At 8.1% CAGR, Middle East & Africa Security Information and Event Management Market is Projected to be Worth US$ 445.10 Million by 2030, says Business Market Insights

According to Business Market Insights research, the Middle East & Africa security information and event management market was valued at US$ 238.88 million in 2022 and is expected to reach US$ 445.10 million by 2030, registering a CAGR of 8.1% from 2022 to 2030. Integration of SIEM solutions with predictive analytics, 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 Middle East & Africa security information and event management market expansion.

SIEM systems need to advance to keep up with the more sophisticated threats. Predictive analytics and machine learning might aid enterprises in avoiding cyber assaults. to predict future events based on historical data, predictive analytics employs statistical modeling, data mining methods, and machine learning. By identifying patterns in data, businesses use it to detect dangers and data breach opportunities. Predictive analytics is mainly concerned with the identification and understanding of both recognized and unrecognized cyberattack patterns. This capacity is anticipated to significantly improve the effectiveness of quickly recognizing concealed threats, make it possible to find attackers, and even predict upcoming assaults with improved accuracy and a lower false positive rate. Organizations might strengthen their cybersecurity defenses and create a safer and more secure digital environment by utilizing the power of security analytics. Network detection and response (NDR) and user and entity behavior analytics (UEBA) are two excellent instances of predictive analytics at action in SIEM solutions. For instance, in March 2022, LogPoint announced the general availability of LogPoint Converged SIEM. The company stated that the integrated solutions offered managed security service providers with a single platform for threat detection and response. According to LogPoint, the entire system integrates threat detection and response across infrastructure, assets, endpoints, cloud platforms, and apps. In addition, customer data in Converged SIEM is housed in the US or the European Union in accordance with customers' compliance and privacy requirements, according to LogPoint. In January 2023, Gurucul, a pioneer in next-generation SIEM, UEBA, XDR, and identity and access analytics, declared that its next-generation SIEM product-Gurucul Next-Gen SIEM-has won the "CyberSecured" award in the category of security and automation response. The platform is praised for accelerating training through open and transparent models, cutting threat detection time, reducing human work through automation, and enhancing analyst productivity. Further, organizations can identify potential risks before they materialize and remain competitive by employing machine learning algorithms to evaluate data. Predictive analytics based SIEM solutions have numerous advantages over conventional SIEM, including earlier threat identification, improved accuracy, higher efficiency, and scalability. Thus, the integration of SIEM solutions with predictive analytics is anticipated to fuel the market growth during the forecast period.

On the contrary, lack of skilled personnel and increased complexity of managing SIEM solutions hampers the growth of Middle East & Africa security information and event management market.

Based on component, the Middle East & Africa security information and event management market is bifurcated into solution and services. The solution segment held 72.8% share of Middle East & Africa security information and event management market in 2022, amassing US$ 173.92 million. It is projected to garner US$ 330.04 million by 2030 to expand at 8.3% CAGR during 2022-2030.

In terms of deployment mode, the Middle East & Africa security information and event management market is bifurcated into cloud and on-premise. The cloud segment held 88.0% share of Middle East & Africa security information and event management market in 2022, amassing US$ 210.26 million. It is projected to garner US$ 399.14 million by 2030 to expand at 8.3% CAGR during 2022-2030.

Based on enterprise size, the Middle East & Africa security information and event management market is bifurcated into large enterprise and SMEs. The large enterprise segment held 83.5% share of Middle East & Africa security information and event management market in 2022, amassing US$ 199.40 million. It is projected to garner US$ 367.02 million by 2030 to expand at 7.9% CAGR during 2022-2030.

Based on end user, the Middle East & Africa security information and event management market is segmented into IT and telecommunication, BFSI, healthcare, government, and others. The IT and telecommunication segment held 42.6% share of Middle East & Africa security information and event management market in 2022, amassing US$ 101.85 million. It is projected to garner US$ 196.84 million by 2030 to expand at 8.6% CAGR during 2022-2030.

By country, the Middle East & Africa security information and event management market has been categorized into the UAE, Saudi Arabia, South Africa, and the Rest of Middle East and Africa. Our regional analysis states that the UAE captured 38.9% share of Middle East & Africa security information and event management market in 2022. It was assessed at US$ 93.02 million in 2022 and is likely to hit US$ 186.98 million by 2030, exhibiting a CAGR of 9.1% during 2022-2030.

Key players operating in the Middle East & Africa 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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