Log Management Market Size Worth $5.21Bn, Globally, by 2028 at 12.8% CAGR - Exclusive Report by The Insight Partners

NEW YORK, May 5, 2022 /PRNewswire/ -- The Insight Partners published latest research study on "Log Management Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Solution and Services), Deployment (On Premise and Cloud Based), Organization Size (Small & Medium Enterprises and Large Enterprises), and Industry (IT and Telecom, BFSI, Healthcare, Education, Retail and Ecommerce, and Others)", the global log management market is expected to grow from $2.24 billion in 2021 to $5.21 billion by 2028; it is estimated to grow at a CAGR of 12.8% from 2021 to 2028.

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The log management market growth is driven by the rising surge in integration of artificial intelligence and machine learning technologies, using a centralized log analysis system, due to the multiple benefits of the cloud-based log management platform, the adoption of the platform is increasing by large enterprises and small and medium enterprises (SMEs) for the early detection of cyberattacks.

Log Management Market: Competitive Landscape and Key Developments

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.

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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.

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.

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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.

Log Management Market: Component Segment 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.

Log Management Market: Deployment Segment Overview

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: Organization Size Segment Overview

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.

Log Management Market: Industry Segment Overview

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.

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Growing Use of Cloud-Based Log Management Platform:

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.

Impact of COVID-19 Pandemic on MEA Log Management Market:

Turkey, Iran, South Africa, Iraq, Israel, Saudi Arabia, and the UAE are some of the countries in the MEA, which had a large number of COVID-19 confirmed cases and deaths. The region comprises many growing economies, such as the UAE and Saudi Arabia, which are prospective markets for log management providers due to the huge presence of a diverse customer base for several industries. Currently, the Gulf countries are on the verge of adopting transformative digital technologies in various verticals to improve the socio-economic conditions of the countries. However, due to the COVID-19 outbreak, the implementation of stringent measures such as factory lockdowns, business shutdowns, and travel bans aggravated the economic problems of the countries in the MEA. Hence, the decline in the MEA's economic condition and the impact of COVID-19 on the growth of various industries in the region slightly impacted the log market growth in 2020.

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As per log management market analysis in 2021, the manufacturing business resumed with the government's release of lockdown restrictions and ease of taxation. Further, in November 2021, the Sheikh Khalifa bin Zayed Al Nahyan, the President of the UAE, approved a reform of the country's legal system to strengthen economic, investment, and commercial opportunities and, maximize social stability security, and ensure the rights of both individuals and institutions.

The log management market size before the COVID-19 pandemic was US$ 1,864.69 million in 2019. The market size during the pandemic was US$ 2,036.46 million in 2020. Furthermore, in 2021, the log management market size was at US$ 2,246.12 million. Therefore, the overall impact of the COVID-19 pandemic on the market was positive in 2021.

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