Global Security Information and Event Management Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Security Information and Event Management Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Market Overview:

The latest research study on the global Security Information and Event Management market finds that the global Security Information and Event Management market reached a value of USD 4942.27 million in 2022. It’s expected that the market will achieve USD 8338.99 million by 2028, exhibiting a CAGR of 9.11% during the forecast period.

Impacts from the short-term

SIEM is the pillar sector of the economy, and even during periods of economic downturn, expenditures will still occur. Small companies and emerging companies may be at risk, but sales revenue and capital recruitment provide a buffer space to overcome difficulties. The current COVID-19 impact may shake weaker companies, but strong companies will have a higher market position, and any company that does not have the funds to perform basic business functions such as marketing, customer-oriented service or trial will be in Obvious disadvantage. However, the problems of the enterprise are likely to be exposed because they have neither internal nor external employees with rich practical skills to help the enterprise conduct business operations remotely. It is unlikely that the budget will change in the short term, but as the crisis continues, it is clear that for many companies, increasing the budget is a matter of time. In a period when most employees rely heavily on the Internet to work properly, if a business leader shrinks SIEM personnel, then he will be an extremely short-sighted leader.

Impacts from the long-term

Under the influence of COVID-19, SIEM is very likely to lag behind the times again, and network insurance will continue to develop as an effective alternative to reduce losses. Companies that can show value to their target audience through excellent marketing interaction can stand out. When the COVID-19 pandemic ends, the remote work mode and risks established with remote employees will not end. SIEM companies will be more dispersed than before, which will promote the development of zero trust. The security processes and strategies for remote work will become part of a permanent plan for the future, and training of best safety practices for SIEM employees will be particularly important. COVID-19 will have an incalculable long-term impact on the network security industry. SIEM should take measures to overcome this epidemic and survive. In the long run, those companies that take active measures to deal with the crisis will be bigger and stronger in the future.

Rise in Concerns Over IT Security

IT security has become a crucial issue for all organizations regardless of their industry and size. Customers demand for security management system that is well integrated with the IT infrastructure of the company and offers efficient performance at the affordable price. SIEM offers threat, log, and event management at an affordable cost and with a unified solution to simplify the complexity of managing multiple security solutions with high productivity. This has driven the continuous development of the Security Information and Event Management market.

Increase in Security and Privacy Concerns

SIEM audio & video sessions offer encryption capabilities at the initial state; however, it is mandatory for the user that utilize video conferencing to check the encryption support. Rise in security & privacy concerns negatively impact the SIEM, in terms of encryption support and high security.

Complexity of SIEM Solutions

SIEM is a complex technology, which includes mobile devices, the cloud, and third-party threat intelligence in addition to the traditional sources such as endpoints, firewalls, system logs, and directory services. Although these additions offer better data analytics, it mandates ongoing tuning and maintenance.

Region Overview:

Geographically, North America held the largest market share - 53.07% in 2021.

Company Overview

IBM Qradar is one of the major players operating in the Security Information and Event Management market, holding a share of 12.16% in 2022.

Segmentation Overview:

Among different product types, Log and Event Management segment is anticipated to contribute the largest market share in 2027.

Application Overview:

The market's largest segment by application is the segment Banking, Financial Services and Insurance (BFSI), with a market share of 44.86% in 2021.

Key Companies in the global Security Information and Event Management market covered in Chapter 3:

McAfee
Rapid7
Exabeam
Securonix
Splunk
LogRhythm
RSA (Dell Technologies)
Fortinet
SolarWinds
FireEye
IBM Qradar
ManageEngine (Zoho)
Micro Focus
LogPoint
AT&T Cybersecurity
Sumo Logic
HanSight

In Chapter 4 and Chapter 14.2, on the basis of types, the Security Information and Event Management market from 2018 to 2029 is primarily split into:

Log and event management
Firewall security management
Patch management
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Security Information and Event Management market from 2018 to 2029 covers:

Banking, Financial Services and Insurance (BFSI)
Government
Healthcare
Telecom and Information Technology (IT)
Energy and utility
Retail and hospitality
Education and academia
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)