- A new study by Grand View Research, Inc. reports the worldwide log management software market to grow significantly from 2015 to 2022. This is attributed to rising adoption of IT – Information Technology applications. The need for high-volume and high-speed data will also contribute to the market.
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The market has immense growth potential due a large untapped consumer base across the globe. Commercialization of IT and widespread applicability of log management software solutions will also fuel the market.
Log management software plays a key role in guarding against APT – Advanced Persistent Threat. It prevents cyber crimes by detecting malicious binary codes. This ability to offer security is an important contributor to demand for the log management software market.
Expansion in enterprise IT infrastructure creates large amounts of data. This necessitates mechanization and reassessment of data auditing methods. Increased infrastructure and higher use of computing equipment in large business enterprises would create demand for storage and processing.
Compliance guidelines are increasing in the banking and financial services. This is also boosting the log management software market. The government sector is likely to witness growing use of the software. Lack of standardized format for accessing data logs could serve as a market inhibitor. High rate of incoming data and data accumulation could also slow down the market.
Accessing information on systems via conventional event viewers is difficult, especially for small businesses. The procurement, installation, and administration of log management software solutions involve huge expenditures. This discourages small organizations from buying them.
A majority of the log management software market service providers are located in the U.S. and Asia Pacific. The U.S. is home to many companies offering the latest software and hardware through innovations. North America is set to be a key region owing to a highly-aware client base. Escalating utilization of advanced technological platforms may also prove beneficial for its growth.
Asia Pacific would grow at the fastest rate over the next seven years. Rising need of data will trigger demand for the market in the region. Cheap labor and robust demand will attract log data management companies to operate from China and India. In fact, these countries are expected to become global hubs of the log management software market.
Leading market players are Cisco Systems Inc., Dell Inc., Intel Corporation, Cyveillance, IBM Corporation, Symantec Corporation, Juniper Networks, and Trend Micro Inc.
Information Source: Grand View Research
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