Managed Security Information and Event Management (SIEM) and Log Management Global Market Report 2024

The managed security information and event management (SIEM) and log management market size has grown rapidly in recent years. It will grow from $2.98 billion in 2023 to $3.33 billion in 2024 at a compound annual growth rate (CAGR) of 11.8%. The growth in the historic period can be attributed to the need for continuous monitoring and auditing of security events, the need for centralized security management across multiple locations, the increasing demand for real-time threat detection and response, the growing awareness of the importance of security, and the growing demand for managed security services.

The managed security information and event management (SIEM) and log management market size is expected to see rapid growth in the next few years. It will grow to $5.14 billion in 2028 at a compound annual growth rate (CAGR) of 11.4%. The projected growth in the forecast period can be attributed to several factors, including the growing volume of data, increasing cloud adoption, the rise of remote work, the increasing sophistication of cyberattacks, and the growing adoption of cloud-based services and applications. Major trends expected during this period include partnerships for cyber insurance, alliances and partnerships for cybersecurity solutions, technological innovations in cybersecurity, integration with IT service management for better security practices, and customer education initiatives to enhance cybersecurity awareness.

The emergence of remote work is expected to drive the growth of the managed security information and event management (SIEM) and log management market. Remote work involves performing job tasks from a location outside of a traditional office, often using technology for collaboration. Managed SIEM and log management solutions provide remote workforces with cybersecurity visibility, threat detection capabilities, and compliance management tools for secure operations. For example, in 2021, 33% of establishments increased telework during the pandemic, and the proportion of individuals primarily working from home increased to 17.9% from 5.7% two years prior. Hence, the rise of remote work is fueling the growth of the managed security information and event management (SIEM) and log management market.

Major companies in the managed security information and event management (SIEM) and log management markets are focusing on developing innovative products, such as Cisco XDR for extended detection and response. Cisco XDR (Extended Detection and Response) is a cybersecurity solution that integrates and analyzes data from various sources across an organization's network, endpoints, cloud environments, and applications to detect and respond to cyber threats more effectively. For example, in April 2023, Cisco Systems Inc. launched Cisco XDR. XDR solutions go beyond traditional SIEM (Security Information and Event Management) by providing advanced analytics, machine learning, and automation capabilities to correlate and prioritize security alerts, identify complex threats, and orchestrate response actions across the entire security infrastructure. Cisco's XDR offering includes Cisco SecureX, which integrates XDR capabilities with other security products to provide a unified security platform for threat detection, investigation, and response.

In May 2021, Splunk Inc., a US-based software company, acquired TruSTAR for an undisclosed amount. This acquisition enhances Splunk's capabilities in managed Security Information and Event Management (SIEM) and log management by integrating TruSTAR's threat intelligence management platform with Splunk's existing solutions. TruSTAR is a US-based cybersecurity company that provides threat intelligence management solutions, including a platform for aggregating, enriching, and operationalizing intelligence data from various sources.

Major companies operating in the managed security information and event management (siem) and log management market report are Amazon.com Inc., Microsoft Corporation, Verizon Communications Inc., NTT Corporation, Dell Technologies, International Business Machines Corporation, Cisco Systems Inc., AT&T Cybersecurity, Capgemini SE, Wipro Limited, Palo Alto Networks, Fortinet Inc., Symantec Corporation, Optiv Security Inc., UNISYS Corporation, McAfee LLC, Trend Micro Inc., TIBCO Software Inc., FireEye Inc., RSA Security LLC, Trustwave Holdings Inc., Sumo Logic Inc., Securonix, Redscan Cyber Security Limited, Clearnetwork Inc.

North America was the largest region in the managed security information and event management (SIEM) and log management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the managed security information and event management (siem) and log management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the managed security information and event management (siem) and log management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Managed security information and event management (SIEM) and log management are cybersecurity solutions that combine security information and event management (SIEM) capabilities with log management functionalities. These integrated solutions help organizations proactively manage security risks and respond effectively to cyber threats.

The main components of managed security information and event management (SIEM) and log management are solution and services. Managed security information and event management (SIEM) and log management solutions refer to outsourced services provided by specialized companies to manage an organization's security information, event monitoring, and log data. They are deployed based on cloud-based and on-premise modes for log management and reporting, threat intelligence, security analytics, and other applications in large enterprises and small and medium-sized enterprise organizations in the information, finance and insurance, healthcare and social assistance, and utility verticals.

The managed security information and event management (SIEM) and log management market research report is one of a series of new reports that provides managed security information and event management (SIEM) and log management market statistics, including managed security information and event management (SIEM) and log management industry global market size, regional shares, competitors with a managed security information and event management (SIEM) and log management market share, detailed managed security information and event management (SIEM) and log management market segments, market trends and opportunities, and any further data you may need to thrive in the managed security information and event management (SIEM) and log management industry. This managed security information and event management (SIEM) and log management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The managed security information and event management (SIEM) and log management market consists of revenues earned by entities by providing services such as security information and event management, log management, and related cyber-security services. The market value includes the value of goods related to these services, such as software and hardware components used for security monitoring. The managed security information and event management (SIEM) and log management market also includes sales of log servers, syslog servers, and security information and event management (SIEM) appliances. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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