At 10.5% CAGR, North America Security Information and Event Management Market is Projected to be Worth US$ 3,957.88 Million by 2030, says Business Market Insights

According to Business Market Insights research, the North America security information and event management market was valued at US$ 1,782.47 million in 2022 and is expected to reach US$ 3,957.88 million by 2030, registering a CAGR of 10.5% 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 North America security information and event management market expansion.

Cyber threats are evolving continuously; hence, many firms are developing a strategy for data protection and providing the latest security solutions. Ransomware attacks, phishing schemes, and insider threats are a few examples of cybersecurity attacks that could lead to data breaches. Businesses must employ cutting-edge security measures to safeguard their sensitive data and digital assets as hackers become more expert and diverse in their approaches. For instance, according to a 2023 IBM report, in 2023, the average cost of a data breach is likely to record an all-time high of US$ 4.45 million. According to a 2023 report by AAG, there was a 358% rise in cyberattacks in 2020 as compared to 2019. Investment fraud was the most expensive type of cybercrime in 2022, with an average loss of US$ 70,811 per victim. Globally, the number of cyberattacks surged by 125% between 2020 and 2021, and in 2022, the threat posed by these attacks to persons and organizations persisted. As per "The Global Risks Report 2022" from the World Economic Forum, cybersecurity safeguards put in place by organizations, governments, and people are becoming increasingly ineffective with the advanced knowledge of hackers to surpass them. For instance, in 2021, 847,376 complaints were filed, according to the FBI's Internet Crime Complaint Center. Overall, more than US$ 6.9 billion in losses resulted from the allegations. In 2022, phishing attempts grew by 61% as compared to 2021, according to SlashNext's "2022 State of Phishing" study. The Q3 of 2022 witnessed a record-breaking 3 million phishing attacks, as per the Anti-Phishing Working Group (APWG), making it the worst quarter recorded by the organization. The rise in cybersecurity attacks generates the need for an integrated security solution, updating organizations on trending threats and proactively defending against potential attacks and adversaries. Security information and event management (SIEM) solutions are essential for preserving an organization's cybersecurity infrastructure. The system collects and examines enormous amounts of security-related data from numerous sources within the IT architecture of an organization. Thus, the rise in cybersecurity incidents drives the demand for SIEM solutions across the globe.

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

Based on component, the North America security information and event management market is bifurcated into solution and services. The solution segment held 71.4% share of North America security information and event management market in 2022, amassing US$ 1,273.45 million. It is projected to garner US$ 2,880.45 million by 2030 to expand at 10.7% CAGR during 2022-2030.

In terms of deployment mode, the North America security information and event management market is bifurcated into cloud and on-premise. The cloud segment held 84.4% share of North America security information and event management market in 2022, amassing US$ 1,504.03 million. It is projected to garner US$ 3,426.62 million by 2030 to expand at 10.8% CAGR during 2022-2030.

Based on enterprise size, the North America security information and event management market is bifurcated into large enterprise and SMEs. The large enterprise segment held 79.9% share of North America security information and event management market in 2022, amassing US$ 1,423.96 million. It is projected to garner US$ 3,113.60 million by 2030 to expand at 10.3% CAGR during 2022-2030.

Based on end user, the North America security information and event management market is segmented into IT and telecommunication, BFSI, healthcare, government, and others. The IT and telecommunication segment held 39.5% share of North America security information and event management market in 2022, amassing US$ 704.65 million. It is projected to garner US$ 1,658.84 million by 2030 to expand at 11.3% CAGR during 2022-2030.

By country, the North America security information and event management market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 81.6% share of North America security information and event management market in 2022. It was assessed at US$ 1,455.20 million in 2022 and is likely to hit US$ 3,285.60 million by 2030, exhibiting a CAGR of 10.7% during 2022-2030.

Key players operating in the North America 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; Exabeam Inc; 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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