The Log Management Market size is expected to grow from US$ 2,036.46 million in 2020 to US$ 5,216.67 million by 2028. It is estimated to grow at a CAGR of 12.8% from 2021 to 2028.
Log management solutions are increasingly being adopted by banks in North America, recognizing their importance in real-time fraud detection within the banking, financial services, and insurance (BFSI) industry. These solutions automate the detection of data anomalies and trigger actions to counter them. In June 2021, the Bank of America increased its cybersecurity spending to over US$ 1 billion per year in response to a series of sweeping cyberattacks. The growing number of banking institutions highlights the need for log management market solutions as it increases the threat of cyberattacks.
The North American log management market is supported by various solution developers such as Sumo Logic, XPLG, LogRhythm, Inc., Oracle, and SolarWinds Worldwide, LLC. The increasing need for log management solutions is driven by the demand to detect cyber threats, improve software code quality, and obtain business insights, security analytics, and compliance benefits.
As an example, LogRhythm has formed a strategic partnership in Eastern Europe and the Commonwealth of Independent States (CIS) to offer advanced log management solutions for the detection, investigation, and neutralization of cybersecurity threats in 2022.
The major industries that use log management solutions include BFSI, IT & telecom, government, retail & e-commerce, healthcare, manufacturing, and energy & utility. These industries are increasingly adopting advanced technologies to meet high quality and safety standards and comply with government and industry regulations. The key players in the global log management market ecosystem are log management solution providers, system integrators, and end users. With the growing demand for log management solutions to detect advanced persistent threats (APTs) worldwide, solution providers are also experiencing sustainable growth opportunities in the log management market. Major solution providers in this market include Alert Logic, Cisco Systems, Inc., IBM Corporation, Datadog, LogRhythm, Inc., Splunk, Inc., ManageEngine, SolarWinds Worldwide, LLC, Sematext Group Inc., and AT&T Inc.
Impact of COVID-19 Pandemic on Log Management Market
Due to its favorable government policies that foster innovation and enhance infrastructural abilities, North America has the highest rate of advanced technology adoption. However, every factor that affects the region's industrial performance obstructs its economic development. According to the Center for Strategic and International Studies, the US experienced a contraction in GDP due to the COVID-19 impact. According to recent World Health Organization (WHO) statistics, the US was the world's worst-affected country by the COVID-19 outbreak, with the highest number of confirmed cases and deaths. The high number of COVID-19 cases has had a negative impact on the economy of the region. As a result, there has been a decline in overall business activities and growth of various industries operating in the region, affecting the revenue of key market players in the North American log management market.
The decline in passenger counts at airports has led to a reduction in revenue generation until airport operations were ceased by governing authorities. Additionally, the region had several airport construction and expansion projects in progress, which were anticipated to be completed by 2020 and 2021. However, the temporary shutdown of construction activities resulted in a slower rate of technology adoption, which has had a negative impact on the Log Management Market's share.
The log management market analysis by deployment, is segmented into cloud-based and on premise. Log management market analysis, based on organization size, is segmented into small & medium enterprises and large enterprises. Based on industry type, the market is segmented into It & telecom, BFSI, healthcare, retail & commerce, education, and others. Based on geography, the global market is segmented into five major regions-North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).
The log management market analysis presented in this report has been compiled using a combination of primary and secondary research methodologies. The secondary research involved gathering relevant data from internal and external sources, including industry publications, company reports, and government statistics, to obtain qualitative and quantitative insights into the market. To validate the data and gain further industry insights, primary research was conducted with key stakeholders, including VPs, business development managers, market intelligence managers, national sales managers, and external consultants, such as valuation experts, research analysts, and key opinion leaders, who specialize in the log management market. Through this research approach, the report provides a comprehensive overview and forecast of the market across all its segments.
The key companies operating in the Log Management Market are Cisco Systems, Inc.; IBM Corporation; Datadog; Splunk, Inc.; AT&T Inc. Furthermore, Alert Logic; LogRhythm, Inc.; ManageEngine; SolarWinds Worldwide, LLC; and Sematext Group Inc. are few other notable players that are profiled in this market study.