Security Information and Event Management Market is expected to reach US$ 9.91 billion by 2030

Rise in Cybersecurity Incidents Boosts Security Information and Event Management Market Growth

According to our latest study on “Security Information and Event Management Market Forecast to 2030 – Market Size and Forecast (2020–2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage – by Component, Deployment Mode, Enterprise Size, and End User,” 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. The security information and event management market is expected to record a CAGR of 9.8% from 2022 to 2030.

Cyber threats are evolving continuously; hence, many firms are developing a strategy for data protection and providing the latest security solutions. Ransomware attacks, phishing schemes, and insider threats are a few examples of cybersecurity attacks that could lead to data breaches. Businesses must employ cutting-edge security measures to safeguard their sensitive data and digital assets as hackers become more expert and diverse in their approaches.

Security Information and Event Management Market – By Region, 2022 and 2030

Source: The Insight Partners Analysis

For instance,

• According to a 2023 IBM report, in 2023, the average cost of a data breach is likely to record an all-time high of US$ 4.45 million.
• According to a 2023 report by AAG, there was a 358% rise in cyberattacks in 2020 as compared to 2019. Investment fraud was the most expensive type of cybercrime in 2022, with an average loss of US$ 70,811 per victim.

As per "The Global Risks Report 2022" from the World Economic Forum, cybersecurity safeguards imposed by organizations, governments, and people are becoming increasingly ineffective with the advanced knowledge of hackers to surpass them.

For instance,

• In 2021, 847,376 complaints were filed, according to the FBI's Internet Crime Complaint Center. Overall, more than US$ 6.9 billion in losses resulted from the allegations.
• In 2022, phishing attempts grew by 61% as compared to 2021, according to SlashNext's "2022 State of Phishing" study. The Q3 of 2022 witnessed a record-breaking 3 million phishing attacks, as per the Anti-Phishing Working Group (APWG), making it the worst quarter recorded by the organization.

The rise in cybersecurity attacks generates the need for an integrated security solution, updating organizations on trending threats and proactively defending against potential attacks and adversaries. Security information and event management (SIEM) solutions are essential for preserving an organization's cybersecurity infrastructure. The system collects and examines enormous amounts of security-related data from numerous sources within the IT architecture of an organization. Thus, the rise in cybersecurity incidents drives the demand for solutions in the security information and event management market across the globe.

For compliance, auditing, and tracking requirements of various companies, SaaS-based security information and event management (SIEM) systems offer real-time monitoring, security event analysis, and security data logging as part of a managed cloud service. Software as a service (SaaS) model for SIEM platforms is gaining popularity. Implementing, managing, maintaining, and scaling SIEM solutions can be made simpler and faster with SIEM as a service. Compared to on-premises alternatives, it also reduces the complexity of licensing. A few of the benefits of driving the demand for SaaS-based SIEM solutions include low cost and improved functionality. On adopting the SaaS-based SIEM, the large organization can stop relying on hardware to support the SOC (Security Operation Center). Moreover, cloud-based SIEM accelerates the process of launching businesses. When a business installs an on-site SIEM solution, it could take a while for the system to be completely operational. By selecting a cloud-based SIEM solution, the organization can customize and deploy technology rapidly. A few of the major players delivering SaaS-based SIEM solutions are mentioned below:

• In March 2022, LogPoint unleashed SaaS-delivered converged SIEM. LogPoint is providing its Converged SIEM, which includes SIEM, SOAR, UEBA, and Security for business-critical applications. LogPoint redefines the SIEM category as it is built on a cloud-native, SaaS-delivered cybersecurity operations platform.
• In March 2019, Exabeam released Exabeam SaaS Cloud, the most recent iteration of their Exabeam Security Management Platform. Exabeam SaaS Cloud, according to the supplier, seeks to assist businesses with their efforts to identify and analyze threats and take appropriate action while avoiding the restrictions of on-premises SIEM deployments.

Thus, the rise in popularity of SaaS models drives the demand for solutions in the security information and event management market.

The security information and event management market is categorized on the basis of component, deployment mode, enterprise size, end user, and geography. Based on component, the security information and event management market is bifurcated into solution and services. By deployment model, the security information and event management market is divided into on-premise and cloud. Based on enterprise size, the security information and event management market is bifurcated into large enterprises and SMEs. Based on end user, the security information and event management market is categorized into IT and telecommunication, BFSI, healthcare, government, and others. The security information and event management market, based on geography, is categorized into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America.

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.

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