Managed SIEM Services Market by Type, Deployment Mode, Enterprise Size, Verticals

Description

List of Tables

[194 Pages Report] The Managed SIEM Services Market size was estimated at USD 27.69 billion in 2023 and expected to reach USD 29.98 billion in 2024, at a CAGR 8.30% to reach USD 48.41 billion by 2030.

Managed Security Information and Event Management (SIEM) services consist of outsourcing the monitoring and management of security events to a third-party service provider. The growth of the managed SIEM services market is driven by the increasing number and sophistication of cyber threats, the growing complexity of IT infrastructures, and stringent regulatory requirements. Small and medium-sized enterprises (SMEs) also contribute to market growth as they seek cost-effective ways to bolster their cybersecurity efforts. However, the market faces several challenges, including the high cost of managed SIEM services for small businesses and the scarcity of skilled cybersecurity professionals. The concerns regarding data privacy and security creates significant challenges for market growth. Moreover, the developing proprietary algorithms that leverage Artificial Intelligence and Machine Learning (ML) for enhanced threat detection and predictive analytics, create opportunities for the market. The investments in cybersecurity workforce development has also been expected to create opportunities for market growth.

KEY MARKET STATISTICS
Base Year [2023]	USD 27.69 billion
Estimated Year [2024]	USD 29.98 billion
Forecast Year [2030]	USD 48.41 billion
CAGR (%)	8.30%

Regional Insights

In an era of escalating cyber threats and stringent compliance demands, the market for Managed Security Information and Event Management (SIEM) services is booming. In the United States, this growth is propelled by the need for real-time threat detection, compliance management, and integration of advanced technologies such as AI into security operations. Similarly, Canadian businesses prioritize industry-specific SIEM solutions, with a significant shift towards the adaptability of cloud-based services. The EU's stringent privacy regulations, like GDPR, have catalyzed the demand for privacy-focused SIEM systems, prompting providers to invest in locally compliant data centers. Meanwhile, the Middle East's cybersecurity initiatives have spurred demand for SIEM in critical sectors such as banking and energy. Although Africa's market is emerging, with South Africa at the forefront, cybercrime concerns are boosting the need for effective SIEM services across the continent. Shifting focus to Asia Pacific, China's cybersecurity legislation favors local SIEM offerings, Japan showcases a demand for high-caliber, advanced SIEM solutions backed by robust R&D, and India's burgeoning IT landscape is driving the market towards scalable, innovative SIEM services that support the nation's SME growth.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Managed SIEM Services Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers
- Escalating frequency and sophistication of cyber threats worldwide
- Increasing adoption of SIEM by small & medium enterprises
- Government initiatives encouraging digitalization and security of organizations

Market Restraints
- Technical limitations of integration of managed SIEM

Market Opportunities
- Advancements in managed SIEMs with AI & ML integrations
- Emerging startup ecosystem and enhanced funding opportunities for SIEM companies

Market Challenges
- Limited availability of professionals and issues of managing advanced threats

Market Segmentation Analysis
- Type: Companies shift toward opting for SIEM service to leverage a high level of security proficiency without managing the complexities themselve
- Deployment: Cloud-based SIEM services preferred for remote access providing a centralized security monitoring
- Enterprise Size: Managed SIEM services for SMEs tend to provide cost-effective solutions that simplify security operations
- Verticals: BFSI sector massively deploy managed SIEM to secure personal data and cyber threat

Market Disruption Analysis
Porter's Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Managed SIEM Services Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Managed SIEM Services Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Cisco Acquires Splunk SIEM Tool

Cisco announced the acquisition of Splunk's Security Information and Event Management (SIEM) platform for an unprecedented USD 28 billion. This strategic move merges Cisco's robust network security capabilities with Splunk's advanced SIEM technology, signifying a monumental shift in the industry aimed at bolstering threat detection and enhancing incident response mechanisms. [Published On: 2023-12-07]

Trustwave Launches Managed SIEM for Microsoft Sentinel

Trustwave enhanced its cybersecurity suite with the introduction of Trustwave Managed SIEM for Microsoft Sentinel, aiming to bolster the security posture of organizations leveraging Microsoft Sentinel. This offering is tailored to optimize the Microsoft E5 investment, providing an invaluable asset for companies, particularly those with limited cybersecurity resources. Trustwave's alliance with Microsoft, evident from its early adoption as a Sentinel partner, its MISA membership, and certification as a Microsoft Solutions Partner, reaffirms its dedication to innovation and client security through this state-of-the-art managed solution. [Published On: 2023-10-17]

Devo and CyberMaxx Deepen Partnership to Bring World-Class Managed Detection and Response Services to Enterprises

Devo Technology, an innovator in cloud-native security analytics, announced an advancement in its partnership with CyberMaxx, a leading provider of tech-enhanced cybersecurity solutions. This collaboration is set to revolutionize enterprise-grade Managed Detection and Response (MDR) services. The partnership will leverage Devo's Intelligent SIEM as a core component of CyberMaxx's MaxxMDR solution, offering a fusion of dynamic defensive strategies fortified by proactive offensive techniques, thereby ensuring a robust and comprehensive security posture for clients. [Published On: 2023-10-05]

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Managed SIEM Services Market. This critical assessment involves a thorough analysis of the organization's resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Managed SIEM Services Market, highlighting leading vendors and their innovative profiles. These include ArmorPoint, LLC, AT&T Inc., Clearnetwork, Inc., CompuCom Systems, Inc., Corsica Technologies, Cybriant, Exabeam, Inc., Fortinet, Inc., GSI, Inc., Hewlett Packard Enterprise Development LP, International Business Machines Corporation, Logpoint A/S, Logrhythm, Inc., McAfee Corp., Micro Focus International PLC by Open Text Corporation, MindPoint Group, Nomios Group, NTT DATA Corporation, Optiv Security Inc., Real Time Cloud Services LLC, Solarwinds Corporation, Splunk Inc. by Cisco Systems Inc., Trend Micro Inc., and Trustwave Holdings, Inc..

Market Segmentation & Coverage

This research report categorizes the Managed SIEM Services Market to forecast the revenues and analyze trends in each of the following sub-markets:

Type
- Co-Managed
- Fully Managed

Deployment Mode
- Cloud
- On-Premise

Enterprise Size
- Large Enterprises
- Small & Medium-Sized Enterprises

Verticals
- BFSI
- Education & Public Sector
- Healthcare
- Retail & Manufacturing

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

Product Code: MRR-144C638C9164

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Escalating frequency and sophistication of cyber threats worldwide
  - 5.1.1.2. Increasing adoption of SIEM by small & medium enterprises
  - 5.1.1.3. Government initiatives encouraging digitalization and security of organizations
- 5.1.2. Restraints
  - 5.1.2.1. Technical limitations of integration of managed SIEM
- 5.1.3. Opportunities
  - 5.1.3.1. Advancements in managed SIEMs with AI & ML integrations
  - 5.1.3.2. Emerging startup ecosystem and enhanced funding opportunities for SIEM companies
- 5.1.4. Challenges
  - 5.1.4.1. Limited availability of professionals and issues of managing advanced threats
5.2. Market Segmentation Analysis
- 5.2.1. Type: Companies shift toward opting for SIEM service to leverage a high level of security proficiency without managing the complexities themselve
- 5.2.2. Deployment: Cloud-based SIEM services preferred for remote access providing a centralized security monitoring
- 5.2.3. Enterprise Size: Managed SIEM services for SMEs tend to provide cost-effective solutions that simplify security operations
- 5.2.4. Verticals: BFSI sector massively deploy managed SIEM to secure personal data and cyber threat
5.3. Market Disruption Analysis
5.4. Porter's Five Forces Analysis
- 5.4.1. Threat of New Entrants
- 5.4.2. Threat of Substitutes
- 5.4.3. Bargaining Power of Customers
- 5.4.4. Bargaining Power of Suppliers
- 5.4.5. Industry Rivalry
5.5. Value Chain & Critical Path Analysis
5.6. Pricing Analysis
5.7. Technology Analysis
5.8. Patent Analysis
5.9. Trade Analysis
5.10. Regulatory Framework Analysis

6. Managed SIEM Services Market, by Type

6.1. Introduction
6.2. Co-Managed
6.3. Fully Managed

7. Managed SIEM Services Market, by Deployment Mode

7.1. Introduction
7.2. Cloud
7.3. On-Premise

8. Managed SIEM Services Market, by Enterprise Size

8.1. Introduction
8.2. Large Enterprises
8.3. Small & Medium-Sized Enterprises

9. Managed SIEM Services Market, by Verticals

9.1. Introduction
9.2. BFSI
9.3. Education & Public Sector
9.4. Healthcare
9.5. Retail & Manufacturing

10. Americas Managed SIEM Services Market

10.1. Introduction
10.2. Argentina
10.3. Brazil
10.4. Canada
10.5. Mexico
10.6. United States

11. Asia-Pacific Managed SIEM Services Market

11.1. Introduction
11.2. Australia
11.3. China
11.4. India
11.5. Indonesia
11.6. Japan
11.7. Malaysia
11.8. Philippines
11.9. Singapore
11.10. South Korea
11.11. Taiwan
11.12. Thailand
11.13. Vietnam

12. Europe, Middle East & Africa Managed SIEM Services Market

12.1. Introduction
12.2. Denmark
12.3. Egypt
12.4. Finland
12.5. France
12.6. Germany
12.7. Israel
12.8. Italy
12.9. Netherlands
12.10. Nigeria
12.11. Norway
12.12. Poland
12.13. Qatar
12.14. Russia
12.15. Saudi Arabia
12.16. South Africa
12.17. Spain
12.18. Sweden
12.19. Switzerland
12.20. Turkey
12.21. United Arab Emirates
12.22. United Kingdom

13. Competitive Landscape

13.1. Market Share Analysis, 2023
13.2. FPNV Positioning Matrix, 2023
13.3. Competitive Scenario Analysis
- 13.3.1. Cisco Acquires Splunk SIEM Tool
- 13.3.2. Trustwave Launches Managed SIEM for Microsoft Sentinel
- 13.3.3. Devo and CyberMaxx Deepen Partnership to Bring World-Class Managed Detection and Response Services to Enterprises
13.4. Strategy Analysis & Recommendation

14. Competitive Portfolio

14.1. Key Company Profiles
14.2. Key Product Portfolio