[Research Report] The security information and event management market size was valued at US$ 4.67 billion in 2022 and is expected to reach US$ 9.91 billion by 2030; it is estimated to record a CAGR of 9.8% from 2022 to 2030.

Analyst Perspective:

The global cyber security landscape is changing rapidly. The necessity for effective cybersecurity safeguards is more important than ever in the connected world of today. Systems in security information and event management market are a crucial part of a thorough cybersecurity strategy. Platforms in security information and event management market combines the capabilities of security information management (SIM) with security event management (SEM). It gives businesses a consolidated platform to gather, examine, and correlate security-related data from diverse IT infrastructure sources. The security information and event management market growth is attributed to the various features offered by systems in security information and event management market, such as real-time monitoring, threat detection, and log monitoring. IT & telecommunication and BFSI industries are the major adopters of solutions in security information and event management market. These industries face multiple threats regarding their IT infrastructure and consumer data.

The security operation centers at various organizations need seamless solutions to streamline the threat detection processes across various platforms. For instance, in October 2022, LogRhythm announced the release of its latest Axon update. It has the capacity to quickly identify potential dangers, analyze them, and take appropriate action. Security teams use Axon to automate team operations through case management on the basis of incident response at the location.

Security Information and Event Management Market Overview:

A few of the major use cases of solutions in security information and event management market include detecting compromised user credentials, detecting unusual behavior, phishing detection, log management, and monitoring compliance requirements. Every business that manages the personal data of residents of the European Union must continue to be GDPR compliant as of May 25, 2018. The primary objectives of the GDPR are to impose more stringent data security regulations and transparent data gathering and processing practices. SIEM solutions guide and help many organizations navigate compliance threats by promptly monitoring compliance activities. Many security information and event management market players have incorporated regulatory compliance features in their solutions in security information and event management market post-GDPR. For instance, in January 2018, a prebuilt report and a reinforced correlation engine were added to ManageEngine's security information and event management (SIEM) tool—Log360—to make it easier for businesses to comply with GDPR obligations. With its new correlation rules and GDPR-specific report, Log360 enables businesses to demonstrate that their data is constantly safeguarded; find data breaches more quickly; and comply with Articles 25(1)(a) and (b), 32(1)(b), and 33 requirements.

For financial institutions, the Federal Financial Institutions Examination Council (FFIEC) frequently mandates best practices, guiding principles, and standards. Since 2013, the Cybersecurity and Critical Infrastructure subgroup has carried out ongoing efforts to standardize security management procedures for industry groups. Organizations need to start collaborating with the SIEM team to prepare for the numerous regulatory changes that the BFSI sector is currently experiencing worldwide. To achieve compliance, international banking institutions must assess their cybersecurity processes and strategy. For instance, in October 2022, Exabeam Fusion SIEM was deployed by MUFG Bank, Ltd. across its offices. Exabeam Fusion SIEM was chosen by MUFG Bank to provide a streamline of typical activity across its IT infrastructure so that anomalies that might be signs of a cybersecurity threat or attack could be rapidly identified.

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Security Information and Event Management Market: Strategic Insights

Security Information and Event Management Market

• 
  CAGR (2022 - 2030)

  9.8%
• Market Size 2022
  US$ 4.67 Billion
• Market Size 2030
  US$ 9.91 Billion

Market Dynamics

GROWTH DRIVERS

• Rise in Cyber Security Incidents
• Surge in Need for Modern Security Solutions to Manage High Volume of Security Alerts
• Rise in Popularity of SaaS Model

FUTURE TRENDS

• Integration of SIEM solutions with predictive analytics

OPPORTUNITIES

• Increasing Nood for Monitoring Compliance Standards in Organization
• Rising Need for Threat Monitoring and Detection in Charging Retail Industry

Key Players

• AT&T Inc
• International Business Machines Corp
• LogRhythm Inc
• SolarWinds Worldwiden LLC
• Splunk Inc
• Fortinet Inc
• Zoho Corporation Pvt Ltd
• Logpoint AS
• Exabeam Inc

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Component

• Solution and Services

Deployment Mode

• On-Premise and Cloud

Enterprise Size

• Large Enterprise and SMEs

End User

• IT and Telecommunication
• BFSI
• Government
• Education and Others

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Security Information and Event Management Market Driver:

Rising Number of Data Breaches Across Industry Verticals Drives Security Information and Event Management Market Growth

Organizations face a wide range of cybersecurity dangers as the average cost of a data breach rises to an all-time high of US$ 4.45 million in 2023. These dangers could lead to data breaches and range from ransomware assaults to phishing schemes and insider threats. Businesses must employ cutting-edge security solutions to safeguard their sensitive data and digital assets since cybercriminals are becoming sophisticated and their strategies are becoming more diversified. For instance, according to a 2022 report by HackerOne, over 65,000 vulnerabilities were found by ethical hackers in 2022, a 21% increase from 2021. According to a 2022 Official Cybercrime report, the cost of cybercrime would reach US$ 8 trillion in 2023 and reach US$ 10.5 trillion by 2025. The importance of protecting vast amounts of data that support new product development and innovation while also enhancing customer service grows as the number of cyberattacks rises globally. By tracking, recognizing, and analyzing incidents and events, as well as providing real-time warnings and reports, security analysts are greatly aided by solutions in security information and event management market.

Security Information and Event Management Market Segmental Analysis:

Based on component, the security information and event management market is divided into solution and services. Single-point security systems can identify common attacks with ease, but they frequently fail to identify sluggish, dispersed, and focused attack routes. There have been several situations in the previous several years where it took weeks or even months for businesses to detect a breach.

These sensors' log data are extremely important for recognizing suspicious activity in a network. Security teams find it tiresome to manually go through each log entry, which significantly reduces their effectiveness and wears them out. However, an system in security information and event management market can assist security teams in identifying security problems and reacting with the least amount of delay possible.

A few popular SIEM capabilities are listed below:

• Log collection and processing
• Searching and reporting
• Real-time monitoring and threat identification
• End-to-end incident management
• Threat intelligence
• User and entity behavior analytics (UEBA)

However, despite the various advantages offered by SIEM systems, a number of barriers keep organizations from fully benefiting from their platforms. For instance, according to the 2022 SIEM Report, considering the operation of an SIEM system, 41% of organizations face a lack of skilled labor as a challenge to fully adopt the systems.

Security Information and Event Management Market Regional Analysis:

North America holds the largest global security information and event management market share. The region is home to a few of the major tech giants of the world. For instance, according to an article by BestColleges.com, more than 500,000 IT companies are based in the US, which also controls 35% of the worldwide tech market. Also, according to a report by the BC Tech Association, the tech sector was directly responsible for US$ 117 billion, or 7.1%, of Canada's economic output. The thriving IT industry, which is the major end user of SIEM solutions, is driving the growth of the system information and event management market.

Security Information and Event Management Market Key Player Analysis:

IBM; Splunk Inc.; LogRhythm; Logpoint; Fortinet; Exabeam; AT&T; Logsign; SolarWinds Worldwide, LLC.; and Zoho Corporation Pvt. Ltd. are among the key players operating in the security information and event management market.

Security Information and Event Management Market Report Scope

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Recent Developments: 

Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies operating in the security information and event management market. A few recent key security information and event management market developments are listed below:

• In July 2023, to get authorizations for establishing earth stations, Starlink submitted an application to the Indian National Space Promotion & Authorisation Centre (IN-SPACe). This was done after the company applied for global mobile personal communication by satellite services (GMPCS) license to the Department of Telecommunication (DOT) for the introduction of the internet from space services under its Starlink brand in India.
• In September 2023, Eutelsat Communications announced a partnership with Can Marine Systems, a well-known supplier of maritime systems in Asia. The partnership offers marine firms operating at sea in Asia access to next-generation security information and event management services, enhancing connectivity and capabilities.
• In July 2023, a Tier 1 global telecommunications operator selected Gilat for the satellite connectivity of a significant utility company in Western Europe, according to an announcement made by Gilat Satellite Networks Ltd.—a global pioneer in satellite networking technology, solutions, and services.
• In January 2023, in order to connect its satellites to smartphones, Iridium has signed a service provider agreement with a business that is generally assumed to be Samsung. The news follows Iridium's statement in July that it had secured a development agreement with a business to integrate its satellite technology into cellphones.
• In March 2023, owned by Bharti Enterprises Together with SpaceX, owned by Elon Musk, OneWeb launched 40 new satellites into orbit from Florida's Cape Canaveral Space Force Station. With this launch, OneWeb's entire satellite fleet in orbit has increased to 582.