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.
Banks in North American countries are acknowledging the importance of log management solutions and progressively adopting these solutions. A log management solution is used for real-time fraud detection in the banking, financial services, and insurance (BFSI) industry. Log management automates the detection of data anomalies and triggers actions to counter them. In June 2021, the Bank of America ramped up its cybersecurity spending to over US$ 1 billion per year as a series of sweeping cyberattacks. Therefore, the growing number of banking institutions results in increased threats of cyberattacks, consequently highlighting the need for log management market solutions.
Various log management solution developers?including Sumo Logic; XPLG; LogRhythm, Inc.; Oracle; and SolarWinds Worldwide, LLC ?have a presence in North America. These solution developers contribute to the growth of the North American log management market. Log management solutions are widely needed to detect such cyber threats. These solutions enable developers, IT operators, and security professionals to determine discrepancies in modern or advanced applications, thereby helping them improve software code quality. Also, advanced log management functionalities offer business insights, security analytics, and compliance benefits.
For instance, LogRhythm have launched strategic partnership in Eastern Europe and the commonwealth of Independent States (CIS) to detect, investigate, and to neutralise cybersecurity threats in 2022, which offers advanced log management solutions.
The major end users of the log management market include BFSI, IT & telecom, government, retail & e-commerce, healthcare, manufacturing, and energy & utility. BFSI, IT & telecom, and government industries are increasingly investing in advanced technologies to ensure high quality & safety standards and comply with a rising number of government & industry regulations regarding these parameters. The major stakeholders in the global log management market ecosystem include log management solution providers, system integrators, and end users. With the rising demand for log management solutions for detecting advanced persistent threats (APTs) across the globe, the log management solution providers are also experiencing sustainable log management market growth opportunities. Some of the major solution providers are 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 North America Log Management Market
North America has the highest rate of advanced technology adoption due to favorable government policies fostering innovation and enhancing infrastructural abilities. As a result, every factor affecting the region’s industrial performance obstructs its economic development. According to the Center for Strategic and International Studies, due to the COVID-19 impact, the US experienced a contraction in GDP. As per the recent World Health Organization (WHO) statistics, the US was the world’s worst-affected country due to the COVID-19 outbreak, with the highest number of confirmed cases and deaths. The high number of COVID-19 cases negatively impacted the country’s and region’s economies. There has been a decline in overall business activities and growth of various industries operating in the region. Thus, this affected the revenue of key market players revenue in North American log management market.
Until airport operations ceased by the governing authorities, continuously declining passenger counts at airports led the airports to observe a downfall in revenue generation. The region had several airport constructions and expansion projects in the pipeline, which were expected to be completed by 2020 and 2021. The temporary shutdown of construction activities resulted in a slower adoption rate of technologies, hampering the Log Management Market 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 overall log management market has been derived using primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and log management forecast concerning all the market segments. Also, primary interviews were conducted with industry participants to validate data and gain more analytical insights into the topic. Participants in this process are industry experts, such as VPs, business development managers, market intelligence managers, national sales managers, and external consultants, such as valuation experts, research analysts, and key opinion leaders, specializing in the log management market.
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.