Log Management (LM) System Market Size, Share, Growth, And Industry Analysis, By Type (On-premise, Cloud-based), By Application (Banking and Financial Services, Government Agency, Health Care, Telecommunications and Information Technology, Energy and Utilities, Education and Academia and Other), Regional Insights, and Forecast From 2024 To 2031

Log Management (LM) System Market Report Overview

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The global log management (LM) system market size was USD 2365.2 million in 2021 and is expected to reach USD 6442.47 million in 2031, at a CAGR of 10.4% during the forecast period.

A software programme known as a log management (LM) system enables businesses to gather, examine, and store logs from various devices and systems in order to diagnose issues, pinpoint security events, and enhance network efficiency. Your logs are processed by the log management system, which also chooses which logs need to be extracted, how and where they should be kept, and when. Some log management systems can also report logs and do log analysis in addition to these fundamental tasks. In addition to making it simpler for security staff to detect and address any security breaches, these characteristics also make it simpler to generate compliance audit reports, which is crucial for the financial sector, the healthcare sector, and governmental organizations.

Due to the rising need for network monitoring tools that enable them to efficiently manage network resources across numerous locations, telecom companies are also implementing cloud-based LM systems. Furthermore, because of strict rules governing information leakage and data loss prevention, government organizations are using these systems more and more (DLP). Healthcare businesses and educational institutions are two other well-known application segment types.

COVID-19 Impact: Digitalization During the Pandemic to Fuel Market Performance

The global COVID-19 pandemic has been unprecedented and staggering, with log management (LM) system experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Beyond assumptions or aims, the coronavirus turned out to be a potent catalyst for rapid digital transformation across businesses which helped the market flourish. For the great majority of enterprises, COVID-19 has pushed cloud usage slightly or much higher than initially anticipated. The effects of COVID-19 on the Log Management (LM) System take into account the increased capacity needed by current cloud-based applications as online usage increased as well as the accelerated migration from data centres to the cloud in response to changes in working conditions brought on by the pandemic. The public cloud has also gained popularity among businesses as a more dependable resource for business continuity. The use of log management and cloud spending both increase along with public cloud adoption. In IT budgets, the public cloud is becoming an increasingly important line item.

Latest Trends

"Rising Popularity of Devlops to Augment Market Growth"

An increased focus on automated logging and monitoring solutions that can quicken application development cycles is a result of DevOps' rising popularity. DevOps is a set of cultural philosophies, practices, and tools that improves an organization's capacity to deliver applications and services at high velocity: products evolve and improve more quickly than they would in organizations using conventional software development and infrastructure management processes. This is increasing the need for effective log management solutions that can offer these functionalities.

Log Management (LM) System Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into on-premise, cloud-based.

In terms of product, cloud-based is the largest segment.

• By Application Analysis

Based on application, the market can be divided into banking and financial services, government agency, health care, telecommunications and information technology, energy and utilities, education and academia and other.

In terms of application, banking and financial services is the largest segment.

Driving Factors

"Rising Demand of the Software in Corporate World to Enhance Market Sales"

Over the projected period, it is anticipated that the demand for log-management software would create significant opportunities. The storage and processing need of major corporate organizations are expected to rise as a result of technological improvements and the utilization of computing resources. The assumption is that the data will expand as enterprise IT infrastructure rapidly develops. As a result, the requirement for regular evaluation and standardization of data auditing procedures keeps coming up.

"Easy Accessibility of the Software to Propel Market Growth"

Demand for log management solutions is being driven by an increase in the complexity of advanced persistent threats (APTs) across a variety of industries. The growth of cloud-based log management platforms that make computer-generated log data more accessible to IT engineers, developers, and on-demand business analysis also contributes to the increase in market demand. Additionally, more networks and IoT devices are anticipated to fuel market expansion. Additionally, it is projected that adaptive log management systems combined with analytical benefits and features would generate significant prospects for the log management (LM) system market growth.

Restraining Factors

"Lengthy Process of the Software to Impede Market Expansion"

This is a lengthy process since the business must build and maintain relationships with all parties involved, including suppliers, transporters, delivery teams, and so on. This takes time and patience, both of which are qualities that few businesses possess. Simply put, just as no school can produce a genius overnight, no business can produce effective logistics management. In other words, only a select few businesses are successful at logistics management, in contrast to other marketing strategies like advertising and sales promotion, which may be completed fast. However, the absence of open-source log management solutions restrains the expansion of the log market.

Log Management (LM) System Market Regional Insights

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"North American to Dominate the Market Due to Rising Prevalence of Cyber Attacks"

Over the course of the forecast, the North American region is anticipated to dominate the global market and owns largest portion of log management (LM) system market share. The prevalence of cyberattacks and data breaches in businesses has raised the use of log management tools in this area. Due to numerous cyberattacks that have harmed corporations across all industries, government organizations, and even households, the U.S. is one of the most affected countries. This nation is frequently the source of high-profile data breach reports that have an adverse effect on customer privacy, business reputation, consumer confidence, and other factors.

Due to growing awareness of security risks related to lost or stolen devices as well as information leakage within IT infrastructure components like networked systems, the Asia Pacific regional market is anticipated to expand at a profitable rate over the forecast period.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

The two main techniques used by market participants are partnerships and acquisitions. IBM Corporation and Intel Corporation are the market leaders in the log management space, according to the analysis shown in the Cardinal matrix. Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

LIST OF TOP LOG MANAGEMENT (LM) SYSTEM COMPANIES

• IBM (U.S.)
• Intel (U.S.)
• SolarWinds (U.S.)
• Splunk (U.S.)
• Logrhythm (U.S.)
• Alert Logic (U.S.)
• AT&T Cybersecurity (U.S.)
• Veriato (U.S.)
• Blackstratus (U.S.)
• Rapid7 (U.S.)
• Sematext Group (U.S.)

Report Coverage

The market research provides an in-depth examination of market growth determinants, future assessment, analysis at the national level, market distribution, and competitive landscape examination of important industry players. In-depth evaluations of each component of the worldwide industry are included in the study report. Through the top segments, the segment analysis presents significant opportunities in the worldwide log management (LM) system market. Market trends and recent developments are provided.