Managed SIEM Services Market worth $16.0 billion by 2028, growing at a CAGR of 16.3 %: Report by MarketsandMarkets™
Chicago, March 26, 2024 (GLOBE NEWSWIRE) -- *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™. *
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*Managed SIEM Services 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
*List of Key Players in** Managed SIEM Services Market **:*
· AT&T
· Advantio
· BlueVoyant
· BT
· CyberCX
· Capgemini
· GoSecure
· Cyderes
· IBM
· Integrity360
The growing complexity of cyber threats, the need for real-time threat detection, and the scarcity of skilled cybersecurity professionals are driving the managed SIEM services market as organizations seek comprehensive and outsourced solutions to enhance their security postures.
The managed SIEM services market is witnessing robust growth due to a confluence of factors such as the escalating frequency and sophistication of cyber threats, the imperative for organizations to ensure regulatory compliance and the recognition that outsourcing to expert providers like Unisys, Verizon, and ManageEngine offers a strategic advantage in navigating the intricate landscape of cybersecurity. As businesses contend with an ever-evolving threat landscape, the demand for managed SIEM services is underscored by the need for continuous monitoring, rapid incident response, and the ability to harness advanced analytics and threat intelligence. The market thrives on these services' pivotal role in augmenting cybersecurity postures, allowing organizations to focus on core competencies while entrusting the complexities of threat detection and mitigation to specialized and adept service providers.
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The managed SIEM services market in the Asia Pacific region is poised for accelerated growth, outpacing other global regions, driven by a combination of factors uniquely relevant to the area. As businesses across Asia Pacific increasingly digitize their operations, there is a heightened awareness of the need for robust cybersecurity measures. The region is witnessing a surge in cyber threats, prompting organizations to prioritize advanced security solutions. Furthermore, regulatory frameworks emphasizing data protection and privacy are becoming more stringent, compelling enterprises to invest in comprehensive security services like managed SIEM. The growth is also fueled by the burgeoning adoption of cloud technologies and the proliferation of mobile devices, expanding the attack surface and necessitating more sophisticated threat detection and response capabilities. As organizations in the Asia Pacific recognize the strategic importance of proactive cybersecurity measures, the demand for managed SIEM services is expected to experience a notably higher growth rate in the coming years.
The cloud segment of the managed SIEM services market is poised for a significantly higher growth rate, propelled by the ongoing shift towards cloud computing and the inherent advantages it offers for cybersecurity. Organizations are increasingly migrating their IT infrastructure to the cloud to achieve scalability, flexibility, and cost-effectiveness. In the context of managed SIEM services, cloud-based solutions provide seamless access to advanced security capabilities without requiring extensive on-premises infrastructure. The cloud's inherent agility allows for rapid deployment and updates, ensuring organizations stay ahead of evolving cyber threats. Additionally, as businesses embrace hybrid and multi-cloud environments, the demand for centralized and cloud-integrated security monitoring solutions is rising, further contributing to the accelerated growth of the cloud segment within the managed SIEM services market.
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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). These players not only have a comprehensive and diverse product portfolio but also have a strong geographic presence. The dynamic interplay of escalating digital demands, complex application architectures, and the need for security is propelling companies to invest in and adopt managed SIEM services in an increasingly interconnected landscape. These companies offer several product offerings and have operations worldwide. They rely on their R&D capabilities and diversified product and service portfolios to increase their market share. These companies focus on product launches, collaborations, acquisitions, contracts, and partnerships to strengthen their footprint through product innovations and extend their business reach.
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