Security Information and Event Management Global Market Report 2024

The security information and event management market size has grown rapidly in recent years. It will grow from $4.73 billion in 2023 to $5.34 billion in 2024 at a compound annual growth rate (CAGR) of 12.8%. The expansion observed in the historical period can be ascribed to the escalating demands for regulatory compliance, occurrences of data breaches and cyber attacks, the proliferation and intricacy of data, as well as concerns related to insider threats and user behavior.

The security information and event management market size is expected to see strong growth in the next few years. It will grow to $7.78 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%. The anticipated growth in the forecast period can be linked to increasing cyber threat sophistication, mandatory regulatory compliance, the adoption of cloud technologies and hybrid IT environments, and the implementation of the zero-trust security framework. Key trends expected in the forecast period include the adoption of cloud-native SIEM, integration of AI and machine learning, the implementation of zero-trust architecture, the emergence of extended detection and response (XDR), increased automation and orchestration, and a focus on edge security.

The growth of the security information event management (SIEM) market is anticipated to be propelled by the increasing prevalence of cyber threats. Cyber threats encompass malicious activities that pose risks to the confidentiality, integrity, and availability of digital assets, systems, networks, and data. The evolving landscape of cybersecurity risks, driven by factors such as increased connectivity and evolving tactics of malicious actors, contributes to the rising threat scenario. SIEM plays a crucial role in addressing cyber threats by equipping organizations with comprehensive capabilities to monitor, detect, and respond to security incidents effectively. For example, in November 2022, the Australian Cyber Security Centre reported a 13% increase in cybercrime reports in 2022, reaching 76,000 cases. This upward trend in cyber threats is a key driver for the growth of the SIEM market.

Major companies are focused on innovation to enhance their profitability. One notable innovation is the introduction of Security Management Outsourcing Services, providing businesses with dedicated professionals to monitor, detect, and respond to cyber threats. For instance, NTT Data, a Japan-based cybersecurity company, launched a Security Management outsourcing service in July 2023. This service aims to minimize damage in the event of an incident and prevent incidents altogether. Starting in July 2023, the Managed Detection and Response (MDR) service will be available in Japan and expanded globally by the fiscal year ending in March 2024. Advanced security engineers with extensive experience in incident response will act on behalf of client companies, executing a comprehensive set of actions to determine the cause, implement emergency response measures, optimize recovery efforts, and prevent recurrence.

In September 2022, Fujitsu Limited, a Japan-based company offering Hardware, Software, Cloud Services, Consulting, Professional Services, and Security Solutions, acquired InPhySec Security for an undisclosed amount. This strategic acquisition by Fujitsu is aimed at expanding its presence in the cybersecurity sector. By integrating InPhySec's innovative technologies into its portfolio, Fujitsu aims to consolidate its position in the market, access InPhySec's skilled workforce, and drive revenue growth through enhanced offerings and an expanded customer base. InPhySec, a New Zealand-based cybersecurity company specializing in security information event management services, brings valuable expertise to Fujitsu's cybersecurity portfolio.

Major companies operating in the security information and event management market report are The International Business Machines Corporation, Splunk Inc., McAfee Corporation, Fortinet, Juniper Networks, FireEye, Rapid7, SolarWinds Corporation, Micro Focus (ArcSight), AT&T Cybersecurity AlienVault, Trustwave, LogRhythm, Alert Logic, Fidelis Cybersecurity, Exabeam, Securonix, Proficio, Logsign, LogPoint, Cygilant, Seceon, Gurucul, Graylog, Intel Security.

North America was the largest region in the security information event management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the security information and event management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the security information and event management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Security Information and Event Management (SIEM) is a security solution designed to assist organizations in identifying and mitigating potential security threats and vulnerabilities proactively, preventing disruptions to business operations. SIEM systems offer a comprehensive suite of services focused on monitoring, detecting, and responding to security events occurring within an organization's IT infrastructure.

The primary solution perspectives for Security Information and Event Management (SIEM) include software and services. Software encompasses a set of programs, data, and instructions that empower a computer system to execute specific tasks or functions. The software can be deployed through various methods, including cloud and on-premise solutions, and finds application across diverse verticals such as banking, financial services and insurance (BFSI), information technology and telecom, retail and e-commerce, healthcare and life sciences, manufacturing, government & defense, energy and utilities, and other sectors.

The security information and event management market research report is one of a series of new reports that provides security information and event management market statistics, including security information and event management industry global market size, regional shares, competitors with security information and event management market share, detailed security information and event management market segments, market trends, and opportunities, and any further data you may need to thrive in the security information and event management industry. This security information and event management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The security information and event management market consists of revenues earned by entities by providing services such as log management, event correlation, real-time monitoring, threat detection and response, incident response orchestration, and compliance reporting. The market value includes the value of related goods sold by the service provider or included within the service offering. The security information and event management market also includes sales of SIEM software platforms, cloud-based SIEM solutions, open-source SIEM tools, SIEM appliances, and SIEM integrations and add-ons. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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