The global security information and event management market size was US$ 4.56 billion in 2021. The global security information and event management market size is forecast to reach US$ 19.12 billion by 2030, growing at a compound annual growth rate (CAGR) of 16.5% during the forecast period from 2022 to 2030.

SIEM products collect data from a variety of sources to identify patterns of events that indicate misuse of critical data, data failure, intrusion, or attack on systems. A unified solution combines error logs and alerts through event discovery and correlation, simplifying and speeding up network event monitoring. This market includes services such as collecting and storing data logs, collecting and disseminating threat intelligence, providing information on countermeasures, and offering early warning services. 

Factors Influencing Market Growth

• Several factors, such as a rise in concerns over IT security, the growth of bring your own device (BYOD) trends, the rising threat of cybercrime and supportive IT governance, and regulatory compliance, drive the growth of the security information and event management industry.
• A number of factors are influencing the global market growth, such as the complexity of SIEM solutions, the difficulty of validating return on investment (ROI), and anomaly detection by next-generation SIEM.
• SIEM (Security Information and Event Management) solutions offer a threat, log, and event management at an affordable cost with a unified solution to simplify the complexity of managing multiple security solutions, which is forecast to boost the growth of the global market. 
• A high cost and concern about privacy intrusion can slow down the growth of the security information and event management market.

Impact Analysis of COVID-19

The global COVID-19 pandemic has impacted businesses across the globe. Due to the lockdown imposed by governments in different countries, the adoption of SIEM has positively impacted. As part of COVID-19, organizations were using advanced technologies like BYOD, artificial intelligence (AI), machine learning (ML), and the internet of things (IoT) to perform contactless operations across industries. Consequently, there was an increase in demand for security information and event management systems, which has led to the growth of the global security information and event management market. 

Regional Insights

The Asia Pacific is forecast to experience the highest growth in the coming years. It is due to an evolution in IT security, cloud computing, and enterprise mobility among enterprises in the Asia Pacific region, which is driving demand for SIEMs. In Asia-Pacific, the demand for comprehensive SIEM deployments is likely to drive the growth of SIEM products for enterprises as it has become vital to protect their critical assets. The regulatory compliance requirements surrounding IT security have also led enterprises in the region to adopt SIEM technology, which is forecast to drive market growth in the upcoming years.

Leading Competitors

The leading prominent companies profiled in the global security information and event management market are:

• Dell EMC
• Hewlett Packard Enterprise Development LP
• IBM Corporation
• LogRhythm, Incorporated
• McAfee LLC.
• SolarWinds, Incorporated
• Splunk, Incorporated
• Symantec Corporation
• Trend Micro, Incorporated
• Trustwave Holdings Incorporated
• Other Prominent Players

Scope of the Report

The global security information and event management market segmentation focuses on Component, Deployment Model, Enterprise Size, Industry Vertical, and Region.

Segmentation based on Component

• Solution
• Services

Segmentation based on Deployment Model

• On-Premise
• Cloud

Segmentation based on Enterprise Size

• Large Enterprise
• SMEs

Segmentation based on Industry Vertical

• BFSI
• Government
• IT & Telecom
• Manufacturing
• Healthcare
• Retail
• Energy & Utilities
• Others

Segmentation based on Region

• North America
• The U.S.
• Canada
• Mexico
• Europe
• Western Europe
• The UK
• Germany
• France
• Italy
• Spain
• Rest of Western Europe
• Eastern Europe
• Poland
• Russia
• Rest of Eastern Europe
• Asia Pacific
• China
• India
• Japan
• Australia & New Zealand
• ASEAN
• Rest of Asia Pacific
• Middle East & Africa (MEA)
• UAE
• Saudi Arabia
• South Africa
• Rest of MEA
• South America
• Brazil
• Argentina
• Rest of South America