According to our latest market study on "Log Management Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Component, Deployment, Organization Size, and Industry," the log management market is expected to grow from US$ 2,246.12 million in 2021 to US$ 5,216.67 million by 2028; it is estimated to grow at a CAGR of 12.8% from 2021 to 2028.
The growth in digitalization, cloud adoption, and the resulting surge in data generation offer a promising opportunity for advanced persistent threats (APTs). APTs can impede business productivity and cause harm to critical information technology (IT) infrastructure and organizational data. The primary objective of APTs is usually data theft rather than network damage. Sectors dealing with high-value information, such as defense, manufacturing, finance, and telecommunications, are among the most commonly targeted by APT attacks. Additionally, the rising trend of social networking is another area that is often targeted by APT attackers.
Sophisticated cyberattacks are often difficult to detect, and even if they are detected, remediation can be time-consuming. During cyberattack-related activities, events are stored as logs. Real-time log analysis of these logs, combined with technologies such as centralized log analysis, can help enterprises identify and detect cyberattacks, generate alerts, and take necessary actions to mitigate them. For example, SolarWinds Worldwide, LLC offers an APT security platform for advanced persistent threat defense using centralized log analysis and reporting. The centralized log analysis and reporting tool from SolarWinds is a critical component of the APT defense toolbox, as critical aspects of an APT attack can remain hidden without centralized logging, such as lateral movement across environments. Furthermore, SolarWinds' Security Event Manager (SEM) can help administrators identify potential errors and suspicious traffic patterns by providing real-time visibility through centralizing log management tools. The centralized log analyzer can provide information such as source machine IP, event name and severity, time of insertion/detection, and protocol usage. Therefore, a centralized log analysis system can easily trace advanced persistent threats. Consequently, the use of a centralized log analysis system is a driving factor for the growth of the log management market.
Impact of COVID-19 Pandemic on Log Management Market
The COVID-19 pandemic and the emergence of remote work environments presented new difficulties for businesses. Additionally, according to log management market analysis conducted in 2020, the arrival of the pandemic caused a variety of challenges for global market operations. The healthcare infrastructure in developed economies was overwhelmed by the increasing number of COVID-19 cases. Therefore, governments and market players were required to intervene and collaborate on research and development initiatives to revive market operations and revenue, in order to heal from the losses incurred during the forecast period.
The COVID-19 pandemic led to the restructuring of business models, and remote work environments were introduced. The market operations faced significant challenges due to the pandemic, and the healthcare infrastructure in developed economies collapsed. However, with the ease in restrictions and reopening of business units, the spending pattern on advanced technologies such as IoT platforms, cloud-based solutions, and artificial intelligence changed. As a result, market players invested significantly in adopting these technologies and leveraging the demand for log management tools to make them more intelligent and secure. Businesses focused on strengthening their strategies to achieve growth prospects, and this invoked a rising need for featured log management solutions that enable application within IoT, cloud platforms, and Artificial Intelligence (AI). Although the global log management market initially declined due to the COVID-19 pandemic's adverse impact, it remarkably recovered due to the rise in the adoption of advanced technologies globally.
The log management market was valued at US$ 1,864.69 million in 2019 before the COVID-19 pandemic. During the pandemic in 2020, the market size increased to US$ 2,036.46 million. In 2021, the log management market size further grew to US$ 2,246.12 million. Hence, the COVID-19 pandemic had a positive impact on the overall growth of the log management market in 2021.
The log management market can be categorized into solutions and services, as per the log management market analysis by component. In 2021, the solutions segment held a greater share of the market. Based on deployment, the market is segmented into on-premises and cloud-based solutions. In 2021, the cloud-based segment dominated the market share. In terms of organization size, the market is segmented into small & medium enterprises (SMEs) and large enterprises, and in 2021, the large enterprises segment held a larger share of the log management market. The log management market is also segmented by industry into IT & telecom, BFSI, healthcare, education, retail & ecommerce, and others. In 2021, the IT & telecom segment held the highest market share. By region, the market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2021, North America dominated the log management market share.
Key Findings of Study:
The global log management market encompasses companies with diverse product portfolios, each with its own set of well-established key players operating in different markets and competing. Identifying the top five key players in the overall log management market is not practical. However, based on various parameters, such as revenue, brand reputation, current log management product offerings, geographical presence, customer base, technology adoption and integration, new product/service/feature launches, partnerships, mergers and acquisitions, and other market-related activities, we have compiled a list of five key players operating at a global level.
Cisco Systems, Inc.; IBM Corporation; Datadog; Splunk, Inc.; and AT&T Inc. are the five key market players operating in the global market. Further, Alert Logic; LogRhythm, Inc.; ManageEngine; SolarWinds Worldwide, LLC; and Sematext Group Inc. are a few other notable players profiled in this market study. In addition to these players, multiple other leading global, regional & local market players, emerging companies, market disruptors, and niche market players were studied and analyzed during the course of this study to gather a holistic view of the market. The high and fast-growing number of start-ups in this market is anticipated to drive the log management market growth over the forecast period of 2021 to 2028.
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