The market for managed SIEM services will see growth in the next years as a result of a lack of skilled workers, integration with cutting-edge technologies like AI and ML, a move towards cloud-based solutions, and an emphasis on solving cybersecurity issues for small and medium-sized businesses. Furthermore, a tendency is observed towards progressive services like Managed Detection and Response (MDR), improved compliance solutions, and customisation to fulfil the specific requirements of enterprises in a constantly changing threat environment.
The global Managed SIEM Services Market is estimated to be worth USD 7.5 billion in 2023 and is projected to reach USD 16.0 billion by 2028, at a CAGR of 16.3% during the forecast period, according to a new report by MarketsandMarkets™. The accelerated growth of the Managed SIEM Services Market is propelled by an amalgamation of factors, including the relentless evolution of cyber threats, the imperative for organizations to fortify their digital defenses, and the increasing complexity of IT infrastructures. This surge in demand is further intensified by a global shortage of skilled cybersecurity professionals, prompting businesses to turn to managed services for expert assistance. Additionally, the advent of technologies like artificial intelligence and machine learning in SIEM solutions drives the market forward, enhancing the efficiency of threat detection and response. Furthermore, the rise in remote work and the expanding attack surface due to the proliferation of connected devices contribute to the heightened need for proactive security measures; positioning managed SIEM services as a strategic imperative for organizations aiming to safeguard their digital assets in an ever-evolving threat landscape.