USD 5.30 billion
Security Information and Event Management (SIEM) Market Size, Share, Growth Analysis, By Component(Solution, Service), By Application(Long Management and Reporting, Threat Intelligence, Security Analysis, Others), By Organization Size(SMEs, Large Enterprises), By Deployment Modes(On-Premises, Cloud), By Vertical(Information, Finance and Insurance, Healthcare and Social Assistance, Retail Trade), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45D2068 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
59
|Figures:
75
Security Information and Event Management (SIEM) Market Insights
Security Information and Event Management (SIEM) Market size was valued at USD 6.1 billion in 2022 and is poised to grow from USD 7.13 billion in 2023 to USD 24.79 billion by 2031, growing at a CAGR of 16.86% during the forecast period (2024-2031).
Global Security Information and Event Management (SIEM) market is experiencing remarkable growth driven by the escalating cybersecurity threats, regulatory compliance requirements, and the expanding attack surface due to cloud computing and mobile device usage. The market offers a diverse range of SIEM solutions, empowering organizations to strengthen their security defenses, detect threats in real-time, and meet compliance obligations. One of the primary drivers of the SIEM market growth is the increasing need for robust cybersecurity solutions in the face of evolving cyber threats. With the proliferation of sophisticated cyberattacks and data breaches, organizations are prioritizing the implementation of SIEM solutions to enhance their security posture. SIEM tools offer real-time threat monitoring, incident response, and compliance management capabilities, thereby helping organizations detect and mitigate security incidents effectively.
The market is witnessing a surge in demand due to regulatory requirements imposed by governments across various industries. Compliance mandates such as GDPR, HIPAA, and PCI DSS necessitate organizations to have a strong security framework in place, including effective event monitoring and incident response capabilities. SIEM solutions provide the required functionalities to meet these compliance requirements, thereby driving their adoption. Furthermore, the rapid adoption of cloud computing and the increasing use of mobile devices have expanded the attack surface for cybercriminals. As a result, organizations are seeking SIEM solutions that can provide visibility and control over their entire IT infrastructure, including on-premises systems, cloud environments, and mobile devices. The market is characterized by the presence of numerous vendors offering a wide range of SIEM solutions. These solutions vary in terms of features, scalability, and deployment options, allowing organizations to choose the one that best fits their specific security needs. Additionally, advancements in artificial intelligence and machine learning have enabled SIEM solutions to provide advanced threat detection and predictive analytics capabilities, further bolstering their market appeal.
US Security Information and Event Management (SIEM) Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
On-Premises
Fastest Growth
On-Premises
Growth Rate
16.86% CAGR
Global Security Information and Event Management (SIEM) Market ($ Bn)
Country Share for North America Region (%)
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Security Information and Event Management (SIEM) Market Segmental Analysis
Global Security Information and Event Management (SIEM) Market is segmented By Component, By Application, By Organization Size, By Deployment Modes, By Vertical and Region. Based on Component, the market can be segmented into Solution, Service. Based on Application, the market can be segmented into Long Management and Reporting, Threat Intelligence, Security Analysis, Others. Based on Organization Size, the market is segmented into SMEs, Large Enterprises. Based on Deployment Modes, the market is segmented into On-Premises, Cloud. Based on Vertical, the market is segmented Information, Finance and Insurance, Healthcare and Social Assistance, Retail Trade, Manufacturing, Utilities, Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Security Information and Event Management (SIEM) Market Analysis by Deployment
By deployment, the market can be segmented into on-premises and cloud-based. On-Premises deployments dominate the global market. On-Premises deployment refers to SIEM solutions that are installed and operated on the customer's infrastructure. While this deployment mode has been the traditional choice for many organizations, its dominance in the market is gradually decreasing. Despite this, it continues to be favored by certain industries with strict data privacy regulations, sensitive information, or unique infrastructure requirements.
Cloud-based deployment refers to SIEM solutions that are delivered through cloud platforms, with the infrastructure and software managed by a third-party service provider. Cloud-based SIEM is gaining popularity due to its flexibility, scalability, and ease of deployment. Cloud-based SIEM offers the advantage of anytime, anywhere access to security data and monitoring. This is particularly valuable for organizations with geographically dispersed teams or remote workforces.
Security Information and Event Management (SIEM) Market Analysis by Application
By application, the market can be segmented into small & medium enterprises and large enterprises. Large enterprises have been the dominant users of SIEM solutions historically. Large Enterprises often have complex IT infrastructures, higher security requirements, and larger budgets to allocate towards comprehensive security measures. They have been early adopters of SIEM solutions and continue to invest in advanced technologies to enhance their security posture.
While, the SME segment is growing rapidly due to increased awareness of security risks and the availability of cost-effective and user-friendly SIEM options tailored to their specific requirements. Small and Medium Enterprises typically have limited resources and budget constraints compared to larger enterprises. However, they are increasingly recognizing the importance of robust security measures, leading to the adoption of SIEM solutions tailored to their specific needs.
Global Security Information and Event Management (SIEM) Market By Deployment
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Security Information and Event Management (SIEM) Market Regional Insights
North America dominated the global SIEM market. This region has a high level of technological advancement, coupled with stringent regulatory requirements, which drives the adoption of SIEM solutions. Many businesses across various industries in North America are actively seeking to enhance their ability to detect and monitor security breaches by implementing SIEM systems. Additionally, larger organizations, known for being cautious in adopting new technologies, are now deploying SIEM solutions. North America's highly regulated environment, with numerous regulations governing different industry sectors, further contributes to the demand for SIEM solutions.
The APAC region is witnessing rapid growth in the SIEM market and is projected to be the fastest-growing region in the coming years. The region's increasing digitalization, expanding IT infrastructure, and rising cybersecurity concerns are driving the adoption of SIEM solutions. Governments in APAC countries are taking proactive measures to strengthen their cybersecurity frameworks, which is fueling the demand for SIEM systems. Moreover, the growing number of cyber-attacks, data breaches, and stringent data protection regulations are prompting organizations in the APAC region to invest in advanced security solutions like SIEM. The emergence of industries such as BFSI (Banking, Financial Services, and Insurance), healthcare, and IT and telecom further contributes to the market's growth.
Global Security Information and Event Management (SIEM) Market By Geography
- Largest
- Fastest
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Security Information and Event Management (SIEM) Market Dynamics
Security Information and Event Management (SIEM) Market Drivers
Increasing number and sophistication of cyber threats
- One of the key drivers for the growth of the Security Information and Event Management (SIEM) market is the increasing number and sophistication of cyber threats. With the rise in cyber-attacks, organizations are recognizing the importance of implementing robust security measures to protect their networks and sensitive data. SIEM solutions provide advanced analytics and real-time monitoring capabilities, enabling organizations to detect and respond to security incidents promptly. The need for enhanced threat detection and incident response capabilities is driving the demand for SIEM solutions across various industries and regions.
Security Information and Event Management (SIEM) Market Restraints
High cost associated with implementing and maintaining SIEM systems
- Despite the growing demand for Security Information and Event Management (SIEM) solutions, there are certain restraints that can hinder market growth. One significant restraint is the high cost associated with implementing and maintaining SIEM systems, including hardware, software licenses, and skilled personnel. Additionally, the complexity of integrating SIEM solutions with existing IT infrastructure and the need for continuous monitoring and updating pose challenges for organizations. Moreover, the shortage of skilled cybersecurity professionals to effectively manage SIEM systems can limit the widespread adoption of these solutions.
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Security Information and Event Management (SIEM) Market Competitive Landscape
Global Security Information and Event Management (SIEM) market is characterized by a mix of established vendors and emerging players. These companies are focusing on innovation and product development to stay ahead in the market. Additionally, partnerships, collaborations, and strategic acquisitions are commonly observed strategies to expand market presence and offer comprehensive solutions. With the increasing demand for SIEM solutions, competition is intensifying, leading to enhanced offerings and competitive pricing. Customer-centric approaches and customization options are also becoming crucial factors for success in this competitive market.
Security Information and Event Management (SIEM) Market Top Player’s Company Profiles
- RSA Security LLC (US)
- McAfee, LLC (US)
- LogRhythm, Inc. (US)
- SolarWinds Worldwide, LLC (US)
- Fortinet, Inc. (US)
- Cisco Systems, Inc. (US)
- Rapid7, Inc. (US)
- ArcSight, LLC (US)
- FireEye, Inc. (US)
- Trustwave Holdings, Inc. (US)
- Qualys, Inc. (US)
- Alert Logic, Inc. (US)
- Exabeam, Inc. (US)
- NetIQ Corporation (US)
- AT&T Cybersecurity (US)
- Symantec Corporation (US)
- AlienVault (US)
Security Information and Event Management (SIEM) Market Recent Developments
- In May 2023, Splunk acquired TruSTAR, a threat intelligence platform. The acquisition aimed to enhance Splunk's SIEM offerings by integrating TruSTAR's threat intelligence capabilities, enabling customers to enrich their security analytics and response processes.
- In March 2023, Fortinet, a prominent cybersecurity company, launched its FortiSIEM 7.0 platform. The updated SIEM solution provided enhanced threat detection, incident response, and compliance management capabilities to help organizations improve their security posture.
- In January 2023, Cisco Systems announced the acquisition of Kenna Security, a leader in risk-based vulnerability management. This acquisition aimed to strengthen Cisco's SIEM offerings by integrating Kenna Security's vulnerability management capabilities into its security portfolio.
- In September 2022, LogRhythm, a SIEM and security analytics vendor, announced a strategic partnership with SentinelOne, an endpoint security company. The partnership aimed to integrate LogRhythm's SIEM capabilities with SentinelOne's AI-driven endpoint protection to provide customers with comprehensive threat detection and response capabilities.
- In July 2022, IBM Security partnered with Siemens to provide integrated cybersecurity solutions for industrial control systems (ICS). This collaboration aimed to combine IBM's SIEM capabilities with Siemens' expertise in industrial automation to enhance security in critical infrastructure environments.
Security Information and Event Management (SIEM) Key Market Trends
- One key market trend in the Security Information and Event Management (SIEM) market is the increasing adoption of cloud-based SIEM solutions. Organizations are shifting their infrastructure to the cloud to leverage its scalability, flexibility, and cost-effectiveness. Cloud-based SIEM solutions offer real-time threat detection and response capabilities while eliminating the need for on-premises hardware and maintenance. This trend is driven by the growing need for remote monitoring, centralized security management, and the ability to analyze massive amounts of data in a distributed environment.
Security Information and Event Management (SIEM) Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global Security Information and Event Management (SIEM) market analysis, the market is witnessing significant growth globally. SIEM solutions play a crucial role in helping organizations centralize and analyze security-related information from various sources, enabling real-time threat detection and incident response. The market is driven by factors such as the increasing number and sophistication of cyber threats, strict regulatory requirements, and the need for enhanced security postures. While North America dominated the market due to its advanced technology landscape and regulatory environment, the Asia-Pacific region is emerging as the fastest-growing market, driven by digitalization, cybersecurity concerns, and proactive government initiatives. However, challenges such as high implementation costs and the shortage of skilled cybersecurity professionals may restrain market growth. Cloud-based SIEM solutions and the adoption of advanced technologies like AI and machine learning are key trends shaping the market, providing organizations with scalable and efficient security management options.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 6.1 billion |
| Market size value in 2031 | USD 24.79 billion |
| Growth Rate | 16.86% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Security Information and Event Management (SIEM) Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Security Information and Event Management (SIEM) Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Security Information and Event Management (SIEM) Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Security Information and Event Management (SIEM) Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Security Information and Event Management (SIEM) Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Security Information and Event Management (SIEM) Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Security Information and Event Management (SIEM) Market Report Snapshots
- Security Information and Event Management (SIEM) Companies
- Security Information and Event Management (SIEM) Market Size
- Security Information and Event Management (SIEM) Market Analysis
- Security Information and Event Management (SIEM) Geographic Analysis
- Security Information and Event Management (SIEM) Market News
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