Log Management Market Forecasts to 2030 – Global Analysis By Component (Solution, Services and Other Components), Deployment Mode, Organization Size, End User and By Geography

Log Management Market Forecasts to 2030 – Global Analysis By Component (Solution, Services and Other Components), Deployment Mode, Organization Size, End User and By Geography

According to Stratistics MRC, the Global Log Management Market is accounted for $2.98 billion in 2023 and is expected to reach $7.42 billion by 2030 growing at a CAGR of 13.9% during the forecast period. The process of gathering, storing, analyzing, and monitoring log data produced by computer systems, networks, apps, and other digital devices is known as log management. Logs, which are often generated automatically, are records of the actions and events that take place within these systems. Information technology (IT) and cybersecurity initiatives require log management since it performs a number of crucial tasks. Operating systems, servers, network devices, applications, databases, and security appliances are just a few of the sources from which log data is gathered by log management systems.

According to Retarus, the average time to identify and contain a breach in 2020 was a staggering 280 days; every minute, USD 2.9 million is lost to cybercrime. As of 2020, the average cost of a data breach was USD 3.86 million. By using log management solutions and services, the time taken to identify a cyberattack can be reduced, and such losses can be prevented.

Market Dynamics

Driver

Increasing data breaches, and security incidents with increasing volume of data

The amount of log data that is produced by IT systems, networks, and applications keeps growing. The proliferation of digital devices, cloud computing, IoT (Internet of Things) gadgets, and growing online services are driving this increase. To manage and make sense of this enormous amount of data, organizations require log management solutions. Organizations are now concentrating more on security monitoring and incident detection due to the increase in cyber threats, data breaches, and security incidents. Security information and event management (SIEM) systems must include log management since it enables enterprises to quickly recognize and address security events which enhance the growth of the market.

Restraint

Complexity and scalability in management of the data

The number of network devices and the growing complexity has resulted in a significant increase in the number of log entries. Ipswitch, a provider of IT management software, estimates that daily log entries from various network devices total about 10,000. Moreover, data privacy issues arise when handling log data, which frequently contains sensitive information. Data protection laws like GDPR and HIPAA, which place severe restrictions on how log data is gathered, stored, and accessed, must be navigated by organizations which hamper the growth of the market.

Opportunity

Increasing use of cutting-edge technologies

The growth of machine data is 50 times greater than that of traditional corporate data. Organizations benefit from the usage of cutting-edge technology in log management systems for threat management, incident response, and reporting. By integrating with enterprise technologies like firewalls, apps, and other systems, log management software may gather, organize, and analyze data. It consequently notifies the IT security team of malware, failed login attempts, and other infamous actions. Moreover, for businesses, implementing protocol intelligence that makes use of AI and other cutting-edge technology is becoming more and more crucial. Advanced login intelligence examines logs automatically to find the underlying causes of widespread problems and problems in the log data, allowing enterprises to detect problems before they arise.

Threat

Growing adoption of cloud computing

For manufacturers of log management, the increased popularity of cloud computing can present difficulties. In cloud environments, organizations frequently demand seamless integration and log management capabilities, and solutions that fall short in this regard risk losing market share. Moreover, commercial log management vendors face a threat from the availability of open-source log management and SIEM (Security Information and Event Management) solutions. Alternatives based on open source may be chosen by businesses with limited resources which impedes the growth of the market.

Covid-19 Impact

Organizations are increasingly concentrating on centrally controlling numerous cloud resources thanks to COVID-19. As a result, log data becomes even more crucial for assessing and improving the functionality and security of applications, networks, and endpoints. Additionally, log data can assist you in locating and resolving critical problems that can quickly enhance performance. As a result, there is a rising need for log management products and services that gather and combine log information from infrastructure, applications, and cloud services. Log management aids in problem identification, performance evaluation, and configuration optimization. Each new device will produce a significant volume of dispersed log data due to the COVID-19-driven rise in digital transformation. The study is complicated by the log data's exponential rise following the occurrence of COVID 19.

The cloud segment is expected to be the largest during the forecast period

The cloud segment is estimated to have a lucrative growth, as Cloud log management, also known as cloud-based log management or cloud logging, which is the process of gathering, storing, analyzing, and managing log data produced by various cloud-based services, applications, and infrastructure elements. It is crucial for operational management, security, and cloud monitoring. Cloud log management tools gather log information from a variety of cloud resources, including as virtual machines, containers, server less operations, databases, cloud-native applications, and cloud-based infrastructure services (such AWS, Azure, and Google Cloud).

The healthcare segment is expected to have the highest CAGR during the forecast period

The healthcare segment is anticipated to witness the highest CAGR growth during the forecast period, as collecting, storing, analysing, and monitoring log data produced by various information technology (IT) systems and devices within healthcare companies is a crucial activity in log management. This covers systems for electronic health records (EHRs), medical equipment, network architecture, and other applications specifically designed for the healthcare industry. The security, compliance, and operational effectiveness of healthcare systems depend on log management which propels the growth of the market.

Region with largest share

Asia Pacific is projected to hold the largest market share during the forecast period owing to the increasing use of mobile devices in this area. To prevent data theft, Asia Pacific nations like Australia, China, and Japan have widely embraced log management. Developing nations like India are accelerating the digitalization of processes through various government initiatives like Digital India and greater use of mobile and web-based applications across sectors including Banking, Financial Services and Insurance (BFSI), retail, and IT.

Region with highest CAGR

North America is projected to have the highest CAGR over the forecast period, owing to the United States and other technologically advanced industrialized nations make up North America, which is the region that contributes the most to the global log management industry. Regarding the adoption of security infrastructure and the development of technology, the region is the most sophisticated and flexible. The acceptance of log management by SMEs enables them to increase client base and boost operational effectiveness. The need for advanced log management solutions in log management to secure IT infrastructure by managing logs and network events is increasing as a result of the rise of Advanced Persistent Threats (APTs) and targeted attacks.

Key players in the market

Some of the key players profiled in the Log Management Market include IBM, Solarwinds, Splunk, Sumo Logic, Rapid7, Sematext, Humio, Chaos Search, McAfee, Alert Logic, Alien Vault, Veriato Inc, LogRhythm Inc, DataDog, Graylog, RSA, Intel Corp and Cisco Systems

Key Developments

In September 2023, IBM Brings new capabilities to its sustainability software to help organizations accurately and efficiently operationalize scope 3 Greenhouse Gas Emissions Insights.

In September 2023, IBM and iFoodDS Launch New Solution to Help Organizations Address the FDA's FSMA 204 Food Traceability Rule. Building on decades of experience in food traceability software, the new solution, iFoodDS Trace Exchange™ (with IBM Food Trust™), will cater to enterprise scalability demands and address supplier needs.

In May 2023, SolarWinds Adds Transformative AI Features to IT Service Management Solutions. The new AI features include a virtual agent to help users solve every day IT problems and guided incident resolution to empower agents with the information they need to effectively resolve complex issues.

Components Covered
• Solution
• Services
• Other Components

Deployment Modes Covered
• Cloud
• On-Premises

Organization Sizes Covered
• Small and Medium-Sized Enterprises
• Large Enterprises

End Users Covered
• Information Technology
• Banking, Financial Services, & Insurance
• Healthcare
• Retail & Ecommerce
• Telecom
• Education
• Energy & Utilities
• Transportation & Logistics
• Other End Users

Regions Covered
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements