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Log Management Market Insights and Industry Growth Forecast | 2024 To 2033 Key Players International Business Machines Corporation, Splunk Inc., SolarWinds Corporation, Rapid7 Inc.
Log Management Market Share
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According to The Business Research Company's, The log management market size has grown rapidly in recent years. It will grow from $2.23 billion in 2023 to $2.57 billion in 2024 at a compound annual growth rate (CAGR) of 15.4%. The growth in the historic period can be attributed to growing cybersecurity concerns, regulatory compliance, rising complexity of it environments, awareness and education.
The log management market size is expected to see rapid growth in the next few years. It will grow to $4.72 billion in 2028 at a compound annual growth rate (CAGR) of 16.4%. The growth in the forecast period can be attributed to focus on user behavior analytics. Major trends in the forecast period include integration with security information and event management (siem), ai and machine learning integration, cloud adoption, iot proliferation, automation and orchestration, focus on user-friendly interfaces, cross-platform compatibility.
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Market Drivers and Trends:
The growing reliance on information technology and the generation of a huge amount of log data are propelling the growth of the log management market. Digital technologies have emerged as a key factor in economic growth, national security, and international competitiveness. The improving internet accessibility and increasing digital footprints over the internet have contributed to a massive growth in the volume of data generated. It is estimated that over 2.5 quintillion bytes of data are created every day, requiring more data management services. Thus, the increasing volume of data is expected to increase storage and processing needs, thus boosting the demand for the log management market during the forecast period.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
International Business Machines Corporation, Splunk Inc., SolarWinds Corporation, Rapid7 Inc., McAfee LLC, Alert Logic Inc., Intel Corporation, LogRhythm Inc, Veriato Inc, Micro Focus International plc, RSA Security LLC, BlackStratus Inc., Loggly Inc., Sematext Group Inc., AT&T Cybersecurity Inc., Logshero Ltd., Sumo Logic Inc., Zoho Corporation, LogDNA Inc., Logit. io Ltd., Paessler AG, XpoLog Ltd., Humio ApS, Anodot Ltd., Loom Systems Ltd., ChaosSearch Inc., Coralogix Ltd., Datadog Inc., Trend Micro Incorporated, Juniper Networks Inc, Dell Inc.
Log Management Market 2024 Key Insights:
• The log management market size is expected to see rapid growth in the next few years. It will grow to $4.72 billion in 2028 at a compound annual growth rate (CAGR) of 16.4%.
• Driving Forces, The Surge Of Log Management Market Amid Information Technology Expansion
• Innovative Offerings In Log Management Market Advancements In Log Management Programs To Enhance Cybersecurity Capabilities
• North America was the largest region in the log management market in 2023
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