM) solutions. Various public and private institutions, business agencies, and industries rely on sophisticated SIEM solutions. 

The security information and event management solutions are a combination of security information management (SIM) and security event management (SEM) systems to ensure greater security to the end-user corporations. There are several threats in the cyber-world that complicate and damage the processes of business operations around the world. Especially, when the corporation deals with tons of sensitive data from the market, it becomes essential to protect the data with intricate security. Modern technologies have introduced features like user and entity behavior analytics (UEBA) in the system as well.      

Latest Industry Update for Security Information and Event Management Market

May 2023- SIEM Streaming Service & Enterprise Class Scalability has been announced by Next. A pioneer in data security and insider risk has unveiled a new interface between Splunk and its Reveal platform. The new technological collaboration increases protection and visibility while leveraging customers' investments in current security solutions to enhance incident response efficiency.

Through the automatic integration of detections into their current SIEM tools and processes, organizations may shorten reaction times by using Reveal's Security Information & Event Management (SIEM) streaming service. Now the Next DLP Reveal Technology Add-on is accessible in Splunkbase as a part of this capability. With the use of this add-on, insider risk and DLP activity that Reveal has detected can be easily imported into Splunk and compared to other forms of cybersecurity data sets particularly for better incident reaction and investigation.

Data is continuously being used and moved around, and outdated DLP solutions frequently fail to detect dangerous user behavior. This may result in unauthorized access to or exfiltration of private information from a company. Enterprises frequently have to adopt security solutions selectively due to budget constraints and complexity, leaving gaps. Joint clients may now manage problems in Splunk if they want, and they will have visibility into how, when and where their sensitive data is getting accessed and placed at risk, whether intentionally or not, thanks to the new Splunk interface.

For the cloud, The Reveal Platform has been specifically designed. For security-conscious multinational organizations of all sizes, Reveal has been shown to manage the most difficult data protection concerns. Customers of Reveal may easily scale deployments from countless agents without adding complexity by using contemporary cloud-based microservice designs and scalable components.

The firm is giving security teams a much-needed platform which enables them in consolidating and streamlining their security procedures with the help of their new Streaming Service and Splunk integration. Every customer benefits from Next's technology ecosystem strategy as they can now easily and rapidly identify threats to stop a breach and increase visibility and productivity.

Security Information and Event Management Market COVID-19 Analysis:

The way the COVID-19 pandemic has hit the market is a once-in-a-century incident. The fatal disaster caused by the disease is certainly not limited to a public health disaster, but a fatality on the world economy as well. Owning to the pandemic, major and almost all countries in the world went into complete lockdown for retaining the transmission of the disease. This emergency measure, although worked on the health front, has deeply affected the global business scenario in those times. The SI and EV market faced certain challenges due to the disease also. 

The effect of COVID-19 in the SIEM solutions market covers the manufacturing, distribution, maintaining, servicing, and investment fronts of the business. Due to lockdowns, there has been a scarcity of in-field workers and technicians. Offices kept shut down, so developers were out of network. Also, a prominent crisis of investments arrived due to the economic instability in the market. Solid security information and event management market analysis are required to categorically identify all the aspects of the market. Although, recent trends of increasing digital population and remote business operations via cloud-based software indicate a promising future for the SIEM system market.         

Market Dynamics:

Drivers:

The market has a constant compulsion on arranging premium security systems for the corporations who run internet-based businesses. Cybercrimes, security breaches, system corrupting bugs, etc are constant threats to the market. Since the SIEM solution combines security information management (SIM) and security event management (SEM) systems, the end-users can track the security information as well as get an analysis of the events of security breathes as well. This function is beneficial for the thriving markets to enhance the security systems in the future. This factor is a steady pusher for the security information and event management market growth. 

Several businesses operate via networked databases, various devices, and workstations. The efficiency of the centralized system is high. The rapid adaptation of mobile devices in the business operation system is boosting the security information and event management market. The practice of bringing your device (BYOD) phenomenon is forcing the corporations to tighten and organize the security control of the overall system. The emergence of newer bugs and threats in the system is constantly driving the SIEM systems market.   

Opportunities:

Advancements in the internet of things (IoT) and 5G technology will bring more and more connected devices in the spectrum. This expanded market will require more sophisticated security solutions for their systems. AI automation has introduced features like user and entity behavior analytics (UEBA) which provides real-time security checks and monitoring functionalities. These advanced features will present glorious opportunities in front of the SI and EV market. In the coming years, the need for security information and event management systems is going to reach a significant height.   

Restraints:

At present, the growth of the market is facing obstacles due to a lot of market factors. For instance, the availability of a lot of free software or system is lowering the market profit for SIEM solutions. The majority of these free software are creating an unreliable market impression which further harms the global market. The security information and event management market share is facing slower growth due to the high deployment charge of the software. Freely available software occupies a large section of the market. This factor makes the end-users reluctant towards committing to the premium software. 

Challenges:

Cumulative Growth Analysis:

Value Chain Analysis:

The SIEM market moves according to the usage pattern of the end-user industry verticals. The scale of usage matters a lot to the SIEM solutions. Presently, the gross profit of SIEM services is limited to large-scale enterprises. A huge number of SMEs in developing countries can be a potential market for software services in the future. Majorly, large technological companies form strategic partnerships, corporate mergers, acquisitions, etc for reaching the end-users.   

Report Attribute/Metric	Details
Market Size	USD 6.77 Billion
CAGR	7.90% (2022-2030)
Base Year	2021
Forecast Period	2022-2030
Historical Data	2020
Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	By Solution, Organization Size
Geographies Covered	North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Vendors	Dell EMC (US), Hewlett Packard Enterprise Company (US), IBM Corporation (US), Logrhythm Inc (US), McAfee LLC (US), Solarwinds Inc (US), Splunk Inc (US), Symantec Corporation (US), TrendMicro Inc (Japan), Trustwave Holdings Inc (US), Assuria Ltd (UK), and TIBCO Software Inc (US).
Key Market Opportunities	The growth of security information and event management market is owing to the rapid advancement in security technologies and end-user application.
Key Market Drivers	The major factors that contribute the market growth is the increasing cyber crime rates in the US and economically stable European countries. Most the businesses that function over cloud face security breach as a major challenge.