Dublin, May 13, 2024 (GLOBE NEWSWIRE) -- The "Global Managed SIEM Services Market by Application (Log Management and Reporting, Threat Intelligence, Security Analytics), Type (Fully Managed, Co-Managed), Deployment Mode, Organization Size, Vertical and Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global managed SIEM services market is estimated to be worth USD 7.5 billion in 2023 and is projected to reach USD 16 billion by 2028, at a CAGR of 16.3% during the forecast period.
The managed SIEM services market is thriving due to a combination of factors: the relentless evolution of cyber threats, an urgent need for organizations to reinforce their defenses against sophisticated attacks, and a widespread shift to remote work, expanding the surface area vulnerable to cyber threats.
Additionally, the market is being propelled by a heightened focus on compliance with data protection regulations, a growing recognition of SIEM's pivotal role in threat detection and response, and an acknowledgment of the resource challenges involved in maintaining robust cybersecurity infrastructure internally. In the face of a complex cybersecurity landscape, the adoption of managed SIEM services emerges not only as a practical choice but as a strategic necessity for effectively navigating the intricacies of digital security. 
By application, the log management and reporting segment to register the highest growth rate during the forecast period
In the forecast period, the log management and reporting segment is poised to witness the highest growth rate among managed SIEM services applications. Organizations are increasingly recognizing the critical role of comprehensive log management in identifying and responding to security incidents effectively. Log management is the foundation for robust cybersecurity, providing a centralized repository for collecting and analyzing data from various sources across an organization's IT environment.
As regulatory compliance requirements become more stringent, the need for accurate and detailed reporting escalates, further driving the demand for log management and reporting within the managed SIEM services market. This segment's anticipated high growth rate underscores the increasing importance of proactive monitoring, analysis, and reporting in maintaining a resilient cybersecurity posture.
By deployment mode, the cloud segment to register the highest growth rate during the forecast period
The surge is fueled by the growing recognition among organizations of the inherent advantages offered by cloud-based solutions. The cloud deployment model provides unmatched flexibility, scalability, and accessibility, aligning perfectly with the dynamic cybersecurity landscape. As businesses increasingly adopt cloud technologies, the demand for managed SIEM services in the cloud intensifies, allowing for rapid deployment, real-time updates, and efficient scaling to address evolving security needs.
The rise of hybrid and multi-cloud environments further amplifies this trend as organizations seek centralized and integrated security solutions that span their diverse IT infrastructures seamlessly. The anticipated accelerated growth in the cloud segment underscores the pivotal role that cloud-based deployment plays in meeting organizations' evolving cybersecurity demands.
Asia Pacific to register the highest growth rate during the forecast period
The Asia Pacific region is poised to achieve the highest growth rate in the managed SIEM services market, propelled by a unique amalgamation of factors specific to the region. As digital transformation accelerates across diverse industries, Asia Pacific countries are experiencing a surge in cybersecurity awareness and the need for robust solutions to counter evolving cyber threats. The region's dynamic economic landscape, coupled with the rapid adoption of emerging technologies, is fostering a heightened demand for managed SIEM services.
Additionally, stringent regulatory measures addressing data protection and privacy are pushing organizations in the region to invest in advanced security solutions. The growth in remote work and the expanding digital footprint further contribute to the significance of managed SIEM services, positioning Asia Pacific as a key driver in the global landscape, where organizations are increasingly recognizing the imperative of fortified cybersecurity measures tailored to the region's specific challenges.
Research Coverage
The market study covers the managed SIEM services market size across segments. It aims to estimate the market size and growth potential of this market across different segments by application, by type, deployment mode, organization size, vertical, and region. The study also includes an in-depth competitive analysis of the key market players, their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 251 |
| Forecast Period | 2023-2028 |
| Estimated Market Value (USD) in 2023 | $7.5 Billion |
| Forecasted Market Value (USD) by 2028 | $16 Billion |
| Compound Annual Growth Rate | 16.3% |
| Regions Covered | Global |
Premium Insights
- Growing Complexity of Cyber Threats and Need for Proactive, Expert-Driven Cybersecurity Solutions to be Key Drivers Propelling Market
- Fully Managed Segment to Hold Larger Share During Forecast Period
- Cloud Segment to Hold Larger Share During Forecast Period
- BFSI Segment to Hold Largest Share During Forecast Period
- Asia-Pacific to Emerge as Best Market for Investment
Market Dynamics
- Drivers
- Increase in Complexity of Cyber Threats
- Access to Skilled Security Professionals
- Changing Regulatory Landscape and Stringent Government Regulations
- Restraints
- Complexity in Integrating Managed SIEM Services with Existing IT Infrastructure
- Data Privacy Concerns
- Opportunities
- Integration of Advanced Analytics and Automation in Managed SIEM Services
- Transition to Cloud-based Security Solutions
- Challenges
- Concerns Regarding High Volumes of False Positives
Case Study Analysis
- Inspira Enhanced Cybersecurity with Modernized SOC Powered by IBM QRadar
- Life Insurance Company Adopted Proficio Solution for Superior Security
- CyberSecOp Helped Multiple Industries in Enhancing Cybersecurity with Soc as a Service
Companies Profiled
- IBM
- AT&T
- Verizon
- NTT Data
- Capgemini
- BT
- NCC Group
- TCS
- Unisys
- Optiv
- Vodafone
- Wipro
- Rapid7
- ManageEngine
- Trustwave
- Stratejm
- BlueVoyant
- GoSecure
- Integrity360
- Cyderes
- Proficio
- SharkStriker
- Talion
- Sumo Logic
- Bulletproof
- ClearNetwork
- Pratum
- Novacoast
For more information about this report visit https://www.researchandmarkets.com/r/7gfl9r
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