Global Managed SIEM Services Market Research Report: Forecast (2024-2030)

Market Definition

The managed SIEM services encompass Security Information and Event Management solutions to cope with the dynamic landscape of cybersecurity. These services comprise different applications such as security analytics, threat intelligence, management, and reporting of cyber risks.

Market Insights & Analysis: Global Managed SIEM Services Market (2024-30):

The Global Managed SIEM Services Market size was valued at USD 7.12 billion in 2023 and is estimated to grow at a CAGR of around 17.4% during the forecast period, i.e., 2024-30. The rising demand for managed SIEM services is propelled by the rapid evolution of the cybersecurity landscape, which is highlighted by an escalation in sophisticated cyber risks. With the concept of digital transformation across various industries and increasing awareness of adopting proactive security measures, the market is growing at a faster rate. Moreover, organizations are increasingly grappling with the complexities of safeguarding their digital assets, which has further heightened the allure of outsourcing to managed service providers. Thus, this appeal is particularly amplified by the scarcity of proficient cybersecurity experts.

Furthermore, the surge in remote work, the expanding attack surface resulting from the adoption of cloud technologies, and the necessity for regulatory compliance all contribute to the market's momentum. Additionally, along with a strategic alternative, Managed SIEM services have also become an essential component to navigate the vulnerabilities of modern cybersecurity challenges. Hence, these scalable services cater to organizations with an expert-driven solution for fortifying their defenses against a dynamic cyber risk landscape, thus enhancing the demand graph.

Global Managed SIEM Services Market Driver:

Rising Cyber Threats & Risks to Instigate the Market Growth – The global growth of the Managed SIEM Services Market has been driven by the rising occurrence of cyber threats, including malware, ransomware, and targeted attacks. The Managed SIEM Services offer robust cybersecurity solutions for continuous monitoring and detection of cyber risks, as these services are equipped with advanced analytics & risk intelligence for proactively safeguarding the cyber-attack. This, in turn, has aided in elevating the market demand in the following years.

Global Managed SIEM Services Market Challenge:

High Costing & Budgeting of Cybersecurity Solutions to Restraint the Expansion – The Managed SIEM Services Market faces a formidable obstacle in the form of cost & budget constraints, particularly for smaller enterprises. Implementing & sustaining robust cybersecurity measures can be financially taxing, and the initial investment needed to deploy managed SIEM services can be prohibitive for organizations operating on limited budgets. Hence, conquering this challenge requires a delicate equilibrium between cost concerns and the imperative for robust cybersecurity, underscoring the significance of adaptable and scalable service models.

Global Managed SIEM Services Market Trend:

Convergence of SIEM with Endpoint Detection and Response (EDR) & Security Orchestration, Automation, and Response (SOAR) – The convergence of SIEM with EDR & SOAR represents a significant trend in the cybersecurity market, driven by the need for more comprehensive threat detection, response, and mitigation capabilities. This convergence helps in reshaping the landscape of cybersecurity operations, offering organizations enhanced visibility, efficiency & effectiveness in managing security incidents. In addition, managed security service providers (MSSPs) capitalize on the convergence of SIEM, EDR, and SOAR by catering to clients with integrated security solutions. With this, MSSPs are capable to differentiate their offerings and capture market share.

Global Managed SIEM Services Market (2024-30): Segmentation Analysis

The Global Managed SIEM Services Market study by MarkNtel Advisors evaluates & highlights the major trends and influencing factors in each segment & includes predictions for the period 2024–2030 at the global levels. In accordance to the analysis, the market has been further classified as:

Based on Type:

• Fully-managed
• Co-managed

The Fully Managed segment contributes to the largest share in the Managed SIEM Services Market during 2024-2030. This segment incorporates complete deployment, configuration, monitoring, and management of SIEM solutions with the help of a comprehensive SIEM services outsourcing method. Various core business activities ensure the usage of fully managed SIEM services to leverage the benefits of a robust cybersecurity posture. In order to address the cyber threats, the fully managed services perform expert-driven security operations and proactively respond to the cyber incidents.

Based on Organization Size:

• Large Enterprises
• SMEs (Small-Medium Enterprises)

The Large Enterprise would account for a prominent share of the Managed SIEM Services Market during the forecast period. The large enterprises are more prone to potential threats in their IT infrastructures, thus required high security services like Managed SIEM Services. These services are scalable & customized to perform real-time monitoring of threat detection. Moreover, the large enterprises are solidifying its cybersecurity landscape by adopting Managed SIEM Services & further assisting in propelling the market growth in the ensuing years.

Global Managed SIEM Services Market (2024-30): Regional Projection

Geographically, the Global Managed SIEM Services Market expands across:

• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific

The largest market size in the Managed SIEM Services Market is anticipated to be held by the Asia-Pacific region owing to numerous factors. The need for robust cybersecurity measures has surged the development in the market with rapid digital transformation, increased connectivity, and awareness of cyber risks. Moreover, the Managed SIEM Services have the capabilities to combat cyber threats with significantly advanced security solutions. Also, the adoption of cloud technologies has escalated the demand for these services, hence elevating the Asia-Pacific Managed SIEM Services Market share.

Gain a Competitive Edge with Our Global Managed SIEM Services Market Report

• Global Managed SIEM Services Market Report by MarkNtel Advisors provides a detailed & thorough analysis of market size & share, growth rate, competitive landscape, and key players. This comprehensive analysis helps businesses gain a holistic understanding of the market dynamics & make informed decisions.
• This report also highlights current market trends & future projections, allowing businesses to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
• Global Managed SIEM Services Market Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, businesses can develop strategies to minimize risks & optimize their operations.