WILMINGTON, DE, UNITED STATES, July 26, 2024 /EINPresswire.com/ -- The global security information and event management market size was valued at $3.92 billion in 2020, and is projected to reach $18.12 billion by 2030, growing at a CAGR of 16.4% from 2021 to 2030.

The Asia-Pacific region is expected to witness highest growth in the upcoming years. This is attributed to rise in demand for SIEM among the enterprises in Asia-Pacific region, owing to evolution in the IT security arena, cloud computing, and enterprise mobility. The need for comprehensive SIEM deployments is expected to drive the growth for SIEM products in Asia-Pacific as it has become vital to protect the critical assets in the enterprise networks. Further, regulatory compliances surrounding IT security have compelled enterprises in the region to adopt SIEM technology, which is expected to propel the growth of the market in this region in the upcoming years.

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The security information and event management (SIEM) market is expected to be driven by growing demand for security solutions that assist organizations in identifying possible security threats and vulnerabilities. As remote workforces, bring your own device (BYOD) and SaaS apps policies have increased in popularity, industries require the level of transparency to manage network potential risks from outside the traditional network perimeter. The advanced SIEM to be used for anomaly detection is expected to offer significant growth for the security information and event management industry in the near future. IBM Corporation’s QRadar Security Intelligence is the only known product, which qualifies for anomaly detection or behavioral analytics.

The challenges in usage on SIEM in anomaly detection such as information of time to apply this analysis or efficient procedure to adjust time intervals to accommodate random and infrequent acts of humans, affect the extensive adoption of such SIEM products. However, with innovation and more refined understanding, the demand for such solutions is expected to increase during the forecast period.

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The COVID-19 outbreak has a positive impact on the growth of the security information and event managements market due to security and safety reasons. However, the outbreak of COVID-19 has affected communities globally, while governments and other sectors are trying their best to respond faster to the challenges posed by this pandemic. Furthermore, governments and businesses are increasingly asking employees to work from home or are shifting work to employees in less affected areas to maintain business continuity during the pandemic. However, the situation has accelerated the adoption of advanced technologies such as artificial intelligence (AI), machine learning (ML), automation, and IOT to control costs while improving the customer experience, which is expected to provide lucrative opportunities for security information and event managements market. Further, industries such as public sector, banking & financial sector, government sector, and healthcare sector have shown increased adoption of security information and event managements and are expected to continue using them owing to the rising focus on digitization, growing technological awareness, and need for better security systems. Increasing government initiatives to deploy advanced security solutions for better safety and convenience is anticipated to create significant growth opportunities for major players.

This report gives an in-depth profile of some key market players in the security information and event managements market, which includes Dell EMC, Hewlett Packard Enterprise Development LP, IBM Corporation, LogRhythm, Inc., McAfee LLC., SolarWinds, Inc., Splunk, Inc., Symantec Corporation, Trend Micro, Inc., and Trustwave Holdings Inc. This study includes market trends, security information and event management market analysis, and future estimations to determine the imminent investment pockets.

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