Latest News - Security Information and Event Management Market: On-premise is expected to lead the Deployment segment during 2024-2028

The Security Information And Event Management Market is being driven by Increase in cybercrime

The Security Information And Event Management Market is expected to grow at a CAGR of 10.87% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 4183.9 million. In today's business landscape, managed security services have become an essential component of an organization's IT strategy. These services, including managed firewalls, virtual private networks, intrusion detection, managed antivirus, and compliance services, are outsourced to specialized third-party providers known as Managed Security Service Providers (MSSPs). By engaging MSSPs, businesses can alleviate the daily operational burdens related to network and IT system security, such as combating targeted malware, addressing resource constraints, mitigating customer data theft, and dealing with a shortage of IT security professionals. In response to the increasing intricacies of network and IT security and the expanding global business environment, service providers are offering actionable solutions to help organizations effectively manage their security needs. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Deployment
  • On-premise
  • SaaS-based
• End-user
  • Government
  • BFSI
  • Telecom
  • Healthcare
  • Others
• Geography
  • North America
    • US
  • Europe
    • Germany
    • UK
  • APAC
    • China
    • Japan
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increase in cybercrime
• Increased use of mobile devices
• Need to comply with regulatory requirements

However, the market also witnesses some limitations, which are as follows:

• Threat from open-source SIEM software
• Lack of efficient security solutions
• Security risks associated with SaaS offerings

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Market Scope in Security Information And Event Management Market Research Report

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Research Analysis Overview

The Security Information and Event Management (SIEM) market is a critical component of the cybersecurity landscape in the IT & Telecom sector. With the increasing reliance on digital technologies and interconnected systems, data protection has become a top priority for enterprises, particularly those managing critical infrastructure. The cybersecurity threat landscape is constantly evolving, with new risks emerging daily. SIEM technology plays a crucial role in identifying and mitigating these threats in real-time. SIEM solutions enable the log analysis of IT infrastructure and event logs from various sources, including network architecture and VR headsets. They help security operations teams monitor and respond to cyber threats, such as ransomware attacks, data breaches, and cyberattacks. Skilled personnel are essential to effectively utilizing SIEM technology, as they can interpret the data and take appropriate action. Enterprises in the IT & Telecom sector face unique challenges in ensuring data protection and business continuity. SIEM solutions provide real-time data analysis, enabling organizations to quickly identify and respond to cyber threats, minimizing the impact on their IT infrastructure and business operations. The use of SIEM technology is becoming increasingly important in the context of the growing risks to critical infrastructure and the increasing sophistication of cyber threats.

Market Research Overview

The IT consulting and other services market, a segment of the larger global IT services industry, encompasses businesses delivering IT consulting, system integration, application, electronic data processing, business process outsourcing, infrastructure, and Internet services. According to Technavio's market analysis, this market's size is determined by the consolidated revenue generated from contracts executed by firms specializing in all IT consulting and information management services. Key growth drivers include escalating government investments in modernizing IT infrastructure due to a shortage of experts proficient in contemporary IT skills. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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Website: www.technavio.com/