The log management market is projected to grow at a CAGR of 10.82% to reach US$1,719.407 million by 2026, from US$837.629 million in 2019. Log management refers to the approach and processes to administer and facilitate the generation, transmission, analysis, archiving, reporting and storage of enormous volumes of log data that is created within a network or a system. Log management enables IT operators, developers, and security professionals to analyze and troubleshoot root cause inconsistencies of advanced or modern applications and assist them in improving software code quality. Furthermore, log management functionalities offer security analytics, business insights, and compliance benefits.
The requirement of compliance and stringent regulation across industries such as healthcare and BFSI is one of the prime reasons driving the market growth of log management in the forecast period. The rising complexities due to the increasing number of network devices are boosting the demand for log management solutions across various industry verticals. Furthermore, the growing adoption and use of cloud-based log management solutions are propelling the growth of the log management market during the forecast period. The need for network performance management and optimization solutions and the continuous evolution of cyberattacks to efficiently manage complex networking environments is accounting for the surging demand for log management solutions in recent times. Also, the lost cost associated with the log management solutions will drive its demand among small and medium enterprises around the globe to enhance their business efficiency and the expansion of their customer base. The increasing targeted attacks and advanced persistent threats have forced enterprises to adopt log management solutions.
Market Share Segmentation
By offering, the log management market is segmented into solutions and services among which the solution segment is anticipated to show prominent growth owing to the use of log management solutions for identifying numerous types of events to manage application logs, security logs, and system logs. These events comprise warning, error, failure audit events, success audit, and information.
By deployment model. The log management market is segmented into on-premise and cloud among which the cloud section is expected to grow at a prominent rate owing to the high adoption of cloud-based network solutions owing to its cost-efficiency. The small and medium enterprises on tight budget constraints use these solutions to avoid costs related to software, storage, hardware, and technical staff. Its ease of maintenance and up-gradation has made it a popular choice among enterprises.
By enterprise size, biometrics as a service is segmented into large, small, and medium enterprises. The large enterprise is expected to show prominent growth owing to the high scale adoption and demand of log management solutions in larger enterprises such as the BFSI sector. By end-user, the log management market is segmented into communication and technology, BFSI, retail, government, media and entertainment, and others.
Geographically, the North American region is expected to show prominent growth in the log management market owing to the adoption of technological advancements and the presence of key players and solution providers in the region. The increasing focus and investments towards research and development in security technologies and the presence of security vendors are accounting for the high-scale adoption of log management in the region. Also, the growing concern over the protection of sensitive data and critical infrastructure is leading to governmental interventions. The small and medium enterprises in the region are in constant search of advanced log management solutions to meet government interventions in recent years.
One of the major reasons for the growth of the log management market is the growing reliance on log management solutions and the generation of huge amounts of log data accounting to the large-scale adoption of log management solutions in various end-user industries including BFSI and healthcare. Also, the increase in the need for business intelligence is one of the prime reasons for its surging demand during the forecast period. Moreover, the high-scale adoption of log management solutions in small and medium enterprises owing to their low cost and ease of maintenance is driving its market growth in recent years.
A major restraint in the market growth of log management solutions is the availability of free and open-source log management solutions. Also, the lack of a standard log format further limits the market growth of log management during the forecast period. Moreover, the management of huge amounts of data acts as a limiting factor and hampers the growth of the log management market in the forecast period.
The COVID-19 impact on the log management market has been positive owing to the growing remote access services in many industry verticals including retail, telecom, healthcare, and many more. The work from home initiatives have led to companies being highly dependent on log management and several enterprises have adopted log management solutions owing to their low cost and ease of implementation. Also, the sudden boom in the healthcare industry has further fueled the demand for log management solutions during the course of the pandemic.
|Market size value in 2019||US$837.629 million|
|Market size value in 2026||US$1,719.407 million|
|Growth Rate||CAGR of 10.82% from 2019 to 2026|
|Forecast Unit (Value)||USD Million|
|Segments covered||Offering, Deployment Model, Enterprise Size, End-User Industry, And Geography|
|Regions covered||North America, South America, Europe, Middle East, and Africa, Asia Pacific|
|Companies covered||Cybershark, IBM, McAfee, LLC, Solarwinds, Splunk, LogRhythm, Alert Logic, Loggly, AlienVault, Veriato|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the log management market size by 2026?
A1. The log management market is projected to reach a market size of US$1,719.407 million by 2026.
Q2. What are the growth prospects for the log management market?
A2. The global log management market is projected to grow at a CAGR of 10.82% during the forecast period.
Q3. What is the size of the global log management market?
A3. Log Management Market was valued at US$837.629 million for the year 2019.
Q4. Which region holds the largest market share in the log management market?
A4. Geographically, the North American region is expected to show prominent growth in the log management market owing to the adoption of technological advancements and the presence of key players and solution providers in the region.
Q5. What factors are anticipated to drive the log management market growth?
A5. The requirement of compliance and stringent regulation across industries such as healthcare and BFSI is one of the prime reasons driving the log management market growth.
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