Managed SIEM Services Market Size, Growth Analysis Report, 2024-2032
Managed SIEM Services Market Size, Growth Analysis Report, 2024-2032

Managed SIEM Services Market Share, Size, Trends, Industry Analysis Report, By Type (Co-Managed, Fully Managed); By Deployment Type; By Organization Size; By Application; By Vertical; By Region; Segment Forecast, 2024 - 2032

  • Published Date:Jan-2024
  • Pages: 115
  • Format: PDF
  • Report ID: PM4274
  • Base Year: 2023
  • Historical Data: 2019 – 2022

Report Outlook

Managed SIEM Services Market size was valued at USD 7.63 billion in 2023. The market is anticipated to grow from USD 6.39 billion in 2024 to USD 10.11 billion by 2032, exhibiting a CAGR of 17.0% during the forecast period

Managed SIEM Services Market Overview

Security Information and Event Management, abbreviated as SIEM, functions as a security tool aiding organizations in identifying and mitigating potential security threats and vulnerabilities proactively, preventing disruptions to business operations. SIEM systems empower enterprise security teams to identify anomalies in user behavior and leverage artificial intelligence (AI) to automate numerous manual processes associated with threat detection and incident response.

The Managed SIEM Services Market is experiencing rapid growth driven by a combination of factors. These include the continual evolution of cyber threats, the necessity for organizations to strengthen their digital defenses, and the growing complexity of IT infrastructures. The increasing demand is exacerbated by a global shortage of skilled cybersecurity professionals, prompting businesses to seek expert assistance through managed services. Additionally, the integration of technologies such as artificial intelligence and machine learning in SIEM solutions propels the market forward, enhancing the efficiency of threat detection and response.

Moreover, the surge in remote work and the expanding attack surface resulting from the proliferation of connected devices contribute to an increased need for proactive security measures. This positions managed SIEM services as a strategic imperative for organizations seeking to safeguard their digital assets in an ever-evolving threat landscape.

Managed SIEM Services Market Size

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The coming years will witness a surge in the growth of SIEM services. This uptick can be attributed to a shortage of skilled workers, increased integration with advanced technologies such as AI and ML, a shift towards cloud-based solutions, and a heightened focus on addressing cybersecurity challenges for small and medium-sized businesses. Additionally, there is a noticeable trend towards innovative services like Managed Detection and Response (MDR), enhanced compliance solutions, and tailored offerings to meet the evolving needs of enterprises in a dynamic threat environment.

The increased demand is growing worldwide scarcity of skilled cybersecurity professionals, leading businesses to seek expert assistance through managed services. Furthermore, the incorporation of technologies such as artificial intelligence and machine learning into SIEM solutions propels the market ahead, improving the effectiveness of threat detection and response. Moreover, the growth of remote work and the expanding attack surface resulting from the proliferation of connected devices amplify the demand for proactive security measures. This positions managed SIEM services as a strategic necessity for organizations looking to protect their digital assets in an ever-changing threat landscape.

Managed SIEM Services Market Share

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Managed SIEM Services Market Dynamics

Market Drivers

  • Rising awareness of adverse effects on environment Escalating landscape of cybersecurity threats is projected to spur the product demand.

The primary force propelling the Managed SIEM Services market is the continual expansion and complexity of the cybersecurity threat landscape. The rising frequency and sophistication of cyber threats, encompassing malware, ransomware, and targeted attacks, drive organizations to pursue robust solutions for ongoing monitoring, threat detection, and swift incident response. Managed SIEM services, armed with advanced analytics and threat intelligence, respond to this driving factor by offering proactive security measures to protect against the ever-evolving landscape of cyber risks.

Market Restraints

  • Worldwide scarcity of proficient cybersecurity professionals are likely to impede the market growth.

With the rising demand for expert analysis, threat detection, and incident response, a significant disparity emerges in the supply of qualified cybersecurity personnel. This scarcity presents a hurdle for managed service providers, hindering their capacity to attract and retain skilled professionals and thereby affecting their ability to deliver high-quality and prompt services. Addressing this challenge requires investments in training programs, automation, and collaborative initiatives to bridge the cybersecurity skills gap. 

Report Segmentation

The market is primarily segmented based on type, deployment mode, organization size, application, vertical, and region.

By Type

By Deployment Mode

By Organization Size

By Application

By Vertical

By Region

  • Co-Managed
  • Fully Managed
  • On-Premise
  • Cloud
  • SMEs
  • Large Enterprise
  • Security Analytics
  • Log Management and Reporting
  • Threat Intelligence
  • Others
  • Energy and Utilities
  • IT and ITeS
  • Retail and eCommerce
  • Telecommunication
  • Government
  • BFSI
  • Manufacturing
  • Healthcare
  • Others
  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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Managed SIEM Services Market Segmental Analysis

By Deployment Mode Analysis

  • The Cloud segment holds the largest segment in 2023. Highlighting the increasing inclination toward cloud-based deployments, organizations are actively embracing digital transformation. The inherent advantages of the cloud, including scalability, agility, and accessibility, render it a compelling choice for the deployment of Security Information and Event Management (SIEM) services. Managed SIEM solutions in the cloud provide businesses with the flexibility to navigate dynamic cybersecurity landscapes, facilitating swift deployment, updates, and efficient scaling to address evolving security requirements. This trend is further propelled by the rising adoption of hybrid and multi-cloud environments, as organizations seek 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 surge, the cloud segment is positioned as a key driver, poised for significant growth in the Managed SIEM Services Market.

By Organization Size Analysis

  • The SMEs segment holds the largest share in the forecast period. Indicating a significant shift toward prioritizing cybersecurity, smaller businesses are increasingly acknowledging the crucial importance of robust security measures to safeguard their digital assets and sensitive data. Managed Security Information and Event Management (SIEM) services provide these organizations with a cost-effective and scalable solution to enhance their cybersecurity postures without requiring substantial in-house resources. In response to the evolving landscape of cyber threats, SMEs are opting for managed services to benefit from expert security monitoring, threat detection, and incident response. The scalability and customized offerings of managed SIEM services make them particularly appealing to smaller enterprises seeking efficient navigation of the complex cybersecurity environment and ensuring the resilience of their digital operations. The anticipated growth in the SME segment underscores the growing awareness and adoption of proactive cybersecurity measures among smaller organizations.

Managed SIEM Services Market Segments

Managed SIEM Services Market Regional Insights

  • The North America region dominated the global market with the largest market share in 2023

Marked by a high degree of technological advancement and stringent regulatory requirements, this region is witnessing a widespread adoption of Security Information and Event Management (SIEM) services. Businesses across diverse industries in North America are actively pursuing the improvement of their capability to detect and monitor security breaches through the implementation of SIEM systems. Moreover, even larger organizations, typically known for their cautious approach to adopting new technologies, are now embracing SIEM solutions. The highly regulated environment in North America, characterized by numerous regulations governing various industry sectors, further amplifies the demand for SIEM services.

Managed Security Information and Event Management (SIEM) Services Market in the Asia Pacific region is poised for swift expansion, driven by a distinctive combination of factors influenced by the region's thriving digital transformation. As nations in the Asia Pacific undergo a rapid increase in online connectivity, the adoption of cloud technology, and digitization, the demand for robust cybersecurity solutions, particularly in the domain of managed SIEM services, is on the rise. The varied and evolving threat landscape in the region, coupled with a growing awareness of cybersecurity best practices, is prompting companies to invest in proactive security measures.

Additionally, the regulatory landscape in the region is evolving, with an increased focus on data protection and privacy, thereby heightening the need for comprehensive managed SIEM services. The adaptability and scalability of these services align seamlessly with the dynamic nature of the Asia Pacific market, positioning them as a strategic choice for organizations seeking to bolster their cybersecurity defenses amid a continuously expanding digital ecosystem.

Managed SIEM Services Market Regional Insights

Competitive Landscape

The Managed SIEM Services market is fragmented and is anticipated to witness competition due to several players' presence. Major service providers in the market are constantly upgrading their technologies to stay ahead of the competition and to ensure efficiency, integrity, and safety. These players focus on partnership, product upgrades, and collaboration to gain a competitive edge over their peers and capture a significant market share.

Some of the major players operating in the global market include:

  • Advantio
  • AT&T
  • BlueVoyant
  • BT
  • Capgemini
  • CyberCX
  • Cyderes
  • GoSecure
  • IBM
  • Integrity360
  • ManageEngine
  • NCC Group
  • NTT
  • Optiv
  • Proficio
  • Rapid7
  • Redscan
  • ReliaQuest
  • SharkStriker
  • Stratejm
  • Sumo Logic
  • Talion
  • TCS
  • Trustwave
  • Unisys
  • Verizon
  • Vodafone
  • Wipro

Recent Developments

  • In November 2023, ConnectWise has introduced enhanced alerting capabilities for its security information and event management (SIEM) solutions as part of its advancements in Cybersecurity Management to improve threat detection. This enhancement involves generating high-fidelity notifications that distinguish between critical occurrences and those that are less significant, thereby reducing the time required for triage and investigation. With the SIEM's upgraded alerting feature, TSPs (Technology Service Providers) can respond more proactively to security events and gain improved visibility into threats, enhancing overall threat detection capabilities.
  • In April 2023, A survey conducted by ManageEngine highlights the current cybersecurity workforce shortage within organizations. Faced with budget constraints and the prevailing economic conditions, businesses find it difficult to address security challenges and progress to a more advanced security maturity level.

Report Coverage

The Managed SIEM Services market report emphasizes on key regions across the globe to provide better understanding of the product to the users. Also, the report provides market insights into recent developments, trends and analyzes the technologies that are gaining traction around the globe. Furthermore, the report covers in-depth qualitative analysis pertaining to various paradigm shifts associated with the transformation of these solutions.

The report provides detailed analysis of the market while focusing on various key aspects such as competitive analysis, type, deployment mode, organization size, application, vertical, and their futuristic growth opportunities.

Managed SIEM Services Market Report Scope

Report Attributes

Details

Market size value in 2024

USD 8.75 billion

Revenue forecast in 2032

USD 26.79 billion

CAGR

15.0% from 2024 – 2032

Base year

2023

Historical data

2019 – 2022

Forecast period

2024– 2032

Quantitative units

Revenue in USD billion and CAGR from 2024 to 2032

Segments Covered

By Type, By Deployment Mode, By Organization Size, By Application, By Vertical, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America; Middle East & Africa

Customization

Report customization as per your requirements with respect to countries, region and segmentation.

FAQ's

The global Managed SIEM Services market size is expected to reach USD 26.79 billion by 2032

Key players in the market are Advantio, AT&T, BlueVoyant, BT, Capgemini, CyberCX, Cyderes, GoSecure, IBM

North America contribute notably towards the global managed SIEM services market

Managed SIEM Services Market exhibiting the CAGR of 17.0% during the forecast period

The managed SIEM services market report covering key segments are type, deployment mode, organization size, application, vertical, and region.