Global Managed SIEM Services Market Size, Share & Trends Analysis Report By Type (Co-managed, and Fully Managed), By Deployment Type (Cloud, and On premise), By Organization Size, By Application, By Vertical, By Regional Outlook and Forecast, 2023 - 2030

Global Managed SIEM Services Market Size, Share & Trends Analysis Report By Type (Co-managed, and Fully Managed), By Deployment Type (Cloud, and On premise), By Organization Size, By Application, By Vertical, By Regional Outlook and Forecast, 2023 - 2030

The Global Managed SIEM Services Market size is expected to reach $20.9 billion by 2030, rising at a market growth of 16.2% CAGR during the forecast period.

Many IT & ITeS companies need to adhere to industry-specific regulations and compliance standards, like GDPR, HIPAA, or PCI DSS. Consequently, the IT & ITeS segment would generate approximately 32.03% share of the market by 2030. Managed SIEM services help meet these compliance requirements by providing robust security measures and continuous monitoring. Owing to these aspects, the segment will witness increased demand in the upcoming years.

The major strategies followed by the market participants are Product Launches as the key developmental strategy to keep pace with the changing demands of end users. For instance, In November 2023, IBM Corporation has reimagined IBM QRadar SIEM product portfolio with extended capabilities. In this expansion, the product has been revamped with a new cloud-native architecture, tailor-made for hybrid cloud scalability, speed, and flexibility. This addition to the QRadar Suite, part of IBM's integrated portfolio for threat detection and response software, is constructed on an open foundation. In June 2023, Eviden, an Atos SE's business launched the AIsaac Cyber Mesh, a next generation of cybersecurity detection and response system. AIsaac Cyber Mesh provides a sophisticated end-to-end solution for detection, response, and recovery. It is constructed on a cybersecurity mesh-enabled architecture, incorporating generative AI and predictive analytics.

KBV Cardinal Matrix - Managed SIEM Services Market Competition Analysis

Based on the Analysis presented in the KBV Cardinal matrix; Accenture PLC are the forerunners in the Market. And Companies such as Infosys Limited, Capgemini SE, IBM Corporation are some of the key innovators in Market. In November, 2023, IBM Corporation has reimagined IBM QRadar SIEM product portfolio with extended capabilities. In this expansion, the product has been revamped with a new cloud-native architecture, tailor-made for hybrid cloud scalability, speed, and flexibility. This addition to the QRadar Suite, part of IBM's integrated portfolio for threat detection and response software, is constructed on an open foundation.

Market Growth Factors

Increasing cyber threat landscape

Managed SIEM services offer real-time monitoring of an organization's IT environment. This involves collecting, aggregating, and analyzing log data from various sources, including network devices, servers, applications, and endpoints. Real-time monitoring enables the early detection of security events and potential threats. Managed SIEM services often incorporate threat intelligence feeds, which provide information about the latest cybersecurity threats, vulnerabilities, and attack techniques. When a potential threat is identified, the managed service provider can initiate incident response procedures, including isolating affected systems, blocking malicious activities, and guiding organizations through remediation. Thus, these factors will help expand the market.

Shortage of skilled cybersecurity professionals

Managed SIEM services typically consist of a team of highly trained cybersecurity professionals with expertise in threat detection, incident response, and security operations. These experts often possess diverse skill sets and experiences, allowing them to address a wide range of cybersecurity challenges effectively. The 24/7 monitoring capability of managed SIEM services ensures constant vigilance over an organization's IT infrastructure. Thus, these aspects will drive the demand for in the upcoming years.

Market Restraining Factors

High initial implementation costs

Configuring and deploying an SIEM system requires specialized expertise. Organizations need personnel with in-depth knowledge of cybersecurity, networking, and the specific SIEM solution being implemented. Acquiring or hiring such expertise can be costly, and smaller businesses may face difficulties finding and affording skilled professionals with the required experience. Even if smaller businesses manage to invest in the necessary hardware and software, there is an additional cost associated with training existing staff or hiring new personnel to use and manage the SIEM system effectively. Thus, these factors will limit the demand in the market.

The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Product Launches and Product Expansions.

By Type Analysis

On the basis of type, the market is divided into fully managed and co-managed. In 2022, the co-managed segment witnessed the highest revenue share in the market. Co-managed SIEM services often allow organizations to customize their security strategy based on specific needs and industry regulations. Co-managed SIEM can be a cost-effective solution for organizations that want to benefit from external expertise without fully outsourcing their security operations. Therefore, the segment will grow rapidly in the future.

By Deployment Type Analysis

Based on deployment type, the market is segmented into cloud and on premises. In 2022, the on-premise segment garnered a significant revenue share in the market. Managed SIEM services involve outsourcing the monitoring, management, and response to security incidents. The SIEM solution is implemented within the organization's data center or server room in the on-premises segment. On-premises solutions provide organizations with direct control over their data and security infrastructure. Thus, these factors will help in the growth of the segment.

By Organization Size Analysis

On the basis of organization size, the market is divided into large enterprises and small & medium enterprises. The large enterprises segment recorded the maximum revenue share in the market in 2022. Large enterprises typically have extensive IT infrastructures with numerous endpoints, applications, and network components. Managing the security information and events generated by these diverse sources can be challenging. Managed SIEM services cater to the scale and complexity of these organizations. Thus, these factors will pose lucrative growth prospects for the segment.

By Application Analysis

Based on application, the market is segmented into log management & reporting, threat intelligence, security analytics, and others. In 2022, the threat intelligence segment garnered a significant revenue share in the market. Managed SIEM service providers integrate threat intelligence feeds into their platforms. These feeds include information about known malware signatures, malicious IP addresses, phishing campaigns, and other cyber threats. The integration helps organizations stay updated on the latest threat landscape and empowers the SIEM system to correlate events and identify potential security incidents. Therefore, the segment will expand rapidly in the upcoming years.

By Vertical Analysis

Based on vertical, the market is divided into BFSI, government & public sector, healthcare & lifesciences, telecom, IT & ITeS, retail & e-commerce, energy & utilities, manufacturing, and others. In 2022, the BFSI segment garnered the largest revenue share in the market. BFSI organizations leverage managed SIEM services to enhance their incident response capabilities and promptly detect and mitigate security incidents. Real-time monitoring and correlation of security events enable quicker identification of potential threats. Many BFSI entities prefer outsourcing their security operations to managed security service providers (MSSPs) offering SIEM services. As a result, the segment will expand rapidly in the coming years.

By Regional Analysis

By region, the market is segmented into North America, Europe, Asia Pacific, and LAMEA. In 2022, the Europe segment acquired a considerable revenue share in the market. The move toward cloud computing in Europe could impact the demand for SIEM services. Managed SIEM solutions may be desired by organizations migrating their infrastructure and applications to the cloud to ensure security across both on-premises and cloud environments. Different European sectors may have varying needs and priorities regarding managed SIEM services. For example, financial services, healthcare, and critical infrastructure sectors may have distinct security requirements. Thus, these factors will pose lucrative growth prospects for the segment.

Recent Strategies Deployed in the Market

• Jan-2024: Accenture Plc has acquired 6point6 Limited, a U.K. based tech consultancy firm. Through this acquisition, Accenture improve its presence in U.K. market. Moreover, Accenture aims to reinforce its strategy and architecture offerings, particularly for central government, defense, security, and financial services, through this acquisition.
• Nov-2023: IBM Corporation has reimagined IBM QRadar SIEM product portfolio with extended capabilities. In this expansion, the product has been revamped with a new cloud-native architecture, tailor-made for hybrid cloud scalability, speed, and flexibility. This addition to the QRadar Suite, part of IBM's integrated portfolio for threat detection and response software, is constructed on an open foundation.
• Sep-2023: Crowdstrike Holdings, Inc. has unveiled Falcon Complete for Service Providers, a product designed for Managed Security Service providers. This product empowers Managed Security Service Providers (MSSPs), Managed Service Providers (MSPs), System Integrators (SIs), and Global System Integrators (GSIs) to enhance their service portfolios. It enables them to incorporate CrowdStrike's top-notch 24/7 expert monitoring, proactive threat hunting, integrated threat intelligence, and comprehensive remediation services into their offerings. Additionally, the company aims to empower its partners to quickly scale in their managed security services portfolio.
• Sep-2023: CrowdStrike Holdings, Inc. has entered into an agreement to acquire Bionic, a trailblazer in Application Security Posture Management. Through this acquisition, Bionic will enhance CrowdStrike's Cloud Native Application Protection Platform (CNAPP) by integrating ASPM. This integration aims to provide extensive risk visibility and protection throughout the entire cloud environment, covering both the cloud infrastructure and the applications and services operating within it.
• Jan-2023: Eviden, an Atos SE's business has launched the AIsaac Cyber Mesh, a next generation of cybersecurity detection and response system. AIsaac Cyber Mesh provides a sophisticated end-to-end solution for detection, response, and recovery. It is constructed on a cybersecurity mesh-enabled architecture, incorporating generative AI and predictive analytics.

List of Key Companies Profiled

• IBM Corporation
• AT&T, Inc.
• Kroll, LLC
• Accenture PLC
• DXC Technology Company
• Infosys Limited
• Lumen Technologies, Inc.
• Atos Group
• Crowdstrike Holdings, Inc.
• Capgemini SE

Global Managed SIEM Services Market Report Segmentation

By Type

• Co-managed
• Fully Managed

By Deployment Type

• Cloud
• On premise

By Organization Size

• Large Enterprises
• Small & Medium Enterprises

By Application

• Log Management & Reporting
• Threat Intelligence
• Security Analytics
• Others

By Vertical

• BFSI
• Government & Public Sector
• Energy & Utilities
• Healthcare & Lifesciences
• Telecom
• Manufacturing
• Retail & eCommerce
• IT & ITeS
• Others

By Geography

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• UK
• France
• Russia
• Spain
• Italy
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• South Korea
• Singapore
• Malaysia
• Rest of Asia Pacific
• LAMEA
• Brazil
• Argentina
• UAE
• Saudi Arabia
• South Africa
• Nigeria
• Rest of LAMEA