At 7.3% CAGR, South & Central America Security Information and Event Management Market is Projected to be Worth US$ 270.66 Million by 2030, says Business Market Insights

According to Business Market Insights research, the South & Central America security information and event management market was valued at US$ 153.80 million in 2022 and is expected to reach US$ 270.66 million by 2030, registering a CAGR of 7.3% from 2022 to 2030. Rising need for threat monitoring and detection in changing retail industry, 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 South & Central America security information and event management market expansion.

The retail industry is facing a revolution, and businesses are changing their focus from physical brick-and-mortar stores to developing online e-commerce platforms. This entails a large amount of sensitive user data collection. Debit and credit card numbers are targeted by hackers who are constantly refining their techniques for breaking into networks and stealing data covertly. As a result, retail businesses are in a vulnerable position to manage the threat and are unable to enhance user experience. For instance, according to IBM Cost of Data Breach Report 2023, the global average cost of a data breach in the retail industry is US$ 3.28 million. According to Verizon's 2022 Data Breach Investigations Report, 98% of the 629 data breach occurrences in the retail sector had a financial motivation. Many of those involved payment information, and one out of every four assaults resulted in the compromising of personal information. In 45% of occurrences, bank credentials were the target of the attention of cybercriminals. Retailers must take comprehensive security measures to prevent cybersecurity attacks, as a lot of sensitive customer information is at risk. A security information and event management (SIEM) system help in monitoring and protecting against cyber theft in the retail sector. A SIEM system can identify suspicious behavior and notify security teams of potential dangers since it has access to a wide variety of security data. Hence, there is a rising need for threat monitoring and detection in the changing retail industry, which is expected to create lucrative opportunities for the security information and event management market growth in the coming years.

On the contrary, lack of skilled personnel and increased complexity of managing SIEM solutions hampers the growth of South & Central America security information and event management market.

Based on component, the South & Central America security information and event management market is bifurcated into solution and services. The solution segment held 70.0% share of South & Central America security information and event management market in 2022, amassing US$ 107.73 million. It is projected to garner US$ 193.58 million by 2030 to expand at 7.6% CAGR during 2022-2030.

In terms of deployment mode, the South & Central America security information and event management market is bifurcated into cloud and on-premise. The cloud segment held 89.6% share of South & Central America security information and event management market in 2022, amassing US$ 137.77 million. It is projected to garner US$ 246.35 million by 2030 to expand at 7.5% CAGR during 2022-2030.

Based on enterprise size, the South & Central America security information and event management market is bifurcated into large enterprise and SMEs. The large enterprise segment held 85.3% share of South & Central America security information and event management market in 2022, amassing US$ 131.24 million. It is projected to garner US$ 228.56 million by 2030 to expand at 7.2% CAGR during 2022-2030.

Based on end user, the South & Central America security information and event management market is segmented into IT and telecommunication, BFSI, healthcare, government, and others. The IT and telecommunication segment held 45.0% share of South & Central America security information and event management market in 2022, amassing US$ 69.22 million. It is projected to garner US$ 125.74 million by 2030 to expand at 7.7% CAGR during 2022-2030.

By country, the South & Central America security information and event management market has been categorized into Brazil, Argentina, and the Rest of South and Central America. Our regional analysis states that Brazil captured 57.0% share of South & Central America security information and event management market in 2022. It was assessed at US$ 87.62 million in 2022 and is likely to hit US$ 162.24 million by 2030, exhibiting a CAGR of 8.0% during 2022-2030.

Key players operating in the South & Central America security information and event management market are AT&T Inc, International Business Machines Corp, LogRhythm Inc, SolarWinds Worldwiden LLC, Fortinet Inc, and Zoho Corporation Pvt Ltd, 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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