Europe Security Information and Event Management Market Forecast to 2030 - Regional Analysis - by Component, Deployment Mode, Enterprise Size, and End User

The Europe security information and event management market are expected to grow from US$ 1.39 billion in 2022 to US$ 3.00 billion by 2030. It is estimated to grow at a CAGR of 10.1% from 2022 to 2030.

Increasing Need for Monitoring Compliance Standards in Organizations Fuels Europe Security Information and Event Management Market

Risk and compliance conditions are constantly shifting. Organizations are facing problems keeping track of all compliances. The lack of an efficient risk and compliance program can lead to major revenue loss as concerns about cybersecurity continue to rise. The efforts required to comply with regulations are becoming increasingly complicated and cross-functional. It has become a risk to be non-compliant to certain standards as the cost of non-compliance may be more than installing a compliance solution. This has created a need for automated security solutions to check and monitor compliance requirements. For instance, according to a Compliance Risk Study 2022 Report, although 72% of respondents did not anticipate any changes in their allotted budget in the next few years, 90% of compliance executives agree that the cost of compliance will increase by 30% in the coming years. In a compliance risk assessment done by Accenture, 93% of respondents concur that AI and cloud compliance products eliminate human mistakes, automate manual operations, and demonstrate to be more effective and efficient. Security information and event management (SIEM) solutions can assist firms that need to achieve various regulatory standards. Organizations can use SIEM systems to comply with legal and regulatory requirements. For example, a SIEM can make it considerably simpler for enterprises to comply with regulations relating to cybersecurity, data protection and privacy, and breach reporting. The processes of recording security data and reporting on compliance are streamlined by SIEM software. The SIEM system automatically standardizes and correlates log data from across the IT environment into reports that provide information on your organization's compliance to avoid manually collecting data from every host in the IT network and combining it into reports. SIEM compliance reporting enables the user to pass compliance audits more easily and saves time. SIEM tools have features that can assist in implementing controls that adhere to the precise specifications of regulations such as the Sarbanes-Oxley Act (SOX), the Health Insurance Portability and Accountability Act (HIPAA), and the Payment Card Industry Data Security Standard (PCI DSS). Thus, signifying the importance of SIEM solutions in compliance monitoring.

Europe Security Information and Event Management Market Overview

The European security information and event management market is segmented into Germany, France, Italy, the UK, and Russia. Various players in Europe perform inorganic marketing strategies such as partnerships and collaborations. For instance, in May 2023, Next DLP, a pioneer in insider risk and data security, announced a new collaboration between Splunk and its Reveal platform. The new technology alliance improves incident response effectiveness by increasing visibility and protection while leveraging customers' existing security investments.

Further, several market players in the region focus on introducing security information and event management solutions. In August 2023, Schneider Electric launched managed security services for operational environments. The launched solution assists customers in operational technology (OT) environments by addressing the rising cyber risk associated with the demand for remote access and connectivity technologies. Thus, such instances in the region propel the growth of the security information and event management market. Germany has a robust healthcare system, particularly in terms of infrastructure, hospital beds, and skilled personnel. The healthcare sector employs one in every six Germans and generates an economic footprint of EUR 678.2 billion (US$ 798 billion), or nearly 12% of Germany's GDP. Foreign sales generated EUR 131.2 billion (US$ 154.4 billion). Growth factors of healthcare in Germany include the digitalization of the healthcare industry and addressing the double-digit investment backlog in the hospital market using money given under the Hospital Future Act of October 2020. Several cybersecurity branches are occurring in the healthcare sector of Germany. For instance, as of May 2021, according to the president of the BSI federal cyber security agency, German clinics have been targeted by a series of cyberattacks, which is, therefore, stirring the need for security information and event management solutions.

Europe Security Information and Event Management Market Segmentation

The Europe security information and event management market are segmented into component, deployment mode, enterprise size, end user, and country.

Based on component, the Europe security information and event management market are bifurcated into software and services. The software segment held a larger share of the Europe security information and event management market in 2022.

In terms of deployment mode, the Europe security information and event management market are bifurcated into cloud and on-premise. The cloud segment held a larger share of the Europe security information and event management market in 2022.

Based on enterprise size, the Europe security information and event management market are segmented into SMEs and large enterprises. The large enterprises segment held a larger share of the Europe security information and event management market in 2022.

Based on end user, the Europe security information and event management market is segmented into IT and telecommunication, BFSI, healthcare, government, and others. The IT and telecommunication segment held the largest share of the Europe security information and event management market in 2022.

By country, the Europe security information and event management market are segmented into Germany, the UK, France, Italy, Russia, and the Rest of Europe. Germany dominated the Europe security information and event management market in 2022.

AT&T Inc; International Business Machines Corp; LogRhythm Inc; SolarWinds Worldwide, LLC; Splunk Inc; Fortinet Inc; Zoho Corporation Pvt Ltd; Logpoint AS; and Logsign Inc are some of the leading companies operating in the Europe security information and event management market.