(MENAFN- P&S Intelligence) According to the latest market research study published by P&S Intelligence, the managed SIEM services market generated a value of USD 7,531.7 million in 2023, which will rise to USD 21,707.2 million, powering at over 16.0% compound annual growth rate, by 2030.
The increasing cyber fraud prevalence is driving the need for better security solutions, which, sequentially, is boosting industry expansion.
According to a U.K.-based IT firm, in 2021, cyberattacks increased by 125% at the worldwide level, compared to 2020. Among the different kinds of frauds (such as phishing, malware, ransomware, botnet, and data breaches), phishing is highly prevalent.
Over 300,000 internet users reported being a victim of phishing in 2021, and around 80% of the businesses were the target of a phishing attempt in 2022.
SIEM acts as a comprehensive technology solution, offering network monitoring & signals 24/7, early security breach warnings, hidden threat data, and other measures for the business.
It assists businesses in staying compliant while uniting data associated with PCI DSS, GDPR, and ISO monitoring in a single central location.
Cloud deployment is a major trend among organizations and firms because it meets their business necessities.
With the constantly developing digital landscape, cloud security risks have become more advanced. As a result, most cloud providers take all precautions as well as dynamic steps to guard their servers’ integrity.
Market Insights
• The co-managed category accounted for the largest share of the industry. Co-managed SIEM is a combined method for security purposes, including a partnership between the managed security service providers (MSSPs) and firms.
• The cloud category was the largest contributor to the industry in 2023, with approximately 70% share. This is primarily because of the benefits related to the cloud, including effective scalability, approachability, reliability, and agility in incorporating any workflow or software.
• Cloud deployments are becoming more popular because numerous companies are implementing digitally transformative plans for smooth processes.
• The SME category is likely to advance at a higher compound annual growth rate in the years to come. This is because of the substantial inclination toward cybersecurity prioritization.
• Companies are progressively understanding the significance of having robust administrative safety & security measures to protect sensitive digital data and digital assets.
• The log management & reporting category is a significant contributor to the industry.
• The log management & reporting solutions centrally collect, store, correlate, examine, and dispose of information, to deliver actionable insights for troubleshooting, security monitoring, and performance improvement.
• BFSI accounted for the largest share of the industry in 2023, and it will further advance at approximately 17.2% CAGR in the years to come. The BFSI industry has always been more susceptible to cyberattacks compared to any other industry.
• APAC is likely to advance at the fastest CAGR during this decade. This is because of the rising rate of digital transformation, increasing online connectivity, and surging acceptance of the cloud.
• The various cyber threat landscape, along with an increasing consciousness of cybersecurity measures, is convincing enterprises to invest in active safety solutions.
• The managed SIEM services industry will observe continued development, owing to the rising number of cyberattacks as well as regulatory pressure.
• The competition is expected to increase as established companies expand their portfolios and new players arise with novel solutions.
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