The Security Information and Event Management Market size is expected to reach US$ 4.67 billion by 2030 from 9.91 billion in 2022, at an estimated CAGR of 9.8% from 2022 to 2030.
The US, Canada, and Mexico are major countries in North America. North America is one of the most heavily impacted regions in the world by cyberattacks. This is due to the prominent presence of financial sectors, essential infrastructure, and shared opportunities, such as private–public partnerships, all of which contribute to a more robust cyber ecosystem. Regional governments concentrate on enhancing legislation and policies to combat cyber risks in their countries. For example, the United States–Mexico–Canada Agreement (USMCA) and the North American Free Trade Agreement (NAFTA) have merged to produce a single regional solution for the manufacturing sector. Furthermore, the Department of Homeland Security has identified 16 important cybersecurity sectors, including manufacturing, construction, energy, food and agriculture, chemical, healthcare, government, and others. The expanding compliance and regulation rules, as well as the number of cyberattacks across sectors, are propelling the need for regional security information and event management.
Cyberattacks against traditional security operations are becoming increasingly common, producing reputational damage, financial impact, and operational outages. Thus, several players in North America are expanding in security information and event management. For instance, in July 2023, Kyndryl significantly increased the services it provides to allow business customers to swiftly detect, effectively respond to, and recover from cyberattacks. Thus, the expansion of such players in the region propels the growth of the security information and event management market.
The technological sector in the US is among the biggest in the world. Over 585,000 different tech companies, including some of the most significant ones in the field, are based in the US. Silicon Valley in California is well-known for its technological industry, and many of the largest major firms in the world, such as Apple, Alphabet, Intel, and Meta, have their headquarters there. The development of complex threats and cyberattacks in this area is a result of technical advancement and the growth of technological sectors. Businesses are also increasingly worried about private network security breaches because they could result in significant losses. Due to this security problem, solutions in Security Information and Event Management Market are being used more frequently to effectively address ongoing security breaches.
Furthermore, several players across the US are expanding to strengthen the enterprises’ security posture by protecting operations against cyber threats and attacks. For instance, in July 2023, the OTAVA expanded its managed security products to include SIEM and SOC services to help organizations boost their security posture by protecting operations from cyber threats and assaults. The SIEM and SOC from OTAVA are complementary, purpose-built security solutions that automate alerts, tailor visualization with analysis, and leverage the OTAVA team’s experience. These managed solutions provide integrated intelligence that is custom-designed by OTAVA during the design and delivery phases. Thus, such expansions in the country propel the growth of the security information and event management market.
Based on component, the Security Information and Event Management market is segmented into solution and services. The solution segment held the largest share in the Security Information and Event Management market in 2022. A solution in security information and event management market is a combination of security information management (SIM) and security event management (SEM). Other than the features of traditional log management systems, the solution also offers SIM-enabled long-term log storage, reporting, and threat intelligence stream integration. In a certain IT architecture, the SEM component is in charge of locating, gathering, watching, evaluating, and reporting security occurrences. An ideal solution in security information and event management market collects and organizes the log data produced by the complete IT infrastructure of an enterprise, including computer systems, applications, network gadgets, and security appliances. It can help normalize log data for more accurate analysis and reliable outcomes. The main goal of solution in security information and event management market is to identify security issues and offer detailed insights through event correlation and log analysis. A few of the prominent SIEM solutions components include log collection and processing, searching and reporting, real-time monitoring and threat identification, end-to-end incident management, threat intelligence, and user and entity behavior analytics (UEBA), among others. A complete SIEM solution includes hardware cost, software cost, and infrastructure cost, which weighs ~70–75% of the total SIEM platform cost. A few of the major SIEM solutions providers in the security information and event management market that offer advanced products are IBM; Splunk, Inc.; LogRhythm; and Exabeam; among others
Based on deployment, the Security Information and Event Management market is segmented into on-premise and cloud. The On-Premise segment held the largest share in the Security Information and Event Management market. Security management is combined into a single, cloud-based location by solutions in security information and event management market, commonly referred to as cloud SIEM or SIEM as a Service. Cloud-native SIEM also benefits from the speed and economies of scale to expand.
Cloud services are increasingly used for security operations. According to a 2020 CyberEdge study, the cloud hosts 64.6% on average of IT security operations and services. The transition to cloud-hosted SOC services is being driven by its growing adoption among businesses in the technology, healthcare, and government sectors. For instance, according to the 2020 State of SecOps and Automation, cloud-native security information and event management gained traction, as 99% would prefer more SIEM automation, and 88% of firms have issues with their present platform in security information and event management market. When managing cybersecurity and compliance across both on-premises and cloud infrastructures, cloud SIEM solutions offer more flexibility, accessibility, and quicker speed to value.
IBM; Splunk Inc.; LogRhythm; Logpoint; Fortinet; Exabeam; AT&T; Logsign; SolarWinds Worldwide, LLC.; and Zoho Corporation Pvt. Ltd. are among the key Security Information and Event Management Market players that are profiled in this market study.
The overall Security Information and Event Management Market size has been derived using both primary and secondary sources. Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the Security Information and Event Management Market size. The process also helps obtain an overview and forecast of the market with respect to all the market segments. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain analytical insights. This process includes industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the security information and event management market.