The market size of log management augmented from US$ 2.3 Billion in 2021 to US$ 2.6 Billion in 2022. Commercialization of IT applications across various industry verticals is expected to propel market growth. The estimated Y-o-Y for the year 2021-to 2022 is 13.04%. By 2032, the absolute dollar growth of the log management market is anticipated to be US$ 5.2 Billion.
With the massive generation of log data sets, the market is set to flourish in the forecast period. Factors such as increasing dependence on IT and the presence of strict government regulations are anticipated to augment the market growth in the forthcoming years.
Also, the growing demand for business intelligence and the increasing trend of cloud-based log management practices among others, are likely to drive the market significantly. Moreover, the convergence of technologies such as; AI, and ML, into log management is projected to offer remunerative opportunities for players in the market.
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Increasing cyberattacks to increase demand for effective log management are the main drivers of the log management market.
The most important reason driving the log management market is the sophistication of cyberattacks, which is growing demand for log management for early cyberattack detection. Although 98% of cyberattacks rely on social engineering, hackers are breaking into the operation of cutting-edge technology like AI, ML, and analytics to increase the sophistication of cyberattacks. Such attacks, sadly, are difficult to identify and, even when they are, require a lot of work to resolve.
To combat the rising number of cyberattacks, government authorities have been in support of putting rules and regulations into place. The need for SIEM has therefore increased significantly as a result.
Factors Hampering the Global Log Management Market Handling of Enormous Data and Availability of Open Source Log Management Tools to Hamper the Market Development
A significant amount of log entries have been produced as a result of the increasing complexity and quantity of network devices. Ipswitch, a company that develops IT management software, estimates that daily log entries from various network devices total 10,000.
Systems like Fluentd, GoAccess, Logstash, and LOGalyze offer all key functionalities that are provided by well-known market companies. It is easily accessible on the market and may be downloaded for free. Many businesses use this free software, which is predicted to impede market expansion in the years to come.
Key players of the global log management market take various initiatives to strengthen their position in the market. Players focus on mergers and acquisitions, and also make significant investments in R&D activities to launch advanced products. Recent key developments in the market are:
- In February 2020, McAfee updated its MVISION solution by launching Unified Cloud Edge. It is a solution that protects organizations’ data across the equipment, web, and the cloud; Cloud Native Infrastructure Security allows the enterprises in securing the entire infrastructure; a worldwide Managed Detection and Response (MDR) offering, and accelerated partner momentum.
- In Jan 2020, Micro Focus launched Voltage SmartCipher, an advanced solution that providers secure collaboration and simplifies unstructured data protection and management. The solution is integrated with necessary technological attributes for privacy and security.
Key Players in the Global Log Management
- MICRO FOCUS