At 9.2% CAGR, Asia Pacific Security Information and Event Management Market is Projected to be Worth US$ 2,232.62 Million by 2030, says Business Market Insights

According to Business Market Insights research, the Asia Pacific security information and event management market was valued at US$ 1,105.10 million in 2022 and is expected to reach US$ 2,232.62 million by 2030, registering a CAGR of 9.2% from 2022 to 2030. Lack of skilled personnel and increased complexity of managing SIEM solutions, surge in need for modern security solutions to manage and monitor high volume of security alerts and rise in popularity of SaaS model are among the critical factors attributed to the Asia Pacific security information and event management market expansion.

Risk and compliance conditions are constantly shifting. Organizations are facing problems keeping track of all compliances. The lack of an efficient risk and compliance program can lead to major revenue loss as concerns about cybersecurity continue to rise. The efforts required to comply with regulations are becoming increasingly complicated and cross-functional. It has become a risk to be non-compliant to certain standards as the cost of non-compliance may be more than installing a compliance solution. This has created a need for automated security solutions to check and monitor compliance requirements. For instance, according to a Compliance Risk Study 2022 Report, although 72% of respondents did not anticipate any changes in their allotted budget in the next few years, 90% of compliance executives agree that the cost of compliance will increase by 30% in the coming years. In a compliance risk assessment done by Accenture, 93% of respondents concur that AI and cloud compliance products eliminate human mistakes, automate manual operations, and demonstrate to be more effective and efficient. Security information and event management (SIEM) solutions can assist firms that need to achieve various regulatory standards. Organizations can use SIEM systems to comply with legal and regulatory requirements. For example, a SIEM can make it considerably simpler for enterprises to comply with regulations relating to cybersecurity, data protection and privacy, and breach reporting. The processes of recording security data and reporting on compliance are streamlined by SIEM software. The SIEM system automatically standardizes and correlates log data from across the IT environment into reports that provide information on your organization's compliance to avoid manually collecting data from every host in the IT network and combining it into reports. SIEM compliance reporting enables the user to pass compliance audits more easily and saves time. SIEM tools have features that can assist in implementing controls that adhere to the precise specifications of regulations such as the Sarbanes-Oxley Act (SOX), the Health Insurance Portability and Accountability Act (HIPAA), and the Payment Card Industry Data Security Standard (PCI DSS). Thus, signifying the importance of SIEM solutions in compliance monitoring.

On the contrary, lack of skilled personnel and increased complexity of managing SIEM solutions and high cost of implementation hampers the growth of Asia Pacific security information and event management market.

Based on component, the Asia Pacific security information and event management market are bifurcated into solution and services. The solution segment held 69.4% share of Asia Pacific security information and event management market in 2022, amassing US$ 766.87 million. It is projected to garner US$ 1,583.99 million by 2030 to expand at 9.5% CAGR during 2022-2030.

In terms of deployment mode, the Asia Pacific security information and event management market are bifurcated into cloud and on-premise. The cloud segment held 86.3% share of Asia Pacific security information and event management market in 2022, amassing US$ 953.74 million. It is projected to garner US$ 1,969.24 million by 2030 to expand at 9.5% CAGR during 2022-2030.

Based on enterprise size, the Asia Pacific security information and event management market are bifurcated into large enterprise and SMEs. The large enterprise segment held 81.3% share of Asia Pacific security information and event management market in 2022, amassing US$ 898.20 million. It is projected to garner US$ 1,789.39 million by 2030 to expand at 9.0% CAGR during 2022-2030.

Based on end user, the Asia Pacific security information and event management market are segmented into IT and telecommunication, BFSI, healthcare, government, and others. The IT and telecommunication segment held 45.9% share of Asia Pacific security information and event management market in 2022, amassing US$ 507.60 million. It is projected to garner US$ 1,062.63 million by 2030 to expand at 9.7% CAGR during 2022-2030.

By country, the Asia Pacific security information and event management market has been categorized into China, Japan, India, South Korea, Australia, and the Rest of Asia Pacific. Our regional analysis states that China captured 27.4% share of Asia Pacific security information and event management market in 2022. It was assessed at US$ 303.13 million in 2022 and is likely to hit US$ 667.58 million by 2030, exhibiting a CAGR of 10.4% during 2022-2030.

Key players operating in the Asia Pacific security information and event management market are AT&T Inc; International Business Machines Corp; LogRhythm Inc; SolarWinds Worldwide, LLC; Splunk Inc; Fortinet Inc; Zoho Corporation Pvt Ltd; and Logpoint AS, among others.

•    In June 2023, Vertek Corporation partnered with AT&T. The partnership enables Vertek to use the USM Anywhere platform from AT&T Cybersecurity as a component of its 24/7/365 Security Operations Center, a comprehensive, multi-layered cybersecurity solution. It comprises real-time intrusion detection, monitoring and response to detection, thorough vulnerability scanning, behavioral monitoring, SIEM, and log management to offer customers unrivaled security against a constantly evolving threat landscape.
  
  
•    In April 2023, Arete and AT&T partnered with each other. Through the partnership, Arete's clients can combine the curated threat information of Arete with the strength of AT&T's USM Anywhere SIEM Platform to deliver an additional layer of protection throughout their environment.
  
  
•    In March 2020, AT&T Cybersecurity partners with reseller Binary Defense. The partnership led the AT&T Cybersecurity global partner community as a top reseller of the AlienVault Unified Security Management (USM) solution, which is a Security Information and Event Management (SIEM) offering.
  
  

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