Global Log Management and Reporting Security Information and Event Management (SIEM) Market – Industry Trends and Forecast to 2030

Log Management and Reporting Security Information and Event Management (SIEM) Market Analysis and Size

In a large enterprise, SIEM offers streamlined compliance reporting, detects incidents for minute details, and improves the efficiency of activity handling. The SMEs segment, however, is anticipated to grow at the fastest rate in the coming years. Small businesses need SIEM products to address the growing security and surveillance challenges. Compliance, a poor defense against external threats, the complexity of SIEM solutions, connections to public networks, and a lack of resources are a few of the issues.

Data Bridge Market Research analyses that the log management and reporting security information and event management (SIEM) market, valued at USD 5.18 billion in 2022, will reach 11.96 billion by 2030, growing at a CAGR of 11.03% during the forecast period of 2023 to 2030. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Log Management and Reporting Security Information and Event Management (SIEM) Market Scope and Segmentation  

Market Definition

An approach to security management known as security information and event management (SIEM) combines security event management (SEM) and security information management (SIM) tasks into a single security management system. In order to collect security-related events from end-user devices, servers, and network equipment, as well as specialized security tools such as firewalls, antivirus software, or intrusion prevention systems (IPSes), SIEM systems hierarchically deploy multiple collection agents. Events are forwarded by the collectors to a central management console, where security analysts sort through the clutter, make connections, and rank the importance of security incidents.

Log Management and Reporting Security Information and Event Management (SIEM) Market Dynamics

Drivers

• Compliance requirements drive the market growth

Organizations must adhere to industry and government regulations that demand the collection, storage, and analysis of security logs and events. LMR and SIEM solutions assist organizations in meeting compliance requirements by offering centralized log management, real-time event correlation, and reporting functionalities. These solutions enable organizations to efficiently manage and analyze security logs, identify potential threats, and generate comprehensive reports to demonstrate compliance with regulatory obligations.

• Protect banks against fraud drives the market

Banks are safeguarded by SIEM solutions against fraud brought on by security flaws. They provide priceless insight into ATM networks. The banking and financial services sectors are the most vulnerable to internal and external fraud, breaking all previous records for data breaches in comparison to other industries. In its report, the Association of Certified Fraud Examiners (ACFE) looked at 2,504 instances of internal fraud from 125 different countries that cost US companies 3.6 billion dollars. 15.4% of all cases of internal fraud that the ACFE evaluated occurred in the banking and financial services industry. Businesses are implementing SIEM software in their processes to detect security breaches, which is driving the market due to the rising trend of fraud in the BFSI sector.

Opportunities

• Governance policies and compliance with the legal framework create lucrative opportunities to grow

A greater emphasis on thorough IT governance policies and adherence to the law is driving the global SIEM market. Regulations such as the Health Insurance Portability and Accountability Act (HIPPA), the Sarbanes-Oxley Act (SOX), and the Payment Card Industry Data Security Standard (PCI DSS) are primarily driving the global SIEM market. Thus, factors affect IT security spending and are anticipated to boost the SIEM market during the forecast period.

• Threat detection and incident response surge market expansion

Threat detection and incident response are critical aspects of cybersecurity. LMR and SIEM solutions present an opportunity for organizations to enhance their capabilities in this area. By leveraging the capabilities of these solutions, such as log aggregation, event correlation, and advanced analytics, organizations can proactively identify and respond to security threats. This proactive approach helps minimize the impact of incidents, protect sensitive data, and maintain the integrity of systems and networks.

Restraints/Challenges

• Increasing data threats can impede the market growth

SIEM includes products created to gather information from various sources to spot patterns of occurrence that could indicate the misuse of crucial data, system failure, intrusion, or attack. The market includes activities such as gathering and archiving data logs, gathering and disseminating threat intelligence, offering information on countermeasures, and collecting and storing data logs. The market for security information and event management is primarily restricted by increasing worries about cyberattacks and other external and internal threats that could harm data.

• Lack of knowledge limits the market growth

The lack of knowledge about log management and reporting, as well as security information and event management, can restrict the market growth for these solutions. Many organizations may not fully understand the benefits and importance of these technologies, or they may lack the necessary expertise to implement and utilize them effectively. This lack of knowledge restrict the adoption and utilization of log management and reporting security information and event management solutions, impeding market growth in the process.

This  log management and reporting security information and event management (SIEM) market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the log management and reporting security information and event management (SIEM) market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Developments

• In 2022, Exabeam created the New-Scale SIEM for sophisticated security operations and provided cybersecurity solutions to the entire world. Exabeam reported that MUFG Bank of Japan had installed Exabeam Fusion SIEM at all of its regional and national financial group locations. MUFG Bank chose Exabeam Fusion SIEM to provide a baseline of typical activity across its IT infrastructure and quickly spot anomalies that could be indicators of a cybersecurity threat or attack.
• In 2022, In order to improve its SIEM, NDR, and UEBA products, LogRhythm unveiled Axon, a new Cloud-Native Security Operations Platform. Axon, which offered straightforward and intuitive access to seamless visibility across cloud and on-premises log sources, helped security teams lay the foundation for their security procedures.
• In 2022, Securonix Inc., a Next-Gen SIEM developer, and DigiGlass, Redington's managed security services brand in the middle east and Africa, announced a strategic Managed Security Services Provider (MSSP) partnership. DigiGlass has been granted permission under the terms of the contract to provide managed services for clients throughout the region using the Securonix Next-Gen SIEM platform.
• In 2019, Insighldr is now available in the Aws marketplace, and Rapid7 announced its cloud SIEM offerings. Insighldr also provides centralized log management for searches dashboards, and compliance.
• In 2019, to improve its SIEM cloud capabilities, McAfee teamed up with Oracle. Regardless of the current topology, businesses can complete the entire implementation on the Oracle cloud infrastructure in just a few days and offer flexible architecture to meet the constantly changing customer demands. This would make it possible for security teams to work more effectively and economically.

Global Log Management and Reporting Security Information and Event Management (SIEM) Market Scope

The log management and reporting security information and event management (SIEM) market is segmented on the basis of component, deployment model, application, organizational size, end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Component

• Solution
• Services

Deployment Model

• On-Premise
• Cloud

Organization Size

• Small and Medium Enterprises (SMEs)
• Large Enterprises

Application

• Log Management and Reporting
• Threat Intelligence
• Security Analytics
• Others
• Application Monitoring
• Behaviour Profiling
• Database Management

End User

• Government
• IT and Telecom
• Information
• Finance and Insurance
• Healthcare and Social Assistance
• Retail Trade
• Manufacturing
• Energy and Utilities
• Others
• Transportation and Warehousing
• Arts
• Entertainment and Recreation
• Educational Services

 Log Management and Reporting Security Information and Event Management (SIEM) Market Regional Analysis/Insights

The log management and reporting security information and event management (SIEM) market is analysed and market size insights and trends are provided by component, deployment model, application, organizational size, end user as referenced above.

The countries covered in the  log management and reporting security information and event management (SIEM) market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America leads the log management and reporting security information and event management (SIEM) market due to the rapid infrastructural development for the adoption of SIEM technology as well as the rising focus of companies on security and compliance reporting requirements in the region.

 Asia-Pacific is expected to expand at a significant growth rate over the forecast period owing to the development in the IT security arena as well as the rapid increase in cloud adoption in the region.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Competitive Landscape and Log Management and Reporting Security Information and Event Management (SIEM) Market Share Analysis

The log management and reporting security information and event management (SIEM) market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to log management and reporting security information and event management (SIEM) market.

Some of the major players operating in the log management and reporting security information and event management (SIEM) market are:

• IBM (U.S.)
• McAfee, LLC (U.S.)
• Splunk Inc. (U.S.)
• SolarWinds Worldwide, LLC (Austin)
• Alert Control Technologies (U.S.)
• Logic, Inc. (Canada)
• RSA Security LLC (U.S.)
• Securonix (U.S.)
• Exabeam  (U.S.)
• LogRhythm, Inc. (U.S.)
• Zoho Corporation Pvt. Ltd. (India)
• Logpoint (Denmark)
• Sumo Logic (U.S.)
• GURUCUL (India)
• Gartner, Inc. (U.S.)
• AT&T Intellectual Property (U.S.)
• Open Text Corporation (Canada)
• Open Text (U.K.)
• Graylog, Inc. (U.S.)
• Rapid7 (U.S.)
• Paessler AG (Germany)

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