DUBLIN--(BUSINESS WIRE)--The "Log Management Market by Component (Solution and Services [Professional and Managed Services]), Organization Size, Deployment Mode, Vertical (IT and ITeS, BFSI, Healthcare, Retail and eCommerce, Telecom, and Education), and Region-Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
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.
Market Dynamics
Drivers
- Increase in Reliance on It and the Generation of A Huge Amount of Log Data
- Stringent Security Compliances and Government Regulations
Restraints
- Availability of Open-Source and Free Log Management Solutions
Opportunities
- Increase in Need of Business Intelligence
Challenges
- Lack of A Standard Log Format
- Management of A Huge Amount of Data
Company Profiles
- Solarwinds
- IBM
- Micro Focus
- Rapid7
- RSA
- Mcafee
- Alert Logic
- Manageengine
- Splunk
- Logrhythm
- Sumo Logic
- Blackstratus
- Graylog
- Logdna
- Humio
- Logit.Io
- Paessler AG
- Sematext Group
- Xpolog
- Logz.Io
For more information about this report visit https://www.researchandmarkets.com/r/gx02l3
