Global Security Information and Event Management (SIEM) Market Size, Share, Growth Analysis, By Deployment(On-Premises and Cloud-Based), By Application(Small and Medium Enterprises and Large Enterprises) - Industry Forecast 2024-2031

Report ID: SQMIG45D2068 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 59 | Figures: 75

Global Security Information and Event Management (SIEM) Market News

In May 2023, Splunk acquired TruSTAR, a threat intelligence platform. The acquisition aimed to enhance Splunk's SIEM offerings by integrating TruSTAR's threat intelligence capabilities, enabling customers to enrich their security analytics and response processes.

In March 2023, Fortinet, a prominent cybersecurity company, launched its FortiSIEM 7.0 platform. The updated SIEM solution provided enhanced threat detection, incident response, and compliance management capabilities to help organizations improve their security posture.

In January 2023, Cisco Systems announced the acquisition of Kenna Security, a leader in risk-based vulnerability management. This acquisition aimed to strengthen Cisco's SIEM offerings by integrating Kenna Security's vulnerability management capabilities into its security portfolio.

In September 2022, LogRhythm, a SIEM and security analytics vendor, announced a strategic partnership with SentinelOne, an endpoint security company. The partnership aimed to integrate LogRhythm's SIEM capabilities with SentinelOne's AI-driven endpoint protection to provide customers with comprehensive threat detection and response capabilities.

In July 2022, IBM Security partnered with Siemens to provide integrated cybersecurity solutions for industrial control systems (ICS). This collaboration aimed to combine IBM's SIEM capabilities with Siemens' expertise in industrial automation to enhance security in critical infrastructure environments.

Global Security Information and Event Management (SIEM) Market Report Snapshots

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Security Information and Event Management (SIEM) Market size was valued at USD 5.30 billion in 2021 and is poised to grow from USD 6.10 billion in 2022 to USD 18.15 billion by 2030, growing at a CAGR of 16.86% during the forecast period (2023-2030).

Global Security Information and Event Management (SIEM) market is characterized by a mix of established vendors and emerging players. These companies are focusing on innovation and product development to stay ahead in the market. Additionally, partnerships, collaborations, and strategic acquisitions are commonly observed strategies to expand market presence and offer comprehensive solutions. With the increasing demand for SIEM solutions, competition is intensifying, leading to enhanced offerings and competitive pricing. Customer-centric approaches and customization options are also becoming crucial factors for success in this competitive market. 'IBM (US)', 'Splunk Inc. (US)', 'Micro Focus International plc (UK)', 'RSA Security LLC (US)', 'McAfee, LLC (US)', 'LogRhythm, Inc. (US)', 'SolarWinds Worldwide, LLC (US)', 'Fortinet, Inc. (US)', 'Cisco Systems, Inc. (US)', 'Rapid7, Inc. (US)', 'ArcSight, LLC (US)', 'FireEye, Inc. (US)', 'Trustwave Holdings, Inc. (US)', 'Qualys, Inc. (US)', 'Alert Logic, Inc. (US)', 'Exabeam, Inc. (US)', 'NetIQ Corporation (US)', 'AT&T Cybersecurity (US)', 'Symantec Corporation (US)', 'AlienVault (US)'

One of the key drivers for the growth of the Security Information and Event Management (SIEM) market is the increasing number and sophistication of cyber threats. With the rise in cyber-attacks, organizations are recognizing the importance of implementing robust security measures to protect their networks and sensitive data. SIEM solutions provide advanced analytics and real-time monitoring capabilities, enabling organizations to detect and respond to security incidents promptly. The need for enhanced threat detection and incident response capabilities is driving the demand for SIEM solutions across various industries and regions.

One key market trend in the Security Information and Event Management (SIEM) market is the increasing adoption of cloud-based SIEM solutions. Organizations are shifting their infrastructure to the cloud to leverage its scalability, flexibility, and cost-effectiveness. Cloud-based SIEM solutions offer real-time threat detection and response capabilities while eliminating the need for on-premises hardware and maintenance. This trend is driven by the growing need for remote monitoring, centralized security management, and the ability to analyze massive amounts of data in a distributed environment.

North America dominated the global SIEM market. This region has a high level of technological advancement, coupled with stringent regulatory requirements, which drives the adoption of SIEM solutions. Many businesses across various industries in North America are actively seeking to enhance their ability to detect and monitor security breaches by implementing SIEM systems. Additionally, larger organizations, known for being cautious in adopting new technologies, are now deploying SIEM solutions. North America's highly regulated environment, with numerous regulations governing different industry sectors, further contributes to the demand for SIEM solutions.

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Global Security Information and Event Management (SIEM) Market Size, Share, Growth Analysis, By Deployment(On-Premises and Cloud-Based), By Application(Small and Medium Enterprises and Large Enterprises) - Industry Forecast 2024-2031

Global Security Information and Event Management (SIEM) Market News

Global Security Information and Event Management (SIEM) Market Report Snapshots

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