Managed SIEM Services Market

[264 Pages Report] 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. The surge in demand for managed SIEM services is fueled by a rapidly evolving cybersecurity landscape marked by an escalation in sophisticated cyber threats, a pervasive digital transformation across industries, and a heightened awareness of the need for proactive security measures. As organizations grapple with the complexities of securing their digital assets, the shortage of skilled cybersecurity professionals further intensifies the appeal of outsourcing to managed service providers. The increasing prevalence of remote work, the growing attack surface due to the adoption of cloud technologies, and the imperative for regulatory compliance contribute to the market's momentum. Managed SIEM services are now not just a strategic option but an essential component in navigating the intricacies of modern cybersecurity challenges, offering organizations a scalable, expert-driven solution to fortify their defenses against a dynamic threat landscape.

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Driver: Growing Cybersecurity Threat Landscape

The key driver in the Managed SIEM Services market is the relentless growth and sophistication of the cybersecurity threat landscape. The increasing frequency and complexity of cyber threats, including malware, ransomware, and targeted attacks, compel organizations to seek robust solutions for continuous monitoring, threat detection, and rapid incident response. Managed SIEM services, equipped with advanced analytics and threat intelligence, address this driver by providing proactive security measures to safeguard against evolving cyber risks.

Restraint: Cost and Budget Constraints

A significant restraint in the Managed SIEM Services market is the challenge presented by cost and budget constraints for organizations, especially smaller enterprises. Implementing and maintaining robust cybersecurity measures can be resource-intensive, and the initial investment required for deploying managed SIEM services may pose a barrier for organizations with limited budgets. Overcoming this restraint involves a careful balance between cost considerations and the critical need for effective cybersecurity, highlighting the importance of flexible and scalable service models.

Opportunity: Increasing Adoption of Cloud-Based Solutions

An opportunity in the Managed SIEM Services market lies in the increasing adoption of cloud-based solutions. Cloud deployment offers scalability, flexibility, and accessibility, aligning well with the dynamic nature of cybersecurity requirements. Organizations recognize the benefits of cloud-based managed SIEM services for rapid deployment, real-time updates, and efficient scaling to address evolving security needs. This shift toward cloud solutions presents an opportunity for service providers to offer tailored and efficient services in line with the evolving technological landscape.

Challenge: Skill Shortage in the Cybersecurity Workforce

A challenge faced by the Managed SIEM Services market is the global shortage of skilled cybersecurity professionals. As the demand for expert analysis, threat detection, and incident response increases, a growing gap exists in the availability of qualified cybersecurity personnel. This shortage poses a challenge for managed service providers to acquire and retain skilled professionals, impacting their ability to offer high-quality and responsive services. Overcoming this challenge involves investing in training programs, automation, and collaborative efforts to bridge the cybersecurity skills gap.

Managed Siem Services Market Ecosystem

The major players in the managed SIEM services market are Unisys, Rapid7, Trustwave, Talion, etc.The market for managed SIEM services is dominated by well-known businesses that have made a name for themselves as domain leaders. These businesses are well-known, secure financially, and have a track record of offering cutting-edge managed SIEM services and solutions. They are able to respond to the changing needs of the market owing to their broad range of products, which includes infrastructure, solutions, applications, and services. These businesses are leading the way in the advancement of managed SIEM services technology thanks to their expansive capabilities and innovative technology.

By type, the fully managed segment to register the highest growth rate during the forecast period.

The segment encompasses comprehensive outsourcing of SIEM services, where the service provider takes full responsibility for the SIEM solution's deployment, configuration, monitoring, and management. Organizations increasingly recognize the benefits of fully managed SIEM services, providing a turnkey solution that allows internal teams to focus on core business functions while ensuring a robust cybersecurity posture. The fully managed approach offers expert-driven security operations, continuous monitoring, and proactive incident response, making it an attractive choice for organizations seeking a comprehensive and hands-off solution to address the complexities of the evolving cyber threat landscape. The anticipated high growth in the fully managed segment underscores the increasing preference for a holistic and outsourced approach to cybersecurity management.

Based on organization size, the large enterprises segment to account for the largest market size in the managed SIEM services market.

The large enterprises segment is anticipated to account for the largest market size. Large enterprises, with their extensive and complex IT infrastructures, face higher security events and require sophisticated solutions to monitor, analyze, and respond to potential threats effectively. Managed SIEM services offer these organizations a comprehensive approach to cybersecurity, encompassing real-time monitoring, threat detection, and incident response. The scalability and customization capabilities of managed SIEM services align with large enterprises' diverse and expansive needs, allowing them to navigate the intricacies of the cybersecurity landscape. As these organizations prioritize robust security measures and compliance with industry regulations, adopting managed SIEM services becomes integral, solidifying the large enterprises segment as a key driver in the market.

Asia Pacific will register the highest growth rate during the forecast period.

The surge is driven by the region's rapid digital transformation, increased connectivity, and a heightened awareness of the critical need for robust cybersecurity measures. As businesses in Asia Pacific increasingly embrace technology to fuel their growth, the demand for managed SIEM services is surging to counter evolving cyber threats effectively. Additionally, the region's dynamic economic landscape and the proliferation of digital initiatives contribute to the heightened significance of advanced security solutions. The growth in remote work practices and the escalating adoption of cloud technologies further amplify the demand for managed SIEM services in Asia, positioning it as a pivotal driver in the global market.

Key Market Players:

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).

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Scope of the Report

This research report categorizes the managed SIEM services market to forecast revenues and analyze trends in each of the following submarkets:

Based on application:

• Log Management and Reporting
• Threat Intelligence
• Security Analytics
• Other Applications

Based on type:

• Fully Managed
• Co-Managed

Based on deployment mode:

• Cloud
• On-Premises

Based on organization size:

• Large Enterprises
• SMEs

Based on the vertical:

• BFSI
• Government
• Healthcare
• Telecommunication
• IT and ITeS
• Retail and eCommerce
• Energy and Utilities
• Manufacturing
• Other Verticals

Based on the Region:

• North America
  • US
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Rest of Europe
• Asia Pacific
  • India
  • China
  • Japan
  • Rest of Asia Pacific
• Middle East and Africa
  • UAE
  • KSA
  • South Africa
  • Rest of Middle East & Africa
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America

Recent Developments

• Nov 2023 - ConnectWise announced improved alerting for its security information and event management (SIEM) solutions as part of its Cybersecurity Management advancements to enhance threat detection. By producing high-fidelity notifications that identify which occurrences are important and which are not, the system reduces the time needed for triage and investigation. TSPs may respond more proactively to any security events and have better visibility into threats by enhancing threat detection using the SIEM's enhanced alerting feature.
• Apr 2023 - A recent ManageEngine survey indicates that there is a cybersecurity labor shortage in organizations right now. Given budgetary restrictions and the present state of the economy, it is challenging for businesses to solve security issues and advance to a higher security maturity level. Moreover, companies are discovering that the total cost of managed security services is less than that of implementing and maintaining security systems, such as SIEM solutions. These reasons have led to an increase in businesses turning to MSSPs for their security requirements.
• Oct 2022 - Through a workflow for threat detection, investigation, and response, the new Exabeam Security Operations Platform is intended to provide security teams with the "greatest fighting chance" of beating adversaries. The three main components of New-Scale SIEM—cloud-scale security log management, behavioral analytics, and an automated investigative experience—are combined in the new product portfolio.
• Sep 2021 - Wipro and Securonix have announced a partnership that combines Wipro's global reach and cybersecurity intelligence capabilities with Securonix's cloud-first SIEM, analytics-driven detection, and automated response tools to give organizations better governance and security threat protection.

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