Managed SIEM Services Market worth $16.0 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, Jan. 5, 2024 /PRNewswire/ -- The market for managed SIEM services will see growth in the next years as a result of a lack of skilled workers, integration with cutting-edge technologies like AI and ML, a move towards cloud-based solutions, and an emphasis on solving cybersecurity issues for small and medium-sized businesses. Furthermore, a tendency is observed towards progressive services like Managed Detection and Response (MDR), improved compliance solutions, and customisation to fulfil the specific requirements of enterprises in a constantly changing threat environment.

The global Managed SIEM Services Market is estimated to be worth USD 7.5 billion in 2023 and is projected to reach USD 16.0 billion by 2028, at a CAGR of 16.3% during the forecast period, according to a new report by MarketsandMarkets™. The accelerated growth of the Managed SIEM Services Market is propelled by an amalgamation of factors, including the relentless evolution of cyber threats, the imperative for organizations to fortify their digital defenses, and the increasing complexity of IT infrastructures. This surge in demand is further intensified by a global shortage of skilled cybersecurity professionals, prompting businesses to turn to managed services for expert assistance. Additionally, the advent of technologies like artificial intelligence and machine learning in SIEM solutions drives the market forward, enhancing the efficiency of threat detection and response. Furthermore, the rise in remote work and the expanding attack surface due to the proliferation of connected devices contribute to the heightened need for proactive security measures; positioning managed SIEM services as a strategic imperative for organizations aiming to safeguard their digital assets in an ever-evolving threat landscape.

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352 - Tables
45 - Figures
277 - Pages

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Scope of the Report

By Deployment Mode, the cloud segment to register the highest growth rate during the forecast period.

The Managed SIEM Services Market anticipates the cloud segment to exhibit the highest growth rate during the forecast period, underlining the increasing preference for cloud-based deployments. As organizations embrace digital transformation, the cloud's inherent advantages, such as scalability, agility, and accessibility, make it a compelling choice for deploying SIEM services. Cloud-based managed SIEM solutions offer businesses the flexibility to adapt to dynamic cybersecurity landscapes, enabling rapid deployment, updates, and efficient scaling to meet evolving security needs. The growing adoption of hybrid and multi-cloud environments further fuels this trend, with organizations seeking centralized and integrated security solutions that seamlessly span their diverse IT infrastructure. As the demand for robust, easily accessible, and scalable cybersecurity solutions continues to rise, the cloud segment is poised to be a key driver, experiencing notable growth in the Managed SIEM Services Market.

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Based on organization size, the small and medium-sized enterprises segment is to grow at the highest CAGR during the forecast period.

In the forecast period, the small and medium-sized enterprises segment is poised to experience the highest Compound Annual Growth Rate within the Managed SIEM Services Market, signaling a significant shift towards cybersecurity prioritization among smaller businesses. SMEs are increasingly recognizing the critical importance of robust security measures to protect their digital assets and sensitive data. Managed SIEM services offer these organizations a cost-effective and scalable solution to bolster their cybersecurity postures without the need for substantial in-house resources. As cyber threats evolve, SMEs are turning to managed services for expert security monitoring, threat detection, and incident response. The scalability and tailored offerings of managed SIEM services make them particularly attractive to smaller enterprises looking to navigate the complex cybersecurity landscape efficiently and ensure the resilience of their digital operations. This anticipated growth in the SME segment underscores the increasing awareness and adoption of proactive cybersecurity measures among smaller organizations.

Asia Pacific to grow at the highest CAGR during the forecast period.

The Managed SIEM Services Market in the Asia Pacific region is poised for accelerated growth, fueled by a convergence of factors uniquely shaped by the region's burgeoning digital transformation. As countries across the Asia Pacific witness a rapid increase in online connectivity, cloud adoption, and digitization, the demand for robust cybersecurity solutions, particularly managed SIEM services, is on the rise. The diverse and evolving threat landscape in the region, combined with a growing awareness of cybersecurity best practices, is compelling businesses to invest in proactive security measures. Additionally, the region's regulatory landscape is evolving, with a heightened focus on data protection and privacy, further driving the need for comprehensive managed SIEM services. The flexibility and scalability of these services align well with the dynamic nature of the Asia Pacific market, making them a strategic choice for organizations aiming to fortify their cybersecurity defenses in the face of an ever-expanding digital ecosystem.

Top Key Companies in Managed SIEM Services Market:

The major players in the Managed SIEM Services Market are AT&T (US), Advantio (Spain), BlueVoyant (US), BT (UK), CyberCX (Australia), Capgemini (France), GoSecure (US), Cyderes (US), IBM (US), Integrity360 (Ireland), Redscan (UK), NCC Group (UK), NTT (Japan), Optiv (US), Proficio (US), ReliaQuest (US), SharkStriker (US), Stratejm (Canada), Talion (UK), TCS (India), Trustwave (US), Unisys (US), Verizon (US), Vodafone (UK), Wipro (India), Rapid7 (US), ManageEngine (US), Sumo Logic (US).

Recent Developments

• Nov 2023 - ConnectWise announced improved alerting for its security information and event management (SIEM) solutions as part of its Cybersecurity Management advancements to enhance threat detection. By producing high-fidelity notifications that identify which occurrences are important and which are not, the system reduces the time needed for triage and investigation. TSPs may respond more proactively to any security events and have better visibility into threats by enhancing threat detection using the SIEM's enhanced alerting feature.
• Apr 2023 - A recent ManageEngine survey indicates that there is a cybersecurity labor shortage in organizations right now. Given budgetary restrictions and the present state of the economy, it is challenging for businesses to solve security issues and advance to a higher security maturity level. Moreover, companies are discovering that the total cost of managed security services is less than that of implementing and maintaining security systems, such as SIEM solutions. These reasons have led to an increase in businesses turning to MSSPs for their security requirements.
• Oct 2022 - Through a workflow for threat detection, investigation, and response, the new Exabeam Security Operations Platform is intended to provide security teams with the "greatest fighting chance" of beating adversaries. The three main components of New-Scale SIEM—cloud-scale security log management, behavioral analytics, and an automated investigative experience—are combined in the new product portfolio.
• Sep 2021 - Wipro and Securonix have announced a partnership that combines Wipro's global reach and cybersecurity intelligence capabilities with Securonix's cloud-first SIEM, analytics-driven detection, and automated response tools to give organizations better governance and security threat protection.

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Managed SIEM Services Market Advantages:

• Constant, round-the-clock observation of security events and occurrences, enabling prompt reaction to security problems and real-time threat identification.
• By using advanced correlation and analysis of security event data, proactive detection of possible security threats and anomalies can assist stop security breaches before they get worse.
• Availability of an expert team of cybersecurity specialists with experience in event and log analysis and interpretation, guaranteeing precise threat assessments.
• With the incident investigation and response capabilities provided by managed SIEM services, security issues may be thoroughly examined and possible harm can be effectively mitigated.
• Effective log management and storage, guaranteeing that security event logs are kept for the right amount of time in order to comply with regulations, conduct forensic analysis, and provide historical context.
• SIEM systems should be adjusted to minimise false positives, reduce alert fatigue, and free up security professionals to concentrate on real threats.
• Economical cybersecurity option as opposed to upkeep of an internal SIEM system. Through managed services, businesses may take use of cutting-edge security knowledge without devoting a significant amount of internal resources.

Report Objectives

• To define, describe, and forecast the Managed SIEM Services Market based on segments application, type, deployment mode, organization size, vertical with regions covered.
• To forecast the size of the market segments with respect to five regions: North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America.
• To provide detailed information on the major factors (drivers, opportunities, threats, and challenges) influencing the growth of the Managed SIEM Services Market.
• To analyze each submarket with respect to individual growth trends, prospects, and contributions to the global Managed SIEM Services Market.
• To analyze opportunities in the market for stakeholders by identifying high-growth segments of the global Managed SIEM Services Market.
• To profile the key market players, such as top and emerging vendors; provide a comparative analysis based on their business overviews, product offerings, and business strategies; and illustrate the market's competitive landscape.
• To track and analyze competitive developments in the market, such as new product launches, product enhancements, partnerships, acquisitions, and agreements and collaborations.

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