LONDON, Aug. 13, 2020 /PRNewswire/ -- According to a new market research report titled, "Big Data Security Market by Component, Technology (IAM, Security Information and Event Management, Intrusion Detection System/Intrusion Prevention System, UTM), Deployment, Industry Size (SMEs, Large Enterprises), and Geography- Global Forecast to 2027", published by Meticulous Research®, the big data security market is expected to grow at a CAGR of 6.3% from 2020 to reach $28.02 billion by 2027.
The growth in this market can be attributed to the rapid growth in the volume of business data, rising cyber-attack & data breaches, and increasing demand for high-security solutions. Furthermore, the factors such as advancements of IoT and other intelligence devices, growing e-commerce industry, and evolving regulatory landscapes are driving the growth of the big data security market. However, the lack of security expertise and skilled personnel are some of the key factors expected to hamper the growth of this market in the coming years. Moreover, the risk associated with data security due to IoT and cloud platforms is challenging the market growth. Besides, the big data security is not considered as a comprehensive security measure, especially by small and medium scale enterprises.
Impact of COVID-19 on the Big Data Security Market
With many employees working from home and students learning virtually, enterprise virtual private network (VPN) servers have now become a new lifeline to organizations and institutions during COVID-19 pandemic. Thus, the rapid adoption of new approaches exposed the vulnerability of organizations and institutes against potential cyber risks. One of the major factors in the rise of attacks on corporate emails includes spurts of COVID-19 websites offering fake prepositions in exchange for personal information. For instance, spear-phishing email attacks related to COVID-19 have increased by 667% since the end of February.
In 2020, the impact of the COVID-19 outbreak on the global big data security market started in China, one of the world's largest producers and consumers for portable devices, including smartphones, computers, and tablets. Moreover, this pandemic is also expected to adversely affect the big data security market in many countries across the globe, including India, the U.S., Brazil, and European countries. However, as most of the IT companies adopted work-from-home policies in response to the COVID-19 pandemic, cybersecurity has become a grave issue for organizations across the globe and thus, is expected to provide some relief to the global big data security market and help the market to recover at a much faster rate.
The global big data security market study presents historical market data in terms of value (2018 and 2019), estimated current data (2020), and forecasts for 2027. The market is segmented on the basis of component (solution, services), technology (identity and access management, security information and event management, intrusion detection system/intrusion prevention system, unified threat management, and others), deployment (on-premises, cloud), industry size (SMEs, large enterprises), and geography. The study also evaluates industry competitors and analyses the market at a country level.
Based on component, the solutions segment is estimated to command the largest share of the overall big data security market in 2020. The growth of this segment is attributed to the increasing concern regarding the endpoint device security & privacy and increasing number of new entrants providing security solutions against the cyber-attacks. Besides, prominent players are investing valuable resources to enhance the capabilities of big data solutions for more dynamic security threats. This has encouraged organizations to incorporate big data security solutions according to their needs. However, the services segment is expected to grow at the fastest CAGR during the forecast period. The growing demand for big data security solutions from small and medium scale enterprises is one of the key factors contributing to the growth of the services segment over the forecast period.
Based on technology, the identity and access management segment is estimated to command the largest share of the overall big data security market in 2020, owing to the continuous developments in data security and rapid use of web and smartphone application. The identity and access management market growth are primarily driven by the increased demand in security governance, distributed systems, and workforce & enforcement concerns, as well as lower quality of security services within organizations. However, the intrusion detection and prevention systems segment is expected to witness rapid growth during the forecast period. With a consistently growing demand for employee mobility software and mobility service management, the intrusion prevention and detection segment is expected to register progressive growth rate in coming years.
Based on deployment model, the on-premise segment is estimated to command the largest share of the overall big data security market in 2020. The on-premise model of deployment is majorly adopted by well-established and large companies that are capable of making capital investments towards the required hardware and hosting environment. In addition, these organizations also need sufficient in-house IT expertise to maintain software efficiency. Internal big data security is one of the major benefits of an on-premise deployment. However, the cloud segment is expected to grow at the fastest CAGR during the forecast period. The adoption of cloud computing and storage systems is gaining popularity among small and medium scale enterprises. The benefits of cloud infrastructure, such as ease of adoption, minimal requirement of in-house infrastructure, scalability, and easy installation of data security solutions are supporting the growth of this segment.
Based on industry size, the large enterprise segment is estimated to command the largest share of the overall big data security market in 2020. There is a greater adoption of internet-connected devices by large corporations, which is driving the demand for real-time big data security solutions and services. However, the small and medium-sized category is projected to grow with the highest CAGR during the forecast period. Currently, the market is witnessing an upsurge of several SMEs, and the subsequent requirements for establishing a secure network is also growing. These companies readily incorporate big data security solutions in order to protect business data from unauthorized access, information misuse, and other malicious activities. Consequently, the growth in the number of small and medium scale enterprises and their proliferating demand for big data security is propelling the growth of this segment.
Geographically, the North America region is estimated to command the largest share of the global big data security market in 2020. This region is a home to several leading big data security providers and has also experienced several cyber-attacks in the recent past. The region produces a huge amount of data, which can be attributed to early adoption of technologies and high penetration of security solutions in multiple verticals and thus is the largest market for big data security solutions. However, Asia-Pacific region is expected to witness rapid growth during the forecast period. The growth of this market is mainly attributed to growing technology expenditure in the region and the demand for cost-effective advanced analytical solutions among SMEs during the forecast period. Besides, developing countries in the region are marching towards digitalization and are quite vulnerable to rising cyber-attacks and frauds. This encouraged the players in the Asia Pacific region to invest in security and thus stimulating the market growth in the region.
The global big data security market is fragmented and dominated by several major players, namely Cisco Systems Inc. (U.S.), Check Point Software Technologies, Ltd. (U.S.), IBM Corporation (U.S.), Fortinet, Inc. (U.S.), FireEye Inc. (U.S.), Microsoft Corporation (U.S.), Symantec Corporation (U.S.), Oracle Corporation (U.S.), Dell Technologies Inc. (U.S.), Gemalto N.V. (Netherland), Hewlett Packard Enterprise (U.S.), McAfee LLC (U.S.), Imperva, Inc. (U.S.), and LogRhythm, Inc. (U.S.), among others.
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