Rise in digitization trends and production of digital data, and increasing data privacy & security concerns drive the growth of the global big data security market
PORTLAND, Ore., June 9, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Big Data Security Market By Solution Type (Data Discovery & Classification, Data Authorization & Access, Data Encryption, Tokenization & Masking, Data Auditing & Monitoring, Data Governance & Compliance, Data Security Analytics, & Data Backup & Recovery), Deployment Mode (On-Premise and Cloud), Organization Size (Small & Medium Enterprise and Large Enterprise), and Industry Vertical (IT & ITES, Telecommunications, Healthcare & Social Assistance, Financial & Insurance, Retail Trade, Utilities and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global big data security industry was projected at $13.72 billion in 2019, and is anticipated to hit $54.23 billion by 2027, registering a CAGR of 18.8% from 2020 to 2027.
Rise in digitization trends and production of digital data, and increasing data privacy & security concerns drive the growth of the global big data security market. On the other hand, huge amount of data that call for minute analyzation impedes the growth to some extent. However, advancements in big data techniques are projected to create lucrative opportunities in the industry.
Impact of Covid-19 Pandemic on Big Data Security Market:
The outbreak of the pandemic made business organizations take recourse to remote working culture. This resulted in tons of additional raw data generation. Which augmented online activities along with increase in the number of cyber-attacks; thus, driving the big data security frameworks and solutions.
This drift is likely to continue post pandemic as well, as the demand for improved security of confidential corporate assets would always subsist.
The data security analytics segment to retain its dominance by 2027-
Based on solution, the data security analytics segment contributed to around one-fifth of the global data security market share in 2019, and is expected to lead the trail by the end of 2027, owing to introduction of actionable intelligence to reduce data loss, and the prioritization of network-based paradigms. The data governance and compliance segment, on the other hand, would register the fastest CAGR of 24.9% throughout the forecast period, due to increasing risk factors on enterprise data.
The on premise segment to lead the trail-
Based on deployment, the on premise segment accounted for nearly two-thirds of the global data security market revenue in 2019, and is anticipated to rule the roost by the end of 2027. Surge in number of cloud cyber-attacks and competition among SME's are some of the major factors that drive the growth of the segment. At the same time, the cloud segment would cite the fastest CAGR of 20.5% throughout the forecast period, due to its cost-efficient feature.
Based on region, North America held the major share in 2019, garnering nearly two-fifths of the global data security market, owing to growing adoption of big data solutions by several industry verticals. Simultaneously, the market across Asia-Pacific would exhibit the fastest CAGR of 20.9% during the forecast period. Growing virtualization across industries and adoption of cloud computing are promoting the demand for cloud-based big data security solutions in various countries like China, Japan, India & Singapore in the Asia Pacific region.
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