IT event and log management market is anticipated to grow at a CAGR of 11.2% during the forecast period. The market growth is driven by the surge in the integration of artificial intelligence (AI) and machine learning (ML) technologies, using a centralized log analysis system.The integration is majorly done due to the multiple benefits offered by the cloud-based log management platform. Some of the benefits include, reduction in complexity, perform the fast searches, and use powerful visualization capabilities to monitor key metrics. . Moreover, the adoption of the platform is increasing by large enterprises and small and medium enterprises (SMEs) for the early detection of cyberattacks. For instance, in a survey conducted on small and medium size enterprises(SMEs) by QuickBooks in the US in March 2022, around 42% of thesurveyedexperienced a cybersecurity breach. Malware was cited by 18% as the most common type of security threat, followed by phishing by17%, and data breaches by16%. Furthermore, website hacking was mentioned by 15%, DDoS attacks by 12%, and ransomware by 10%, as stated by SMEs.
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Among the component, the solutions segment is expected to grow at a considerable rate in the market during the forecast period. Increasing demand for security among various end-user industries to improve their productivity and provide management solutions at an affordable rateto boost segmental growth. Moreover, owing to the rising application of log management solutions for the identification of various types of events for managing application logs, security logs, and system logs have pushed market players for adopting strategies such as partnerships, and others.For instance, in June 2021, Snare Solutions partnered with Armoureye. With this partnership, both the company provides access to best-of-breed log management and collection technology to organization to keep them updated with emerging cybersecurity requirements, in North America.
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- Market Coverage
- Market number available for – 2023-2029
- Base year- 2022
- Forecast period- 2023-2029
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global IT Event and Log Management Market Report Segment
By Component
- Solution
- Services
By Deployment Mode
- Cloud
- On premises
By End-User
- IT and Telecom BFSI
- Healthcare
- Education
Global IT Event and Log Management Market Report by Region
North America
- US
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
The Report Covers
- Market value data analysisof 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global IT event and log managementmarket. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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