Escalating Demand for Efficient Log Management Solutions Driven by Surge in Advanced Persistent Threats Creating Complex Cybersecurity Challenge. Fact.MR Report
ROCKVILLE, MD, UNITED STATES, June 25, 2024 /EINPresswire.com/ — According to a recently updated research report by Fact.MR, the global log management market is set to reach US$ 3.31 billion in 2024 and has been analyzed to further expand at 12.8% CAGR from 2024 to 2034. Growing demand for log management solutions is being driven by factors such as the rising trend of cloud-based data management practices and high need for business intelligence solutions.
Integration of technologies such as artificial intelligence and machine learning with log management is expected to present lucrative prospects for industry participants. These solutions are being increasingly implemented by small and medium-sized enterprises (SMEs) due to their low cost. A noticeable increase in advanced persistent threats (APTs) and attacks is projected to contribute to the growth of the market during the forecast period.
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Key Takeaways from Market Study:
The global market for log management is projected to expand at a CAGR of 12.8% from 2024 to 2034. By the end of 2034, the market is forecasted to climb to a value of US$ 11.03 billion.
The market in the United States is set to reach a value of US$ 905.1 million in 2024. China is poised to occupy a market share of 48.9% in East Asia in 2024.
Revenue from the market in Japan is estimated to reach US$ 210.3 million in 2024. The North American market is forecasted to expand at a CAGR of 11.9% through 2034.
“Increasing sophistication of cyberattacks, including APTs, necessitates advanced log management solutions for timely detection and response. The affordability of log management solutions is enabling small and medium-sized enterprises (SMEs) to implement these systems,” says a Fact.MR analyst.
Key Companies Profiled are SolarWinds; IBM; Micro Focus; Rapid7; Intel Security; Blackstratus; Solarwinds Worldwide; IBM Corporation; Veriato Inc.; Splunk Inc.; Loggly Inc.
Growing Popularity of Cloud Deployment Due to Flexibility and Cost-effectiveness
Need for network performance management and optimization solutions is increasing across the globe. A key factor driving the adoption of cloud-based log management solutions by enterprises is the increase in targeted attacks and modern threats, which is projected to propel the growth of cloud-based solutions during the forecast period.
The cloud-based deployment model has become increasingly popular in the log management market due to its several benefits. By enabling companies to use off-site servers and infrastructure, it minimizes the need for on-premises hardware and maintenance costs. The scalability of cloud solutions allows businesses to adapt to changing log data volumes, while their remote accessibility facilitates easy remote monitoring and management.
Competitive Landscape
Key players in the log management industry are introducing advanced capabilities such as log anomaly detection and root cause analysis to enhance their monitoring and security platforms. Companies are also implementing platform-as-a-service solutions specifically designed for industrial sectors to provide enhanced context, insights, visibility, and actionable intelligence for better security management.
On April 13, 2022, Datadog, a renowned monitoring and security platform for cloud applications, announced the addition of log anomaly detection and root cause analysis capabilities to its Watchdog service.
In February 2022, Asia was the most frequently targeted region for cyberattacks, according to the IBM Security X-Force Threat Intelligence Index. To address this, IBM invested in an IBM Security Command Center and Security Operation Center (SOC) to provide clients in the Asia Pacific region with round-the-clock security solutions, helping businesses with early threat detection.
On September 21, 2021, Siemens Energy introduced a platform-as-a-service (PaaS) initiative aimed at the industrial sector’s Security Information and Event Management (SIEM) for use within Security Operation Centers (SOC), providing enhanced context, insights, visibility, and actionable intelligence.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the log management market for 2018 to 2023 and forecast statistics for 2024 to 2034.
The study divulges the log management market based on component (solutions, services), deployment mode (cloud-based, on-premise), organization size (small & medium enterprises, large enterprises), and vertical (IT & ITES, banking, financial services & insurance, healthcare, retail & e-Commerce, telecom, education), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).
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