Security Information and Event Management Market Analysis, Trends, Growth, Research And Forecast 2033

The Business Research Company recently released a comprehensive report on the Global Security Information and Event Management Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, 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 growth in the historic period can be attributed to increasing regulatory compliance requirements, data breaches and cyber attacks, data explosion and complexity, and 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 growth in the forecast period can be attributed to rising cyber threat sophistication, regulatory compliance mandate, cloud adoption and hybrid it environment, and zero trust security framework. Major trends in the forecast period include cloud-native siem, ai, and machine learning integration, zero trust architecture, extended detection and response, automation and orchestration, and edge security.

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Market Drivers and Trends:

The increasing cyber threats are expected to propel the growth of the security information event management market going forward. Cyber threats refer to malicious activities and actions that pose a risk to the confidentiality, integrity, and availability of digital assets, systems, networks, and data. Cyber threats are increasing due to several factors contributing to the evolving landscape of cyber security risks such as increased connectivity, and evolving tactics employed by malicious actors. SIEM Security information and event management is instrumental in addressing cyber threats by providing organizations with comprehensive capabilities to monitor, detect, and respond to security incidents effectively. For instance, in November 2022, according to the Australian Cyber Security Centre, an Australia-based cyber security agency, the number of cybercrime reports received in 2022 was 76,000, an increase of 13% from the year before. Therefore, the rising cyber threats are driving the growth of the Security information and event management market.

Major companies operating the security information and event management market are innovating new technologies such as Security Management Outsourcing Services to increase their profitability in the market. Security Management Outsourcing Service offers businesses a group of professionals who are always on the lookout for, detecting, and responding to cyber threats. For instance, in July 2023, NTT Data a Japan-based cyber security company launched a Security Management outsourcing service. The service is intended to minimize damage in the event of an incident and to prevent incidents altogether. Beginning in July 2023, the MDR service will be offered in Japan. By the fiscal year that ends in March 2024, it will be available everywhere. As part of the organization's CSIRT, advanced security engineers with over 20 years of experience in incident response will act on behalf of client companies with the MDR service, carrying out a comprehensive set of actions to determine the cause, carry out emergency response measures, optimize recovery efforts, and prevent recurrence.

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Major Key Players of the Market:

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

Security Information and Event Management Market 2024 Key Insights:

• The security information and event management market is expected to grow to $7.78 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%.
• Driving Forces Behind The Growth Of The Security Information And Event Management Market Amid Escalating Cyber Threats
• NTT Data Launches Cutting-Edge Security Management Outsourcing Services To Address Urgent Talent Needs In Cybersecurity
• North America was the largest region in the security information event management market in 2023

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