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

The North America security information and event management market is expected to grow from US$ 1.78 billion in 2022 to US$ 3.95 billion by 2030. It is estimated to grow at a CAGR of 10.5% from 2022 to 2030.

Integration of SIEM Solutions with Predictive Analytics Fuels North America Security Information and Event Management Market

SIEM systems need to advance to keep up with the more sophisticated threats. Predictive analytics and machine learning might aid enterprises in avoiding cyber assaults. To predict future events based on historical data, predictive analytics employs statistical modeling, data mining methods, and machine learning. By identifying patterns in data, businesses use it to detect dangers and data breach opportunities. Predictive analytics is mainly concerned with the identification and understanding of both recognized and unrecognized cyberattack patterns. This capacity is anticipated to significantly improve the effectiveness of quickly recognizing concealed threats, make it possible to find attackers, and even predict upcoming assaults with improved accuracy and a lower false positive rate. Organizations might strengthen their cybersecurity defenses and create a safer and more secure digital environment by utilizing the power of security analytics. Network detection and response (NDR) and user and entity behavior analytics (UEBA) are two excellent instances of predictive analytics at action in SIEM solutions. For instance, in March 2022, LogPoint announced the general availability of LogPoint Converged SIEM. The company stated that the integrated solutions offered managed security service providers with a single platform for threat detection and response. According to LogPoint, the entire system integrates threat detection and response across infrastructure, assets, endpoints, cloud platforms, and apps. In addition, customer data in Converged SIEM is housed in the US or the European Union in accordance with customers' compliance and privacy requirements, according to LogPoint. In January 2023, Gurucul, a pioneer in next-generation SIEM, UEBA, XDR, and identity and access analytics, declared that its next-generation SIEM product-Gurucul Next-Gen SIEM-has won the"CyberSecured" award in the category of security and automation response. The platform is praised for accelerating training through open and transparent models, cutting threat detection time, reducing human work through automation, and enhancing analyst productivity. Further, organizations can identify potential risks before they materialize and remain competitive by employing machine learning algorithms to evaluate data. Predictive analytics based SIEM solutions have numerous advantages over conventional SIEM, including earlier threat identification, improved accuracy, higher efficiency, and scalability. Thus, the integration of SIEM solutions with predictive analytics is anticipated to fuel the market growth during the forecast period.

North America Security Information and Event Management Market Overview

The US, Canada, and Mexico are major countries in North America. North America is one of the most heavily impacted regions in the world by cyberattacks. This is due to the prominent presence of financial sectors, essential infrastructure, and shared opportunities, such as private-public partnerships, all of which contribute to a more robust cyber ecosystem. Regional governments concentrate on enhancing legislation and policies to combat cyber risks in their countries. For example, the United States-Mexico-Canada Agreement (USMCA) and the North American Free Trade Agreement (NAFTA) have merged to produce a single regional solution for the manufacturing sector. Furthermore, the Department of Homeland Security has identified 16 important cybersecurity sectors, including manufacturing, construction, energy, food and agriculture, chemical, healthcare, government, and others. The expanding compliance and regulation rules, as well as the number of cyberattacks across sectors, are propelling the need for regional security information and event management.

Cyberattacks against traditional security operations are becoming increasingly common, producing reputational damage, financial impact, and operational outages. Thus, several players in North America are expanding in security information and event management. For instance, in July 2023, Kyndryl significantly increased the services it provides to allow business customers to swiftly detect, effectively respond to, and recover from cyberattacks. Thus, the expansion of such players in the region propels the growth of the security information and event management market.

North America Security Information and Event Management Market Segmentation

The North America security information and event management market is segmented into component, deployment mode, enterprise size, end user, and country.

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

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

Based on enterprise size, the North America security information and event management market is bifurcated into SMEs and large enterprises. The large enterprises segment held a larger share of the North America security information and event management market in 2022.

Based on end user, the North America 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 North America security information and event management market in 2022.

By country, the North America security information and event management market is segmented into the US, Canada, and Mexico. The US dominated the North America 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; Exabeam Inc; and Logsign Inc are some of the leading companies operating in the North America security information and event management market.