Security Information and Event Management Market Size, Share, Growth Report 2032

Security Information and Event Management Market: Overview

The Global Security Information and Event Management Market accounted for more than USD 4.43 Billion in 2020 and is expected to reach more than USD 7.12 Billion by 2028, growing at a CAGR of more than 6.1% from 2021 to 2028.

Security Information and Event Management (SIEM) refers to the software, products, and product services that combine security event management with security information management. The risk of cyber-attacks and security breaches is increasing in the IT sector and is expected to increase in the near future hence SIEM is installed in IT infrastructure that gives a real-time analysis of security alerts that are generated in organizations. The security is tracked and analyzed with the help of functions such as security event management and security information management.

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COVID-19 Impact Analysis

The covid-19 pandemic has affected almost all sectors across the globe. The pandemic has affected the global economy in three main ways: directly affecting production and demand, having a financial impact on firms and the financial market, and creating supply chain and market disruption. The same applies to the global information and event management market. Consumer demand has been significantly reduced and people are now keener on eliminating non-essential expenses from their budgets as the economic status of individuals has been severely affected by the pandemic.

However, with the upliftment of the pandemic restrictions, the Global Security Information and Event Management Market is expected to recover and regain its market share and position in near future.

Security Information and Event Management Market: Growth Factors

Rising adoption of cloud-based services among small and medium-sized enterprises, government regulations regarding strict security compliances, and exponential rise in sophistication of cyber threats are key factors propelling the growth of the Global Security Information and Event Management Market in the forecasted period. The adoption of digital sources and globally interconnected technology platforms to transfer and migrate information has increased the risk of cyber attacks such as phishing, malware and others. Businesses have started adopting Security Information and Event Management solutions to safeguard organizations against cyber attacks and simultaneously monitor data.

There have been technological features and advancements in Security Information and Event Management solutions such as gathering information and consolidating it in virtualized user-friendly dashboards that enable IT, professionals, to manage complex and widespread digital environments and are proliferating the growth of the market.

Report Scope :

Deployment Segment Analysis Preview

The cloud-Based segment will grow at a CAGR of over 4.36% from 2021to to 2028. Deployment can be bifurcated into Cloud-based and premise. The Cloud-Based segment is expected to grow at an exponential rate due to the benefits that the cloud-based deployment model provides to an organization such as speed, 24/7 services, increased scalability, and improved IT security. The increasing number of applications being deployed in the cloud has resulted in a shift from traditional on-premise Security Information and Event Management solutions to cloud-based solutions across enterprises. Moreover, the need for cloud-based security solutions is increasing rapidly, as the central delivery model is in accordance with IT security needs.

Organization Size Segment Analysis Preview

The large Enterprises segment held a share of around 56.67% in 2020. The Organizational size can be bifurcated into Small Medium-Sized Enterprises and Larger Enterprises. The larger enterprises generally are early adopters of threat intelligence solutions as they extensively use a large number of business applications that are prone to increasing cyber-attacks. Large enterprises prefer implementing solutions that can provide them with assistance in enhancing and increasing their profits. Huge volumes of data, along with various business applications and processes of enterprises, involve an elevated level of complexities and distributed environments.

Security Information and Event Management Market: Regional Analysis Preview

The North American region held a share of more than 35.43% in 2020. This is attributable to the company’s focus on enhancing its breach detection and monitoring capabilities by adopting Security Information and Event Management solutions. Focus has increased on the security and compliance reporting requirements. Larger companies in the region that follow a conservative approach are now adopting Security Information and Event Management solutions and the region is a most highly regulated region with numerous regulations across various industries. The U.S is home to the majority of the key players in the market which is further acting as fuel for the growth of Security Information and Event Management in North America.

The Asia Pacific region is projected to grow at a CAGR of more than 9.5% over the forecast period. This is attributable to having ample involvement in Global Security Information and Event Management Market share due to enterprise mobility and the growing penetration of smartphones, laptops, and tablets. Moreover, the development of high-speed connectivity and major due to rising information Communication Technology expenditure in the region.

Security Information and Event Management Market: Key Players & Competitive Landscape

Some of the key players in Security Information and Event ManagementMarket are Sumo Logic, Hewlett-Packard Company, KEYW, LogRhythm,McAfee Inc., Splunk Inc., TIBCO Software, Dell, Alert Logic,Tripwire, International Business Machines Corporation, TrustwaveHoldings, and EMC Corporation.

Key market players in the global information and event management sector are focusing on acquisitions, joint ventures, and collaborations in order to expand their consumer base.

The Global Security Information and Event Management Market are segmented as follows:

By Solution

• Firewall Security Management
• Log and Event Management
• Patch Management
• Others

By Services

• Consulting
• Support
• Integration

By Deployment

• Cloud-Based
• On-Premise

By Organization Size

• Small and Medium-Sized Enterprises
• Large Enterprise

By End Use Industry

• BFSI
• Healthcare
• Government
• IT and telecom
• Retail and Hospitality
• Energy and Utility
• Education
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of The Middle East & Africa