Security Information and Event Managements Market Research | Industry Size USD 18.12 Billion by 2030
Growing demand for security solutions that help organizations discover potential security risks & vulnerabilities is predicted to fuel growth of SIEM market.
PORTLAND, PORTLAND, OR, UNITED STATES, April 10, 2023 /EINPresswire.com/ — How big is the security information and event management market?
The size of the global security information and event management market, which was estimated to be worth $3.92 billion in 2020, is expected to increase to $18.12 billion by 2030, rising at a CAGR of 16.4% from 2021 to 2030.
Growing demand for security solutions that help organizations discover potential security threats and vulnerabilities is anticipated to fuel the growth of the security information and event management (SIEM) market. Industries need a certain level of transparency to control network potential threats from outside the traditional network perimeter as remote workforces, bring your own device (BYOD) policies, and SaaS apps policies have grown in popularity.
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What are factors driving security information and event management market?
• Increasing cybersecurity threats: As the number and complexity of cyber threats continue to rise, organizations are increasingly turning to SIEM solutions to help them detect and respond to these threats in a timely and effective manner.
• Regulatory compliance requirements: Many industries are subject to regulatory requirements that mandate the use of SIEM solutions to help protect sensitive data and systems.
• Rising cybersecurity budgets: Organizations are allocating more resources to cybersecurity, which is driving demand for SIEM solutions.
• Growing adoption of cloud-based SIEM solutions: Cloud-based SIEM solutions offer several advantages over on-premise solutions, including scalability, flexibility, and cost-effectiveness.
• Increasing adoption of IoT devices: The proliferation of IoT devices is increasing the attack surface for cybercriminals, and SIEM solutions are being used to help organizations monitor and secure these devices.
• Need for real-time threat detection and response: SIEM solutions provide real-time visibility into security events, enabling organizations to respond quickly and effectively to threats.
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What are key trends in security information and event management market?
• Cloud-based SIEM solutions: Cloud-based SIEM solutions are gaining popularity due to their scalability, flexibility, and cost-effectiveness. Cloud-based SIEM solutions can help organizations to rapidly deploy and manage their security operations, while also providing a centralized platform for threat detection and response.
• Advanced threat detection: SIEM solutions are becoming more sophisticated, with advanced analytics and machine learning capabilities that can help detect and respond to complex threats in real-time. This includes the use of behavioral analysis and anomaly detection to identify suspicious activity and reduce false positives.
• Integration with other security solutions: SIEM solutions are increasingly being integrated with other security solutions such as endpoint detection and response (EDR) and network traffic analysis (NTA) to provide a more comprehensive security posture.
• Compliance automation: SIEM solutions are being used to automate compliance processes and ensure that organizations meet regulatory requirements such as GDPR, HIPAA, and PCI DSS.
• Threat intelligence sharing: SIEM solutions are being used to facilitate threat intelligence sharing between organizations, enabling them to collaborate and respond to threats more effectively.
• Managed SIEM services: Managed SIEM services are becoming more popular, especially among small and medium-sized businesses (SMBs) who lack the resources to manage their security operations in-house. Managed SIEM services can provide 24/7 monitoring, threat detection and response, and compliance management, all for a predictable monthly fee.
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This report gives an in-depth profile of some key market players in the security information and event managements market, which includes Dell EMC, Hewlett Packard Enterprise Development LP, IBM Corporation, LogRhythm, Inc., McAfee LLC., SolarWinds, Inc., Splunk, Inc., Symantec Corporation, Trend Micro, Inc., and Trustwave Holdings Inc. This study includes market trends, security information and event management market analysis, and future estimations to determine the imminent investment pockets
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