Report Ocean has released a research study titled “Cloud Siem Market 2023 Forecast to 2032 Analysis by Market Trends.” This study offers precise economic forecasts, global assessments, and country-level insights. It provides a comprehensive view of the competitive market and includes an in-depth supply chain analysis to identify significant industry changes. The study explores the current market status, anticipated future growth, technological advancements, investment opportunities, market economics, and financial data. It thoroughly examines the market and offers insights based on a SWOT analysis of the industry.
Cloud Siem Market is valued approximately USD $$million in 2021 and is anticipated to grow with a healthy growth rate of more than $$% over the forecast period 2022-2028. The Cloud Siem also known as cloud security information and event management (SIEM) is a security solution which offers real-time monitoring and analysis of events as well as tracking and logging of security data for compliance or auditing purposes. SIEM collects data from a wide range of source across an organization’s entire network such as users, applications, assets, cloud environments, and networks. This data is further stored and analyzed in real-time, to enable IT & security team to automatically manage their network’s event log and network flow data in one centralized location.
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The increasing penetration of cloud-based services worldwide and stringent security compliances and government regulations as well as strategic initiatives from leading market players are factors that are accelerating the global market demand. For instance, according to Statista – in 2019, the revenue of cloud services market worldwide was estimated at USD 152.11 billion, and the revenue further increased to USD 172.11 billion by 2021. Furthermore, Strategic initiatives from leading market players such as partnership would influence the growth of Cloud Siem Market. For instance, in September 2021, Wipro Limited partnered with Texas, USA based Securonix, a provider of the Securonix Security Operations & Analytics Platform. Under this partnership both the players would jointly offer Securonix’s cloud-first SIEM, analytics-driven detection and automated response tools with Wipro’s global reach and cybersecurity intelligence capabilities. Moreover, in June 2022, California, USA Based Exabeam announced partnership with Google Cloud to Create Hyperscale Cloud-native SIEM and Cybersecurity Analytics Offerings. Also, growing global emergence of 5G technology coupled with rising digitization across different industries are anticipated to act as a catalyzing factor for the market demand during the forecast period. However, a cost associated with deployment of Cloud Siem and rising concern over data security impede the growth of the market over the forecast period of 2022-2028.
Major market players included in this report are:
Microsoft
Rapid7
IBM CORPORATION
RSA SECURITY LLC
Sumo Logic
Fishtech
NetWitness
Cybriant
NTT Global Networks.
Corporate Technologies, Inc
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MARKET OVERVIEW
The Cloud SIEM (Security Information and Event Management) market is a crucial segment of the cybersecurity industry that provides cloud-based solutions for monitoring, managing, and responding to security incidents. Here’s a deep analysis of the Cloud SIEM market in 10 key points:
- Market Overview: The Cloud SIEM market focuses on solutions that enable organizations to centralize the collection, analysis, and management of security-related data and events in real-time.
- Market Growth: The market has witnessed significant growth due to the rising cyber threats, increased adoption of cloud services, and the need for organizations to enhance their security posture.
- Key Players: Major players in the Cloud SIEM market include Splunk, IBM, Sumo Logic, LogRhythm, and several cloud-native providers like Microsoft Azure Sentinel and AWS Security Hub.
- Cloud-Centric Approach: The market is characterized by a shift towards cloud-centric solutions, driven by the benefits of scalability, flexibility, and ease of deployment. This is particularly important as many organizations move to the cloud.
- Threat Detection and Response: Cloud SIEM solutions are designed to detect and respond to security threats in real-time. They use advanced analytics, machine learning, and threat intelligence to identify and mitigate risks.
- Compliance Requirements: Many organizations use Cloud SIEM solutions to meet regulatory compliance requirements, as they provide the necessary tools to monitor and report on security incidents.
- Integration with Other Security Tools: Cloud SIEM platforms often integrate with other security solutions such as firewalls, endpoint protection, and threat intelligence feeds, creating a more comprehensive security ecosystem.
- User and Entity Behavior Analytics (UEBA): Some Cloud SIEM solutions incorporate UEBA capabilities, which help organizations detect abnormal user and entity behaviors, aiding in the identification of insider threats.
- Managed Security Services: The market also includes managed security service providers (MSSPs) that offer Cloud SIEM solutions as a service, making it accessible to a broader range of organizations.
- Challenges: Challenges in the Cloud SIEM market include the need for skilled personnel to manage and interpret the data, cost considerations, and ensuring the privacy and security of sensitive data in the cloud.
The detailed segments and sub-segment of the market are explained below:
By Component
Solution
Services
By Deployment Model
Public Cloud
Private Cloud
Hybrid Cloud
By Enterprise Size
Large Enterprises
SMEs
By End Use Industry
BFSI
Government
IT and Telecommunication
Manufacturing,
Healthcare and Life Sciences
Retail
Others
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By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Table of Contents:
- Executive Summary
- Introduction
- Methodology
- Market Overview
- Market Analysis
- Market Size and Forecast
- Market Trends
- Market Dynamics
- Market Segmentation
- Competitive Landscape
- Competitive Scenario
- Key Players
- Regional Analysis
- Regional Market Overview
- Market Size and Forecast by Region
- Product/Service Analysis
- Product/Service Overview
- Market Size and Forecast by Product/Service
- End-User Analysis
- End-User Overview
- Market Size and Forecast by End-User
- Industry Structure
- Key Findings and Recommendations
- Conclusion
Market Research Objective:
To assess market size and growth potential:
- The objective is to determine the current market size, estimate its growth rate, and identify potential opportunities for market expansion.
To understand customer preferences and behavior:
- The objective is to gain insights into customer needs, preferences, buying behaviors, and decision-making processes to develop effective marketing strategies and product offerings.
To evaluate market competition:
- The objective is to assess the competitive landscape, identify key competitors, analyze their market share, strengths, weaknesses, and strategies to formulate a competitive positioning.
To explore new market segments:
- The objective is to identify and understand untapped or emerging market segments, assess their potential demand, and evaluate the feasibility of targeting these segments.
To assess brand perception and awareness:
- The objective is to measure brand awareness, perception, and loyalty among customers and target audiences to gauge the effectiveness of branding and marketing efforts.
To evaluate product or service satisfaction:
- The objective is to gather feedback from customers regarding their satisfaction levels with a specific product or service, identify areas for improvement, and enhance customer experience.
To analyze market trends and industry dynamics:
- The objective is to identify and analyze market trends, technological advancements, regulatory changes, and other factors influencing the industry’s dynamics to inform strategic decision-making.
To explore market entry opportunities:
- The objective is to identify potential markets for expansion, assess their attractiveness, understand entry barriers, and evaluate the feasibility of entering new markets.
To conduct market segmentation and targeting:
- The objective is to segment the market based on demographics, psychographics, or other relevant factors and develop targeted marketing strategies for each segment.
To assess pricing strategies:
- The objective is to evaluate pricing strategies in the market, analyze price sensitivity among customers, and identify optimal pricing levels for products or services.
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