Managed SIEM Services Industry Share and Demand Forecast to 2030

According to the latest market research study published by P&S Intelligence, the managed SIEM services market was valued at USD 7,531.7 million in 2023 and is expected to grow at a 16.5% CAGR, reaching USD 21,707.2 million by 2030.

This growth is fueled by the rising prevalence of cyber fraud, driving the demand for advanced security solutions. For instance, a U.K.-based IT firm reported a 125% surge in cyberattacks globally in 2021, compared to 2020. Among various fraud types—such as phishing, malware, ransomware, botnets, and data breaches—phishing remains the most prevalent. Over 300,000 internet users fell victim to phishing in 2021, and 80% of businesses were targeted in 2022.

Role of SIEM Solutions

SIEM provides a comprehensive approach to security by offering 24/7 network monitoring, early breach alerts, and in-depth threat analysis. It consolidates compliance-related data for PCI DSS, GDPR, and ISO monitoring into a centralized platform, enabling businesses to remain secure and compliant.

Cloud Deployment Trends

Cloud deployment is a dominant trend as it aligns with modern business needs. However, the evolving digital environment has made cloud security risks more sophisticated, pushing providers to adopt advanced protective measures to safeguard server integrity.

Market Insights

Co-managed SIEM: This model, involving partnerships between MSSPs and firms, accounted for the largest market share.

Cloud Solutions: With a 70% industry share in 2023, cloud deployment is preferred for its scalability, reliability, and agility.

SMEs' Growth: SMEs are prioritizing cybersecurity, leading to their category advancing at a higher CAGR in the coming years.

Log Management & Reporting: This segment plays a crucial role by offering centralized data collection, storage, and actionable insights for troubleshooting and performance enhancement.

BFSI Dominance: The BFSI sector held the largest share in 2023, growing at a 17.2% CAGR, driven by its vulnerability to cyberattacks.

APAC Leads in Growth: The APAC region is set to grow the fastest, owing to increasing digital transformation, connectivity, and cloud adoption.

Competitive Landscape

The managed SIEM market will continue to expand due to rising cyberattacks and regulatory pressures. Established players are diversifying their portfolios, while new entrants are introducing innovative solutions, intensifying competition.

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