Security Information And Event Management (SIEM) Market Size, Share & Trends Analysis Report By Solution (Software, Service), By Deployment (Cloud, On-premise), By Enterprise Size, By Vertical, By Region, And Segment Forecasts, 2023 - 2030

Security Information And Event Management (SIEM) Market Size, Share & Trends Analysis Report By Solution (Software, Service), By Deployment (Cloud, On-premise), By Enterprise Size, By Vertical, By Region, And Segment Forecasts, 2023 - 2030

Security Information And Event Management Market Growth & Trends

The global security information and event management market size is expected to reach USD 11.62 billion by 2030, growing at a CAGR of 14.5% from 2023 to 2030, according to the new reports of Grand View Research, Inc. Security information and event management (SIEM) systems enhance threat detection capabilities through the utilization of advanced analytics and machine learning algorithms.

By analyzing vast volumes of security data, these platforms can proactively identify and respond to emerging risks by identifying patterns, anomalies, and correlations. Integrating with threat intelligence feeds and services offers significant advantages for SIEM platforms. By incorporating up-to-date threat intelligence data, SIEM systems can effectively recognize and respond to established attack vectors, emerging threats, and indicators of compromise (IOCs), thereby bolstering their ability to safeguard against potential security breaches.

In today's ever-evolving cybersecurity landscape, organizations face a multitude of complex threats, including malware, ransomware, phishing, and insider risks. To effectively combat these challenges, a robust security infrastructure must include a SIEM solution, providing users with real-time threat detection and response capabilities.

As businesses increasingly migrate their infrastructure and applications to the cloud, cloud-focused SIEM solutions have become indispensable. These products offer specialized monitoring features tailored to cloud environments, such as seamless API integration with cloud service providers and the ability to analyze logs and events across multiple cloud platforms.

Traditional security measures like antivirus software and firewalls are no longer sufficient against sophisticated modern threats. SIEM systems leverage advanced analytics, machine learning, and behavior-based algorithms to detect insider threats, zero-day exploits, and other sophisticated attacks that might go unnoticed by conventional security measures.

Furthermore, the proliferation of IoT devices presents significant security vulnerabilities in both consumer and business settings. SIEM enables the monitoring and analysis of IoT device security events, empowering organizations to identify vulnerabilities, detect abnormal behavior, and counteract IoT-specific threats. By providing access to security event data, uncovering weaknesses, and facilitating proactive threat hunting, SIEM empowers organizations to effectively manage business risks. With insights into their security posture and the ability to pinpoint potential flaws, organizations can proactively mitigate risks and safeguard critical assets.

Security Information and Event Management Market Report Highlights

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• The software segment accounts for the largest market share of over 65.1% in 2022 and is anticipated to maintain its dominance over the forecast period owing to extensive event correlation, alerting, and process automation capabilities of software solution to enable effective incident response features across organizations
• The cloud segment is expected to observe the highest CAGR of 15.8% during the forecast period. In cloud environments such as Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS), security events can be monitored and analyzed with the help of cloud-based SIEM solutions, thereby enabling organizations to have complete visibility and control over the entirety of their IT infrastructure
• The small & medium enterprises enterprise segment is anticipated to witness an exceptional CAGR of 15.2% during the forecast period. SIEM technology offers SMEs a centralized and economical way to improve their security posture and safeguard their valuable assets and sensitive data, thereby surging the market demand across organizations
• The IT & telecom segment is anticipated to register a considerable CAGR of 16.3% over the forecast period. An ecosystem that combines edge computing, cloud services, on-premise architecture, Artificial Intelligence (AI), the Internet of Things (IoT), and other cutting-edge technologies is complicated and diverse. Due to the high risk of cyberattacks in such a setting, Security information and event management (SIEM) solutions must be used by the IT & telecom sector
• North America accounted for the largest market share of over 32.7% in 2022 and is expected to retain its position over the forecast period. Due to the highly developed IT infrastructure in the region, the dangers and complexity of cyberattacks are increasing, which is driving the demand for security information and event management
• Key players in the SIEM market have an extended operating history, a large customer base, and significant competitive strengths. In addition to the inorganic growth strategies, vendors emphasize improving after-sale service offerings to ensure periodic maintenance of installed products

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