The managed security information and event management (siem) and log management global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Managed Security Information And Event Management (SIEM) And Log Management Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The managed security information and event management (SIEM) and log management market size has grown rapidly in recent years. It will grow from $2.98 billion in 2023 to $3.33 billion in 2024 at a compound annual growth rate (CAGR) of 11.8%. The growth in the historic period can be attributed to need for continuous monitoring and auditing of security events, need for centralized security management across multiple locations, increasing demand for real-time threat detection and response, growing awareness of the importance of security, growing demand for managed security services.
The managed security information and event management (SIEM) and log management market size is expected to see rapid growth in the next few years. It will grow to $5.14 billion in 2028 at a compound annual growth rate (CAGR) of 11.4%. The growth in the forecast period can be attributed to growing volume of data, growing cloud adoption, rise of remote work, increasing sophistication of cyberattacks, growing adoption of cloud-based services and applications. Major trends in the forecast period include cyber insurance partnerships, partnerships and alliances, technological innovation, integration with it service management ,customer education initiatives.
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Scope Of Managed Security Information And Event Management (SIEM) And Log Management Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Managed Security Information And Event Management (SIEM) And Log Management Market Overview
Market Drivers –
The emergence of remote work is expected to propel the growth of the managed security information and event management (SIEM) and log management market going forward. Remote work refers to the practice of performing job tasks and responsibilities from a location outside of a traditional office, often utilizing technology and online communication tools for collaboration. Managed SIEM and log management solutions provide remote workforces with the necessary cybersecurity visibility, threat detection capabilities, and compliance management tools to ensure secure and compliant remote work operations. For instance, according to the Bureau of Labor Statistics, a US-based government agency, 33% of establishments increased telework for some or all employees during the pandemic in 2021. Further, according to the Bureau of the Census, a US-based Federal Statistical System, the proportion of individuals primarily working from home increased threefold to 17.9% in 2021 from 5.7% two years prior. Therefore, the emergence of remote work is driving the growth of the managed security information and event management (SIEM) and log management market.
Market Trends –
Major companies operating in the managed security information and event management (SIEM) and log management markets are developing innovative products such as Cisco XDR for extended detection and response. Cisco XDR (Extended Detection and Response) is a cybersecurity solution that integrates and analyzes data from various sources across an organization’s network, endpoints, cloud environments, and applications to detect and respond to cyber threats more effectively. For instance, in April 2023, Cisco Systems Inc., a US-based digital communications technology corporation launched Cisco XDR. XDR solutions go beyond traditional SIEM (Security Information and Event Management) by providing advanced analytics, machine learning, and automation capabilities to correlate and prioritize security alerts, identify complex threats, and orchestrate response actions across the entire security infrastructure. Cisco’s XDR offering includes Cisco SecureX, which integrates XDR capabilities with other security products to provide a unified security platform for threat detection, investigation, and response.
The managed security information and event management (siem) and log management market covered in this report is segmented –
1) By Component: Solution, Services
2) By Deployment Mode: Cloud-Based, On-Premise
3) By Application: Log Management And Reporting, Threat Intelligence, Security Analytics, Other Applications
4) By Organization Size: Large Enterprises, Small And Medium Sized Enterprises
5) By Vertical: Information, Finance and Insurance, Healthcare and Social Assistance, Utilities
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Regional Insights –
North America was the largest region in the managed security information and event management (SIEM) and log management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the managed security information and event management (siem) and log management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Amazon.com Inc., Microsoft Corporation, Verizon Communications Inc., NTT Corporation, Dell Technologies, International Business Machines Corporation, Cisco Systems Inc., AT&T Cybersecurity, Capgemini SE, Wipro Limited, Palo Alto Networks, Fortinet Inc., Symantec Corporation , Optiv Security Inc., UNISYS Corporation, McAfee LLC, Trend Micro Inc., TIBCO Software Inc., FireEye Inc., RSA Security LLC, Trustwave Holdings Inc., Sumo Logic Inc., Securonix, Redscan Cyber Security Limited, Clearnetwork Inc.
Table of Contents
1. Executive Summary
2. Managed Security Information And Event Management (SIEM) And Log Management Market Report Structure
3. Managed Security Information And Event Management (SIEM) And Log Management Market Trends And Strategies
4. Managed Security Information And Event Management (SIEM) And Log Management Market – Macro Economic Scenario
5. Global Managed Security Information And Event Management (SIEM) And Log Management Market Size and Growth
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32. Global Managed Security Information And Event Management (SIEM) And Log Management Market Competitive Benchmarking
33. Global Managed Security Information And Event Management (SIEM) And Log Management Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Managed Security Information And Event Management (SIEM) And Log Management Market
35. Managed Security Information And Event Management (SIEM) And Log Management Market Future Outlook and Potential Analysis
36. Appendix
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