Increasing Digitization and the Growing Vulnerabilities Associated With the Process Is Expected To Generate Significant Demand for Efficient Log Management Services, Thus, Benefitting the Market in the Forecast Period
United States, Rockville MD, June 17, 2022 (GLOBE NEWSWIRE) — The global log management market is expected to secure a revenue of US$ 7.8 Billion by the end of the 2022-2032 forecast period, while exhibiting a CAGR of 11.4%. Expansion of the market can be attributed to the commercialization of IT applications across several industry verticals.
With the generation of massive log data sets, the market is likely to propel at a significant rate in the forecast period. Factors such as; growing dependence on IT and the implementation of stringent government rules are likely to augment the market growth in the assessment period. In addition, the growing trend of cloud-based log management practices, and rising demand for business intelligence among others are expected to drive the cloud-based log management practices, thereby, driving the market in the forecast period.
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According to the analysis, the cheap costs associated with log management are likely to allow SMEs to deploy these solutions. The high rate of adoption of log management by SMEs would smoothen the growth of the market. Also, rise in advanced persistent threats (APTs) and attacks, the demand for advanced log management is likely to grow in the assessment period. Owing to the aforementioned reasons, the market is expected to grow by 3x times during the forecast period from 2022- to 2032.
Why is APAC Projected to be the Fastest-Growing Region?
Presence of Developing Nations and their Initiatives to Adopt Modern Technologies to Boost the APAC Market
As per the latest reports by Fact.MR, APAC is the fastest-growing market during the forecast period. The growth of the region can be attributed to the increasing adoption of mobile devices in the region. Countries such as; China and Japan have adopted log management to protect their data. Fact.MR observes that China is projected to garner US$ 116.1 Million, and Japan is expected to procure US$ 94 Million during the forecast period from 2022 to 2032.
As per the International Data Corporation’s (IDC) research, APAC leads in terms of the adoption of advanced technologies. Japan, South Korea, and Australia are among such top 5 countries. Other developing countries such as India, are adopting digitalization processes, and the government has also taken various initiatives such as; Digital India, that are boosting the market. Also, increased usage of mobile applications across various sectors such as; retail, BFSI, and IT are expected to benefit the market in the forecast period.
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Key Segments Covered in the Log Management Industry Survey
- Global Log Management Market by Component :
- Log Management by Solutions
- Log Management by Services
- Global Log Management Market by Deployment Mode :
- Cloud-Based Log Management
- On-Premises Log Management
- Global Log Management Market by Organization Size :
- Small and Medium Enterprises Log Management
- Large Enterprises Log Management
- Global Log Management Market by Vertical :
- Log Management in IT and ITeS
- Log Management in Banking, Financial Services, And Insurance
- Log Management in Healthcare
- Log Management in Retail and Ecommerce
- Log Management in Telecom
- Log Management in Education
Key players in the global log management market include MICRO FOCUS, SOLARWINDS, SPLUNK, IBM, and RAPID7. Recent key developments in the market are:
- In January 2020, Micro Focus launched Voltage SmartCipher, a developed solution that offers secure collaboration and simplifies unstructured data protection and management. The solution is integrated with necessary technological attributes for privacy and security.
- In February 2020, McAfee updated its MVISION solution by rolling out Unified Cloud Edge. It is a solution that secures organizations’ data across the equipment, web, and the cloud; Cloud Native Infrastructure Security allows the enterprises in protecting the entire infrastructure; a worldwide Managed Detection and Response (MDR) offering and accelerated partner momentum.
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Key players in the Log Management Market
- MICRO FOCUS
Key Takeaways from Log Management Market Study
- The global log management market to value US$ 2.6 Billion in 2022
- The global log management market to have garnered US$ 2.3 Billion by 2021
- The solution segment to expand at a CAGR of 11% by 2032
- The US market to secure US$ 2.7 Billion by 2032
- The CAGR of the U.K market is projected to be 11.4% from 2022-to 2032
- Market in China to secure US$ 116.1 Million by 2032
- Japanese market to garner US$ 94 Million
- Growth rate of South Korea is estimated at 9.9% from 2022-to 2032
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Expert analysis, actionable insights, and strategic recommendations of the highly seasoned technology team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the technology industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services.
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