Security Information and Event Management Market to Reach USD 18.12 Billion By 2032, Says Allied Market Research

According to the report published by Allied Market Research, the global security information and event management market generated $3.92 billion in 2020, and is estimated to generate $18.12 billion by 2030, witnessing a CAGR of 16.4% from 2021 to 2030. The report offers a detailed analysis of changing market trends, value chain, top segments, key investment pockets, regional scenarios, and competitive landscape.

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Rise in concerns over IT security, persistent threat of cybercrimes, supportive IT governance, growth in adoption of BYOD trend, and regulatory compliance, boost the growth of the global security information and event management industry. However, high costs and fear of privacy intrusion impede the security information and event management market growth. On the other hand, with innovation and more refined understanding, the demand for such solutions is expected to increase during the forecast period.

Covid-19 Scenario:

1.The adoption of security information and event management (SIEM) was affected positively due to the imposed lockdown by governments of several countries. Increase security concerns in industries such as BFSI, IT, government, and others improved the demand for security information and event management market

2.To perform contactless operations in the post-COVID-19 period, enterprises would rely on modern technologies such as BYOD, machine learning (ML), artificial intelligence (AI), internet of things (IoT), and cloud computing across industries. This is projected to increase demand for SIEM in the market.

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The report offers detailed segmentation of the global alternative building materials market based on component, deployment mode, enterprise size, industry vertical, and region.

Based on components, the solution segment held the highest market share in 2020, accounting for more than three-fifths of the total share, and is projected to maintain its leadership status during the forecast period. However, the services segment is estimated to grow at the fastest CAGR of 17.26% from 2021 to 2030.

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Based on region, North America contributed to the highest share in 2020, accounting for more than two-fifths of the total share, and is expected to continue its dominant share in terms of revenue by 2030. However, Asia-Pacific is projected to manifest the largest CAGR of 17.83% during the forecast period. The report also includes an analysis of Europe and LAMEA segments.

Based on deployment mode, the on-premise segment accounted for the largest share in 2020, contributing to nearly three-fifths of the global security information and event management market, and is expected to maintain its lead position during the forecast period. However, the cloud segment is projected to portray the highest CAGR of 17.32% from 2021 to 2030.

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North America contributed to the highest share in 2020, and is expected to continue its dominant share in terms of revenue by 2030. The adoption of security information and event management (SIEM) was affected positively due to the imposed lockdown by governments of several countries.

Leading Market Players:

➢ Hewlett Packard Enterprise Development LP

➢ LogRhythm

➢ SolarWinds

➢ Symantec Corporation

➢ Dell EMC

➢ IBM Corporation

➢ McAfee

➢ Splunk

➢ Trend Micro

➢ Trustwave Holdings Inc.

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