Global Log Management Market - 2022-2029

Global Log Management Market - 2022-2029

Market Overview

Log management market reached US$ XX million in 2021 and is expected to record significant growth by reaching up to US$ XX million by 2029, growing at a CAGR of 12.20% during the forecast period (2022-2029).

The operation of managing log events generated by all software packages and their infrastructure is known as log management. Log management entails log collection, agglomeration, parsing, storage, analysis, search, archiving and disposal, with the eventual aim of using the data for troubleshooting and business insights while guaranteeing application and infrastructure compliance and security. Typically, logs are saved in one or more log files. Log management allows collecting data in one place and viewing it as a whole rather than as separate entities. As a result, the collected log data could be analyzed to identify issues, patterns and to paint a clear and visual portrayal of how all the systems function at any given time. Logging is now an important element of any Developer. Log management solutions extend from the popular open-source ELK stack, traditionally deployed on its architecture, to fully managed log management services such as Sematext Cloud.

Market Dynamics

Rising cyber crimes and growing demand for cyber security are major market drivers for the respective market. Nonetheless, the availability of open-source log management applications restrains the market's growth.

Rising cyber crimes and growing demand for cyber security

According to data, cyber-attacks have been ranked as the fifth most dangerous risk in 2020 and have become the new norm in industries and businesses. In 2022, the number of cyber threats continues to rise, with IoT cyberattacks anticipated to double by 2025. Furthermore, according to the World Economic Forum's 2020 Global Risk Report, the detection (or prosecution) rate in U. S. is as low as 0.05%.

As a result, the cyber landscape is constantly changing, particularly in the case of a growing startup. Especially since the threat of cybercrimes such as theft, embezzlement, data hacking and destruction has increased 600% since the COVID-19 pandemic. Almost every industry has embraced new solutions, forcing businesses to adapt quickly. The time taken to recognize a cyberattack can be reduced and losses could be avoided by employing log management solutions and services. As a result, the demand for log management solutions and services is swiftly growing, boosted by organizations' increasing critical demand to prevent cyberattacks. As a result, the rising cyber crimes and growing demand for cyber security could be recognized as a major global log management market driver.

Availability of open-source log management applications

As modern developers are developing applications for fun and with the growing popularity of developer communities such as Github, open-source programs are growing in number irrespective of their applications. Open-source log management solutions such as GoAccess and LOGalyze, among others, provide nearly all of the major features offered by market leaders free of cost as they could be easily accessible via free downloads. Various SMEs and startups use such free software since it saves them much money since upgrades, customizations and support are free, making it affordable and preferable to paid solutions. Nevertheless, such open-source software offerings hinder the market prospects of major log management solution providers. As a result, such free solutions are expected to limit market growth and act as a major market restraint for the global log management market.

COVID-19 Impact Analysis

Adopting rapid digital transformation strategies as a result of COVID-19 has resulted in an immediate increase in the number of access points and endpoints, resulting in a rapid increase in event log data, followed by other issues such as performance, accessibility, security and enhanced IT costs, necessitating log management solutions and services. COVID-19 has increased organizations' emphasis on centrally managing multiple cloud resources. As a result, log data is becoming increasingly important for measuring and optimizing the performance and security of applications, networks and endpoints. Furthermore, log data is useful for quickly identifying and correcting critical issues to improve performance. As a result, the demand for log management solutions and services to collect and correlate log data from cloud services, applications and infrastructure increases.

Log management aids in the identification of problems, the measurement of performance and the optimization of configurations. Cloud-based log management solutions and services were in high demand during the pandemic due to benefits such as scalability, pay-as-you-go and external expertise. The exponential increase in log data following the outbreak of COVID 19 complicates and lengthens the analysis process. The absence of a standard log format complicates log analysis. The standard log format will allow enterprises to implement threat intelligence practices quickly and efficiently.

Segment Analysis

The global log management market is classified based on component, deployment mode, enterprise size, end-user and region.

The growing internet penetration in BFSI and the rising number of cyber attacks

Banking, finance and insurance (BFSI) is a data-driven industry with numerous data sources. Cash transactions, ATM transactions, new accounts, internet banking and card transactions are various data sources. Transaction details, helpline data, log data, emails, social media, external feeds, loan data, sponsorship data, audio recordings and video recordings are all sources of information for banks and financial institutions.

BFSI firms use data analytics to examine a person's lifestyle, needs and preferences. Banks can personalize their products and services thanks to data analytics. Furthermore, data analytics aids in the discovery of market trends and the making of sound business decisions. Fraud detection, risk management, operations optimization, CRM and customer analytics are some of the data analytics applications in the BFSI sector. The BFSI vertical requires a large-scale log management solution due to the daily volume of data for digitizing their processes and ensuring the smooth operation of their businesses. The presence of even minor flaws can result in massive losses, not only for the IT company but also for companies in other industries. Log system allows BFSI firms to continuously monitor the system and network for flaws and weaknesses. As a result, the BFSI vertical constantly implements advanced backup and recovery solutions and services to improve its overall security.

Geographical Analysis

The growing number of SMEs and APTs in North America boosts its share in the global log management market

North America comprises countries such as U.S. and Canada, which are technologically advanced and top contributors to the log management market. North America is advanced and adaptable regarding security infrastructure and technological development. SMEs' adoption and acceptance of log management would allow for customer base expansion and increased business efficiency. With advanced persistent threats (APTs) and targeted attacks, there is a greater need for advanced log management solutions to secure IT infrastructure by managing logs and network events. North America hosts several large enterprises and rapidly growing SMEs, with the primary goal of implementing log management solutions.

Asia-Pacific has become one of the strongest markets in enterprise mobility expansion, owing to the region's increasing introduction of smart devices. Countries such as Australia, China and Japan have broadly used log management to prevent data theft. Emerging countries such as India are moving toward rapid digitalization of processes through various government initiatives such as Digital India and increased mobile and web-based applications across sectors such as BFSI, retail and IT.

Competitive Landscape

The global log management market is highly dynamic regarding global and local producers' numbers and strengths. The market is described as fragmented due to the presence of numerous manufacturers such as IBM, Intel Corporation, Doosan Heavy Industries & Construction Co Ltd., SolarWinds Worldwide, LLC, Splunk Inc, LogRhythm, Inc., Alert Logic, Inc., Loggly, Inc., AT&T Cybersecurity and Veriato Inc. Pivotal market player utilizes mergers, product launches, contributions, acquisitions and collaborations and other similar tactics to gain competitive advantages and recognition in the respective market.

IBM

Overview: AI, BlockChain, Cloud Computing, Data Analytics, IT Infrastructure, Security, supply chain, Business Operation and supply chain are the nine product and solution categories offered by International Business Machines Corporation. The company provides services in 19 industries, including automotive, aerospace, education and electronics. The company operates in over 175 countries and has expanded into the Americas, Africa, Asia Pacific, Europe and the Middle East. The company provides over 170 cloud products divided into 18 categories.

Product Portfolio:

IBM QRadar Log Manager: Using the QRadar Sense Analytics engine, the product collects, analyses, stores and reports on network security log events to assist organizations in protecting themselves against threats, attacks and security breaches. Sense Analytics transforms raw events from devices, servers, operating systems, applications and endpoints into searchable, actionable intelligence data. QRadar Log Manager assists organizations in meeting compliance monitoring and reporting requirements and it can be seamlessly upgraded to QRadar SIEM for enhanced threat protection.

Key Development:

IBM has announced the launch of two new products, IBM Z Operational Log and Data Analytics and IBM Z Anomaly Analytics with Watson, on August 24, 2021. With several additional improvements, these new solutions represent an extension of two important IBM Z AIOps products, IBM Z Common Data Provider and IBM Z Operations Analytics.

Why Purchase the Report?
• To visualize the global log management market segmentation based on component, deployment mode, enterprise size, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities in the global log management market by analyzing trends and co-development.
• Excel data sheet with numerous data points of log management market-level with four segments.
• PDF report consisting of cogently put together market analysis after exhaustive qualitative interviews and in-depth market study.
• Product mapping available as excel consisting of key products of all the major market players

The global log management market report would provide approximately 69 tables, 71 figures and almost 190 pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies