An increase in concerns over IT security, the surge in acceptance of BYOD trend, the threat of cybercrimes, and favorable IT governance and law compliance fuel the SIEM market growth in Asia.
On the other hand, the complexity of security information and event management solutions along with the high cost of ownership hinder the market growth.
On the contrary, the emergence of next-generation security information and event management creates opportunities in the market.
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The report segments the Asia security information and event management market on the basis of deployment model, component, enterprise size, and industry vertical.
Based on component, the solution segment accounted for the largest market share in 2020, contributing to nearly three-fourths of the total share, and is expected to maintain the lead throughout the forecast period. On the other hand, the services segment is estimated to witness the fastest CAGR of 15.4% from 2021 to 2028. The report also covers the regular product type segment.
Based on the deployment model, the on-premise segment contributed to the highest market share in 2020, attributing to around three-fifths of the total market share, and is anticipated to dominate the market during the forecast period. On the other hand, the cloud segment is expected to manifest the fastest CAGR of 15.8% from 2021 to 2028.
Based on region, China contributed to the highest share in 2020, holding more than one-third of the total share, and is anticipated to maintain dominance throughout the forecast period. The Asia SIEM market across India is anticipated to exhibit the fastest CAGR of 20.1% during the forecast period.
List of companies profiled in the Asia security information and event management market analyzed in the research include Dell EMC, Solarwinds Worldwide, LLC, Exabeam, Fortinet, Inc., Micro Focus, RSA Security LLC, IBM Corporation, RAPID7, McAfee LLC, and Splunk, Inc.
COVID-19 scenario:
- The COVID-19 pandemic led to the expedited acceptance of the digital transformation journey of the enterprises.
- The work-from-home scenario and a stay-at-home norm have motivated technology usage.
- The increase in cyber-attacks during the pandemic has created a demand for security information and event management solutions across the markets.
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