Security Information and Event Management Market Size Report, Share & Forecast-2030

Security Information and Event Management Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Component (Solution and Services), Deployment Mode (On-Premise and Cloud), Enterprise Size (Large Enterprise and SMEs), and End User (IT and Telecommunication, BFSI, Government, Education and Others)

Publication Month : Oct 2023

  • Report Code : TIPRE00003360
  • Category : Technology, Media and Telecommunications
  • Status : Published
  • No. of Pages : 174
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[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

Market Size Value inUS$ 4.67 billion in 2022
Market Size Value byUS$ 9.91 billion by 2030
Growth rateCAGR of 9.8% from 2022 to 2030
Forecast Period2022-2030
Base Year2022
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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.

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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.

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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, 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.

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.
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Component, Deployment Mode, Enterprise Size, and End User

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

This text is related
to country scope.

Frequently Asked Questions

Which is the fastest-growing region in security information and event management market?

North America is anticipated to grow with the highest CAGR over the forecast period.

Which is the leading component segment in the security information and event management market?

The solution segment led the security information and event management market with a significant share in 2022 and it is also expected to grow with the highest CAGR.

What will be the security information and event management market size by 2030?

The security information and event management market are expected to reach US$ 9910.06 by 2030.

What are the future trends of the security information and event management market?

Integration of SIEM solutions with predictive analytics is expected to drive the growth of the security information and event management market in the coming years.

What is the estimated global market size for the security information and event management market in 2023?

The security information and event management market was estimated to be valued at US$ 4674.71 million in 2022 and is projected to reach US$ 9910.06 million by 2030; it is expected to grow at a CAGR of 9.8% during the forecast period.

Which key players hold the major market share of the security information and event management market?

The key players holding majority shares in the security information and event management market include Splunk, LogRhythm, IBM, Logpoint, and AT&T.

What are the driving factors impacting the security information and event management market?

Rise in cyber security incidents, surge in need for modern security solutions to manage and monitor high volume of security alerts, and rise in popularity of SaaS model are driving factors of security information and event management market.

The List of Companies - Security Information and Event Management Market 

  1. AT&T Inc  
  2. International Business Machines Corp
  3. LogRhythm Inc  
  4. SolarWinds Worldwiden LLC
  5. Splunk Inc
  6. Fortinet Inc
  7. Zoho Corporation Pvt Ltd  
  8. Logpoint AS
  9. Exabeam Inc
  10. Logsign Inc

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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