At 10.1% CAGR, Europe Security Information and Event Management Market is Projected to be Worth US$ 3,003.80 Million by 2030, says Business Market Insights

According to Business Market Insights research, the Europe security information and event management market was valued at US$ 1,394.46 million in 2022 and is expected to reach US$ 3,003.80 million by 2030, registering a CAGR of 10.1% from 2022 to 2030. Rise in cybersecurity incidents, 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 Europe security information and event management market expansion.

Security breaches pose a persistent threat to security operations teams, with severe repercussions, including business loss, damaged brand reputation, and decreased revenue. Many businesses rely on automated solutions that provide real-time analysis of security warnings to successfully reduce risk. Modernized SIEM solutions are becoming more popular as these solutions help manage a high volume of security alerts and the complexities involved with old security infrastructure. For instance, according to a 2020 report published by Help Net Security, in the last five years, the number of security warnings has more than doubled for 70% of the firms. Also, 99% of respondents agree that a lot of warnings are a huge issue for IT security teams. "Alert fatigue" (overwhelming number of alerts desensitizes the people tasked with responding to them, leading to missed or ignored alerts or delayed responses) is reported by 83% of security personnel. Security teams are often inundated with notifications, some of which are false positives; however, in many cases, real security cases get frequently ignored. As a result, security-related problems that are left unnoticed, when not handled immediately or at all, can lead to a significant data breach. to reduce the amount of time an attacker must conduct an attack, security problems should be detected and handled as quickly as feasible. For instance, according to a 2023 report published by Help Net Security, SOC teams spend approximately three hours per day manually triaging the 4,484 alerts they get daily. Security analysts report that 83% of warnings are false positives and not worth their time and that they are unable to handle 67% of the daily alerts they receive. Such incidents generate the need for automated SIEM solutions that include features such as incident response automation so that security teams no longer must follow traditional, repetitive response procedures. Thus, a surge in the need for modern security solutions to manage and monitor a high volume of security alerts drives the security information and event management market.

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

Based on component, the Europe security information and event management market are bifurcated into solution and services. The solution segment held 73.5% share of Europe security information and event management market in 2022, amassing US$ 1,024.43 million. It is projected to garner US$ 2,243.12 million by 2030 to expand at 10.3% CAGR during 2022-2030.

In terms of deployment mode, the Europe security information and event management market are categorized into cloud and on-premise. The cloud segment held 83.4% share of Europe security information and event management market in 2022, amassing US$ 1,162.84 million. It is projected to garner US$ 2,575.24 million by 2030 to expand at 10.4% CAGR during 2022-2030.

Based on enterprise size, the Europe security information and event management market are bifurcated into large enterprise and SMEs. The large enterprise segment held 78.3% share of Europe security information and event management market in 2022, amassing US$ 1,091.43 million. It is projected to garner US$ 2,311.18 million by 2030 to expand at 9.8% CAGR during 2022-2030.

Based on end user, the Europe security information and event management market are segmented into IT and telecommunication, BFSI, healthcare, government, and others. The IT and telecommunication segment held 41.5% share of Europe security information and event management market in 2022, amassing US$ 578.90 million. It is projected to garner US$ 1,303.00 million by 2030 to expand at 10.7% CAGR during 2022-2030.

By country, the Europe security information and event management market has been categorized into Germany, the UK, France, Italy, Russia, and the Rest of Europe. Our regional analysis states that Germany captured 28.2% share of Europe security information and event management market in 2022. It was assessed at US$ 392.82 million in 2022 and is likely to hit US$ 918.41 million by 2030, exhibiting a CAGR of 11.2% during 2022-2030.

Key players operating in the Europe 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; Logpoint AS; and Logsign Inc; 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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