In 2023, the managed SIEM services market was valued at USD 7,531.7 million, and it is projected to surge to USD 21,707.2 million by 2030, growing at a compound annual growth rate (CAGR) of over 16.5%.
The increasing prevalence of cyber fraud is driving the demand for enhanced security solutions, contributing to the expansion of the market. A U.K.-based IT firm reported that in 2021, global cyberattacks surged by 125% compared to the previous year. Among various fraud types, including phishing, malware, ransomware, botnets, and data breaches, phishing remains the most widespread. In 2021, over 300,000 internet users reported phishing attacks, and in 2022, approximately 80% of businesses were targeted by phishing attempts.
SIEM is a comprehensive technology that provides round-the-clock network monitoring, early breach alerts, threat detection, and other crucial security measures. It enables businesses to maintain compliance by consolidating data related to PCI DSS, GDPR, and ISO into a centralized system.
Cloud deployment is emerging as a key trend for businesses, driven by its ability to meet organizational needs efficiently. However, as the digital landscape continues to evolve, cloud security risks are becoming more sophisticated. Consequently, cloud service providers are taking proactive measures to ensure server integrity and security.
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Market Insights:
- The co-managed SIEM category led the market due to its collaborative approach between managed security service providers (MSSPs) and organizations.
- Cloud-based SIEM solutions accounted for around 70% of the market in 2023, driven by their scalability, accessibility, and reliability.
- Companies are increasingly adopting cloud solutions to enhance operational efficiency through digital transformation strategies.
- Small and medium-sized enterprises (SMEs) are expected to grow at a faster CAGR, as they prioritize cybersecurity.
- The log management and reporting segment plays a critical role by collecting, analyzing, and managing data to provide insights for troubleshooting, security, and performance improvements.
- The BFSI sector held the largest market share in 2023 and is expected to grow at a 17.2% CAGR, as it remains highly susceptible to cyberattacks.
- The Asia-Pacific (APAC) region is set to witness the fastest growth, driven by rapid digital transformation, increasing internet connectivity, and rising adoption of cloud technologies.
- As cyber threats evolve and awareness of cybersecurity increases, businesses are investing in more proactive safety measures.
- Market competition is intensifying as established players diversify their offerings and new companies introduce innovative solutions.