Rise in concerns over IT security, persistent threat of cybercrimes, supportive IT governance, growth in adoption of BYOD trend, and regulatory compliance, boost the growth of the global Security Information and Event Management Market. North America contributed to the highest share in 2020, and is expected to continue its dominant share in terms of revenue by 2030. The adoption of security information and event management (SIEM) was affected positively due to the imposed lockdown by governments of several countries.
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The report offers detailed segmentation of the global alternative building materials market based on component, deployment mode, enterprise size, industry vertical, and region.On the basis of enterprise size, the large enterprise segment dominated the security information and event managements market in 2020. However, the SMEs segment is expected to exhibit significant growth during the forecast period.
Based on components, the solution segment held the highest market share in 2020, accounting for more than three-fifths of the total share, and is projected to maintain its leadership status during the forecast period. However, the services segment is estimated to grow at the fastest CAGR of 17.26% from 2021 to 2030.
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Based on deployment mode, the on-premise segment accounted for the largest share in 2020, contributing to nearly three-fifths of the global security information and event management market, and is expected to maintain its lead position during the forecast period. However, the cloud segment is projected to portray the highest CAGR of 17.32% from 2021 to 2030.
On the basis of industry vertical, the BFSI sector garnered the largest security information and event management market share in 2020, and is expected to continue this trend during the forecast period. Banks and financial institutions operate in a high-threat environment where efficient IT threat management is critical capability along with compliance.
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Based on region, North America contributed to the highest share in 2020, accounting for more than two-fifths of the total share, and is expected to continue its dominant share in terms of revenue by 2030. However, Asia-Pacific is projected to manifest the largest CAGR of 17.83% during the forecast period. The report also includes an analysis of Europe and LAMEA segments.
Leading players include Hewlett Packard Enterprise Development LP, LogRhythm, Inc., SolarWinds, Inc., Symantec Corporation, Dell EMC, IBM Corporation, McAfee LLC., Splunk, Inc., Trend Micro, Inc., and Trustwave Holdings Inc.
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Covid-19 Scenario:
- The adoption of security information and event management (SIEM) was affected positively due to the imposed lockdown by governments of several countries. Increase security concerns in industries such as BFSI, IT, government, and others improved the demand for security information and event management market
- To perform contactless operations in the post-COVID-19 period, enterprises would rely on modern technologies such as BYOD, machine learning (ML), artificial intelligence (AI), internet of things (IoT), and cloud computing across industries. This is projected to increase demand for SIEM in the market.
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