Pune, India., Nov. 01, 2023 (GLOBE NEWSWIRE) -- According to a new report on “Log Management Market Size and Forecast (2021–2028), Global and Regional Share, Trends, and Growth Opportunity Analysis – by Component (Solution and Services), Deployment (On Premise and Cloud Based), Organization Size (Small & Medium Enterprises and Large Enterprises), Industry (IT and Telecom, BFSI, Healthcare, Education, Retail and Ecommerce, and Others), and Geography” the market in terms of revenue was estimated to be worth $2.24 billion in 2021 and is poised to reach $5.21 billion by 2028, growing at a CAGR of 12.8% from 2021 to 2028.
The growth of the log management market is driven by growing use of cloud-based log management platform and detection of advanced persistent threats through centralized log analysis. However, rising spending in the information and communications technology sector is emerging as a future trend in the industry.
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Global Log Management Market Scope:
| Report Coverage | Details |
| Market Size Value in | USD 2.24 Billion in 2021 |
| Market Size Value by | USD 5.21 Billion by 2028 |
| Growth rate | CAGR of 12.8% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
| Segments covered | Component, Deployment, Organization Size, Industry, and Geography. |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America. |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends |
Growing Use of Cloud-Based Log Management Platform Fuels Global Log Management Market Growth:
With the digital transformation, cloud-based log management platforms are increasing due to their simple deployment and reduced deployment time and cost. Moreover, the internet infrastructure matured in developed countries and is flourishing in several developing countries, allowing end users to access the cloud-based platform. A few benefits of a cloud-based log management platform are the secure hosting of critical data, improved security and scalability, and quick recovery of files. The backups are stored on a private or shared cloud host platform. Therefore, organizations can quickly recover several critical data. Also, with a stable internet connection, the data can be easily accessed anywhere via secure logins. Cloud-based log management platform also reduces repair and maintenance costs and enhances customer satisfaction. Therefore, due to the multiple benefits of the cloud-based log management platform, the platform's adoption is increasing by large enterprises and small and medium enterprises (SMEs) for the early detection of cyberattacks, which fuels the growth of the market. Furthermore, several companies worldwide, such as Devo Technology Inc.; IBM Corporation; Sumo Logic; and SolarWinds Worldwide, LLC, are adopting the cloud-based log management platform. Thus, the factor mentioned above is driving the log management market growth.
Log management, also known as audit records, audit trails, and event logs, deals with enormous numbers of computer-generated log messages. Concerns regarding security, system and network operations, such as system or network administration, and regulatory compliance drive the demand for log management systems. Almost every computing equipment generates logs, which can be routed to various destinations on a local file system or a remote system. Users of log management can buy whole commercial products, develop their log management and intelligence tools from open-source components, or buy subsystems from commercial suppliers.
Centralized log management helps combine all log data in a single location in a standard format. As data arrives from many places, such as operating systems, apps, servers, and hosts, all inputs must be integrated and standardized before the company can provide useful insights. The analytical process is simplified by centralization, and data can be implemented quickly throughout the company. Organizations can rapidly notice and respond to irregularities by storing and linking data in a single location. Therefore, a centralized log management system improves data access and the organization's security capabilities.
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Global Log Management Market: Segmental Overview
Based on component, the market is bifurcated into solutions and services. In 2021, the solutions segment led the market and accounted for a larger market share. Based on deployment, the market is bifurcated into on premise and cloud based. In 2021, the cloud based segment accounted for a larger log management market share. Log management market analysis by organization size, the market is bifurcated into small & medium enterprises and large enterprises. In 2021, the large enterprises segment led the market and accounted for a larger log management market share. Based on industry, the market is segmented into IT & telecom, BFSI, healthcare, education, retail & ecommerce, and others. In 2021, the IT & telecom segment led the market and accounted for the largest market share.
Global Log Management Market: Competitive Landscape
Alert Logic; Cisco Systems, Inc.; IBM Corporation; Datadog; LogRhythm, Inc.; Splunk, Inc; ManageEngine; SolarWinds Worldwide, LLC; Sematext Group Inc.; and AT&T Inc are among the key players profiled during the study of the global log management market. Several other market players have been analyzed to understand the market and its ecosystem.
Recent Developments:
- In February 2022: Asia was the top targeted region for cyberattacks as per IBM Security X-Force Threat Intelligence Index. IBM invested in a security operation center (SOC) and IBM Security Command Center, providing 24x7 security solutions to clients across the Asia Pacific region. This new cybersecurity hub will help Asia Pacific organizations with the early detection of threats.
- In July 2021: Datadog announced its integration with the salesforce platform to enable secure customer experiences. Organizations nowadays are making use of salesforce to record critical information. Datadog will allow users to collect and analyze information about the actions performed.
Go through further research published by The Insight Partners:
Log Management Software Market - Global Analysis and Forecast to 2030
Log Monitoring Tools Market - Global Analysis and Forecast to 2030
User Activity Monitoring Market - Global Analysis and Forecast to 2030
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