Strong demand from SMEs is expected to drive market growth.

Edward Gately, Senior News Editor

January 8, 2024

3 Min Read
Security information and event management SIEM services
Profit_Image/Shutterstock

The managed security information and event management (SIEM) services market will present significant growth opportunities for partners in the years ahead.

That’s according to MarketsandMarkets, which predicts global market growth from $7.5 billion last year to $16 billion by 2028. That's a 16.3% compound annual growth rate (CAGR). It attributes expected growth to a lack of skilled workers, integration with cutting-edge technologies like artificial intelligence (AI) and machine learning (ML), a move toward cloud-based solutions, and an emphasis on solving cybersecurity issues for SMBs.

Furthermore, progressive services like managed detection and response (MDR), improved compliance solutions, and customization to fulfill the specific requirements of enterprises in a constantly changing threat environment will drive growth.

Among major managed SIEM services players are AT&T, BlueVoyant, IBM, NCC Group, Optiv, Trustwave, Verizon, Vodafone, Wipro, Rapid7 and Sumo Logic.

Cloud Segment Strongest in Managed SIEM Services

By deployment, the cloud segment should register the highest growth rate during through 2028. 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, according to MarketsandMarkets. Cloud-based managed SIEM solutions offer rapid deployment, updates and efficient scaling to meet evolving security needs. The increasing adoption of hybrid and multicloud environments further fuels this trend, with organizations seeking centralized and integrated security solutions that span their diverse IT infrastructure.

Based on size, the small and mediume enterprise segment should grow at the highest CAGR through 2028, signaling a significant shift toward cybersecurity prioritization among smaller businesses. SMEs are increasingly recognizing the critical importance of strong 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 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, according to MarketsandMarkets.

The managed SIEM services market in Asia Pacific is poised for accelerated growth, fueled by a convergence of factors uniquely shaped by the region's burgeoning digital transformation. As Asia Pacific countries witness a rapid increase in online connectivity, cloud adoption and digitization, demand for strong 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 prompting 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.

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MSPsChannel Research

About the Author(s)

Edward Gately

Senior News Editor, Channel Futures

As news editor, Edward Gately covers cybersecurity, new channel programs and program changes, M&A and other IT channel trends. Prior to Informa, he spent 26 years as a newspaper journalist in Texas, Louisiana and Arizona.

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