IMARC Group, a leading market research company, has recently releases report titled “Security Information and Event Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global security information and event management market share, growth, size, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Industry Overview of Security Information and Event Management
Security information and event management (SIEM) is a proactive, all-inclusive method of managing the security posture of a business. It is an advanced software solution that combines security information management (SIM) and security event management (SEM) functions. It is available in several types based on its capabilities, such as basic log management tools, advanced analytics platforms, or integrated solutions. It assists enterprises in identifying, monitoring, and responding to possible security risks. It integrates real-time data analysis, event correlation, and security alerts. It provides several advantages, including improved visibility into the security posture of an organization, quicker incident response times, and compliance management. It is utilized across various sectors like healthcare, finance, and retail, where regulatory compliance and data protection are crucial.
How Big Is the Security Information and Event Management Market?
The global security information and event management (SIEM) market size reached US$ 5.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 8.5 Billion by 2028, exhibiting a growth rate (CAGR) of 11.5% during 2023-2028.
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What are the growth prospects and trends in the security information and event management industry?
At present, the rising prevalence of cyber threats, including advanced persistent threats (APTs), ransomware, and data breaches, represents one of the major factors impelling the market growth. Additionally, the increasing adoption of cloud services is driving the demand for cloud-based SIEM solutions that cater to the needs of organizations for cloud-native security monitoring. Besides this, the growing data volumes generated by organizations require advanced SIEM systems to identify anomalies and potential threats within the data.
Moreover, the rising integration of SIEM with other security components like endpoint detection and response (EDR) and threat intelligence platforms, to enhance overall security is supporting the market growth. In addition, the increasing employment of managed SIEM services provided by specialized security firms, which reduces the burden on in-house security teams and ensures continuous monitoring and response, is contributing to the market growth. Furthermore, the growing utilization of the internet of things (IoT) devices in various industries, which introduces new security challenges is positively influencing the market.
Apart from this, the rising incorporation of artificial intelligence (AI) and machine learning (ML) capabilities in SIEM to enhance threat detection and reduce false positives is bolstering the market growth. Additionally, the increasing awareness of supply chain vulnerabilities and third-party risks is driving the adoption of SIEM solutions to monitor and secure supply chain networks, ensuring the integrity and security of products and services.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Component:
- Solution
- Services
Breakup by Deployment Mode:
- On-premises
- Cloud-based
Breakup by Organization Size:
- Small and Medium-sized Enterprises
- Large Enterprises
Breakup by Application:
- Log Management and Reporting
- Threat Intelligence
- Security Analytics
- Others
Breakup by Industry Vertical:
- BFSI
- Government
- IT and Telecom
- Manufacturing
- Healthcare
- Retail
- Energy and Utilities
- Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
AT&T Inc., Exabeam, Inc., Fortinet, Inc., Hewlett Packard Enterprise Development LP, International Business Machines Corporation, Logpoint A/S, Logrhythm, Inc., McAfee Corp., Micro Focus International plc, Solarwinds Corporation, Splunk Inc. and Trend Micro Inc.
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