(IT-NEWSWIRE.COM, June 21, 2022 ) According to a new market research report “Log Management Market by Component (Solution and Services), Organization Size (Large Enterprises and SMEs), Deployment Mode (Cloud and On-premises), Vertical (IT and ITeS, BFSI, Healthcare, Telecom, and Education), and Region—Global Forecast to 2026” published by MarketsandMarkets™, the Log Management Market size expected to grow from USD 2.3 billion in 2021 to USD 4.1 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 11.9% from 2021 to 2026.
Increasing sophistication of cyberattacks necessitating log management for early detection of cyberattacks, presence of stringent government regulations and compliances, and generation of large data due to increased dependence on IT infrastructure to boost the growth of Log Management Market across the globe during the forecast period. Moreover, rising demand for business intelligence, rising trend of cloud-based log management practices, and integration of technologies such as predictive analytics, AI, ML into log management would provide lucrative opportunities for Log Management Market vendors.
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By deployment mode, cloud based segment to hold the largest market size during the forecast period
To reduce the cost and complexity of the security process and to ensure compliance with external and internal requirements, effective management of log data is essential. Cloud-based log management helps businesses to cost-effectively collect, normalize, and report on enterprise-wide security-related data necessary for compliance and security investigations. Cloud-based log management services accelerate search and analysis to help clients quickly identify errors and determine root causes for faster troubleshooting. According to Loggly, cloud-based log management and analytics service are easy to set up without any complex configuration requirements. Cloud-based log management seamlessly aggregates structured and unstructured logs in a centralized repository that offers better visibility across distributed security environments and allows clients to manage all logs from a single screen. Cloud-based deployment of log management solutions and services is expected to witness increased adoption during the forecast period.
In vertical, telecom to grow at the highest CAGR during the forecast period
With a tremendous surge in mobile data usage and a shift in the telecom industry from voice to data, log management is becoming a necessity for all telecom service providers. To safeguard the public from threats, such as cybercrimes, cyberbullying, cyber terrorism, and to help Law Enforcement Agencies (LEAs) with their investigations, regulatory authorities across the globe have recommended telecom and internet service providers to gather traffic information of their users, which may help LEAs with their investigations. This is necessitating the demand for efficient log management solutions and services, as telecom service providers need an efficient log management system in their network that complies with government norms by gathering and managing the online logs of the subscribers as per government regulations.
In region, APAC to grow at the highest CAGR during the forecast period
APAC has been one of the fastest-growing markets in terms of mobile workforce expansion, propagated with the rising adoption of mobile devices in this region. Countries in APAC such as Australia, China, and Japan have widely adopted log management to protect data from being stolen. According to research, APAC leads to adopting advanced technologies. Developing countries such as India are moving toward the rapid digitalization of processes by different initiatives taken by governments, such as Digital India, and the increased use of mobile applications and web-based applications across sectors, such as BFSI, retail, and IT. According to Sophos, organizations in APAC state that they are becoming more mature with cybersecurity, but they continue to be hit by several attacks; for instance, the company observed 56% of organizations suffering from a successful attack in 2021, up from 32% in 2019. According to the Malware bytes State of Malware report 2019, Asian countries, such as Australia, the Philippines, Indonesia, India, Thailand, and Malaysia, are more susceptible to malware infections, such as crypto mining, backdoors, and information thefts.
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Major vendors in the global Log Management Market include IBM (US), Splunk (US), Solarwinds (US), Rapid7 (US), Micro Focus (US), RSA (US), McAfee (US), Alert Logic (US), Manage Engine (US), LogRhythm (US), Sumo Logic (US), BlackStratus (US), LogDNA (US), Logit.io (UK), Paessler AG (Germany), Sematext (US), Xpolog (US), Humio (UK), Logz.io (Israel), Anodot (US), Loom Systems (US), Chaos Search (US), Coralogix (US), Datadog (US).
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Mr. Aashish Mehra