Asia-Pacific Security Information and Event Management Market to 2027 - Regional Analysis and Forecasts by Solution; Service; and End User

The Asia-Pacific Security Information and Event Management market accounted for US$ 601.8 Mn in 2018 and is expected to grow at a CAGR of 10.4% over the forecast period 2019-2027, to account for US$ 1,453.5 Mn in 2027. Factors including rising spending on Cybersecurity solutions by large and medium enterprises and boosting cyber threats across several industries driving the Asia-Pacific Security Information and Event Management market. Cybersecurity has already become a critical issue across business, industry, government and civil society; it will only grow more urgent as the online world becomes a central and underlying component of the physical world. In the last few years, cyber-attacks have affected the ease of doing businesses across many industries including BFSI, healthcare, media & entertainment, and governments. As per the World Economic Forum, cybersecurity has become a significant challenge for both the private and public sectors. The market players are focusing on various initiatives to enhance its reach to rural areas and boost its position in the Asia-Pacific Security Information and Event Management market.

The Asia-Pacific Security Information and Event Management market is fragmented with the presence of several industries and the competitive dynamics in the market is expected to change during the upcoming years. In addition to this, various initiatives are undertaken by the governmental bodies to accelerate the Asia-Pacific Security Information and Event Management market further. For instance, The Asia-Pacific (APAC) is considered to be the most favorable environment for cybercriminals to thrive due to high digital connectivity. The primary driver behind the growth of cybercrimes in these regions is low cyber-security awareness, growing cross-border data transfers and weak regulations. However, many countries in this region have passed laws and taken initiatives against cybercrime. These initiative provide various benefits to the Security Information and Event Management manufacturing companies located in the region. These initiatives are implemented to enhance the technologies that positively impact on the Asia-Pacific Security Information and Event Management market. These initiative provide various benefits to the Security Information and Event Management based companies located in the region thus, increasing the growth of Asia-Pacific Security Information and Event Management markets. This is further expected to provide the Asia-Pacific Security Information and Event Management market players to cope up with the rapidly transforming industrial requirement. This initiative offers multiple benefits to the companies present in this region and thus increasing the growth of Asia-Pacific Security Information and Event Management market.

Based on industry vertical, the government segment is leading Asia-Pacific Security Information and Event Management market. However, the BFSI segment is anticipated to grow at the highest CAGR. Banking, financial services, and insurance (BFSI) industries are more exposed to cyber-attacks due to the presence of substantial financial and personal data of customers. In this sector, a high amount of sensitive data is generated and exchanged every day. There is growing volume and creation of endpoints and mobile devices in banks, credit card companies, and credit reporting institutions, thus, it becomes essential for these industry verticals to secure their customer data. Currently, the market players are looking ahead to support the Asia-Pacific Security Information and Event Management industry by innovating advanced technological components.

The overall Asia-Pacific Security Information and Event Management market size have been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the Asia-Pacific Security Information and Event Management market. It also provides an overview and forecast for the Security Information and Event Management market based on all the segmentation provided concerning the Asia-Pacific region. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts and key opinion leaders specializing in the Security Information and Event Management industry. Some of the players present in Security Information and Event Management market are AlienVault, DFLABS SPA, Fireeye, Inc., Hewlett Packard Enterprise Development LP (HPE), IBM Corporation, LogRhythm, Inc., RSA Security LLC, SolarWinds Inc., Splunk Inc., and TIBCO Software Inc.