Log management is a process and policy in which organization data is used for administration and transmission of log data. Moreover analysis, storage, archiving and disposal of the large volumes of log data created within an information system are done by log management. Complexities in the current technology such as internet of things, infrastructure and operating system is the key driver of the log management market growth. Log management offers consulting and managed services thus attracting users and propelling the log management market growth globally. As large volume of data and severity of threats are growing continuously and organization cannot rely on large scale security information and security information and event management deployment. Thus, widely increasing adoption of log management approaches for data collection which captures event logs from operating system databases, network devices and application. As data breaches are attributed to advanced persistent threats, it involves large as well as small enterprises such as large corporation or the government. It results in the leak and misuse of the sensitive and useful data. The global log management market size is expected to grow at a CAGR of 12.2% during the forecast period 2016-2023.
Global log management market drivers include increasing Advanced Persistent Threats (APTs), strong regulation & compliance requirements, increasing network complexities and growth in the number of network devices. However easy availability and open-source log management solutions are restraining factors of the log management market’s growth.
On the basis of verticals, BFSI (Banking financial services and insurance) is leading vertical segment in major data threat and data breaches. According to identity theft resource center, business sector toped in the data breaches incidence among all the industry sectors such as business, educational, government, health and banking. Also the worldwide spending on security rose from $73.7 billion in 2016 to 68.2 billion in 2015. Also according to Jurist, in 2017, there were more than 2.2 billion worth of data, breached.
The major key players of the log management market are IBM, Intel security, Solar winds worldwide, Splunk lnc, Logrhythm inc, Alert logic lnc, Loggly lnc, Alien vault lnc, Veriato lnc, Blackstratus, Rapid7 lnc, Sematext group lnc, Sumo logic, and Q1 labs. The companies have adopted various types of strategies for growth to expand their offering in the global log management market,such as merger and acquisition, partnership and collaboration and product launches. On October 2015, Rapid & lnc. company acquired Logentries a cloud based log management company with a purchase price of $68 million. Rapid7 acquired Logentries to enable its information security teams to more efficiently achieve their compliance requirement. In April 2015, Solarwinds a leading provider of IT performance management solution acquired Papertrail of $41 million. Papertrail a cloud based log management company acquisition shall help the company to offer solution for managing and monitoring cloud based applications and shall enable Solarwinds to extent and benefit log management capabilities from IT infrastructure to cloud based environment.