The Log Management market is expected to grow at a CAGR of 14.1%
NEW YORK, March 17, 2020 /PRNewswire/ --
The Log Management market is expected to grow at a CAGR of 14.1% during the forecast period due to the push from regulatory bodies across the globe and increase in adoption of cyber security solutions.
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The global log management market size is expected to grow from USD 1.9 billion in 2020 to USD 3.7 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 14.1% during the forecast period. Factors such as the growing reliance on IT and generation of huge amount of log data security and stringent security compliances and government regulations are expected to drive the growth of the of management market.
The SMEs segment to hold higher market share during the forecast period
The Small and Medium-sized Enterprises (SMEs) segment is expected to hold a higher market share during the forecast period.SMEs are increasingly deploying cloud-based log management solutions.
The maintenance of active log management requires skills, which is difficult for SMEs due to limited staff.The cloud provides a feasible solution for the adoption of this technology.
SMEs have budget constraints and therefore, they prefer cloud-based log management solutions.Cloud-based solutions are developed keeping in mind the limited budget of SMEs.
In the coming years, it is expected that the low cost of the log management solutions would enable SMEs around the world to deploy the solution. The adoption and acceptance of log management by SMEs would enable the expansion of the customer base and enhancement of business efficiency. With the increase in advanced persistent threats (APTs) and targeted attacks, the demand for advanced log management solutions is growing in log management to secure the IT infrastructure by managing logs and network events.
Cloud segment to grow at a higher CAGR during the forecast period
The cloud deployment mode is expected to grow at a higher CAGR, as SMEs are rapidly adopting cloud-based network security software solutions, due to its cost-efficiency.It helps SMEs avoid costs associated with hardware, software, storage, and technical staff.
Cloud-based solutions offer a unified platform in the form of Software as a service (SaaS)-based security services to secure business applications.It is also beneficial for organizations with strict budgets for security investments.
The cloud deployment mode is the most preferred deployment mode for securing web and mobile applications, and is used by several SMEs due to its ease in maintenance and upgradation.
North America to hold the largest market size during the forecast period
North America is a frontrunner in technological adoption.The log management market in North America is competitive due to the presence of several solution providers.
North America is highly regulated and controlled by various government standards and regulations.The major economies in this region are the US and Canada.
The US and Canada have been expansively implementing log management applications to maintain compliance with the regulations and improve security and for better troubleshooting.North America has developed a robust infrastructure for the implementation of these solutions.
The small and mid-sized firms across North America were looking for advanced log management solutions that would help it meet government data security requirements. North America is the most highly regulated region in the world with numerous regulations, North American regulations, Federal Energy Regulatory Commission (FERC), Health Insurance Portability and Accountability Act (HIPAA), Payment Card Industry Data Security Standard (PCI DSS), and Sarbanes–Oxley (SOX) Act, across industry verticals. North American companies are quite advanced when it comes to deploying Security information and event management (SIEM) solutions and best practices to their everyday business processes. The other drivers for the increasing demand for log management solutions include the need for regulatory compliance and security concerns. Smaller companies who are looking for enhancing their breach detection and monitoring capabilities are deploying log management solutions. Companies that are focusing on security and compliance reporting requirements are rapidly adopting log management technology. Larger companies that follow a conservative approach in adopting this technology are also deploying log management solutions.
In the process of determining and verifying the market size of several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key people.
The breakup of the profiles of the primary participants is as follows:
• By Company: Tier 1 – 42%, Tier 2 – 36%, and Tier 3 – 22%
• By Designation: C-Level – 40%, Director Level – 35%, and Others – 25%
• By Region: North America – 45%, Europe – 30%, APAC – 15%, RoW – 10%
The major vendors covered in the log management market include SolarWinds (US), IBM (US), Micro Focus (UK), Rapid7 (US), RSA (US), McAfee (US), Alert Logic (US), ManageEngine (US), Splunk (US), LogRhythm (US), Sumo Logic (US), BlackStratus (US), Graylog (US), LogDNA (US), Humio (UK), Logit,io (UK), Paessler AG (Germany), Sematext Group (US), XpoLog (US), and Logz.io (US).
Research Coverage:
The report includes an in-depth competitive analysis of the key players in the log management market along with their company profiles, recent developments, and key market strategies. The report segments the log management market by component, service, organization size, deployment mode, vertical, and region.
Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in the Log Management market in the following ways:
1. The overall log management market revenue stream has been estimated based on the revenues generated by vendors, offering log management solutions. The report provides the closest approximations of the revenue numbers for the overall market and the subsegments. The market numbers are split further into regions namely, North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America.
2. The report helps the stakeholders understand the pulse of the market and provides them with information on the key market drivers, restraints, challenges, and opportunities.
3. The report will help the stakeholders understand the competitors and gain more insights to better their market position. The competitive landscape section includes the competitor ecosystem, new product developments, partnerships, and mergers and acquisitions.
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