Big Data Security Market size was estimated at USD 18.3 billion in 2021 and is expected to reach USD 54.1 billion by 2029, expanding at a CAGR of 14.5% over the forecast period 2022-2029 attributed to growing concerns related to data security.
Major Big Data Security Market Drivers
Primary factors driving big data security market are rising number of target-based cyber-attacks, huge volumes of data generated by businesses and expansion in the Information Technology (IT) sector. Nowadays, number of target-based data breaches are increasing frequently. As per recent estimates, more than 4100 publicly data breaches were registered in 2021, this figure increased by 5% in 2022. Big companies have massive amounts of personal identifiable information such as phone number, name and license number of employees and clients. Attackers tries to target such information can result into financial losses for companies. To prevent these data, companies are increasingly adopting big data security solutions, which is accelerating the growth of big data security market. In addition, incorporation of Artificial Intelligence (AI) and Machine Learning with big data security products and rising research and development initiatives by enterprises, are augmenting the market growth.
Use of big data security solutions has increased rapidly amongst enterprises for improving their efficiency. As the use of these solutions are increasing enterprises are facing difficulties in managing processes and transaction logs. Use of big data is not limited to businesses, hackers too are coming up with new solutions which can penetrate security walls of big data. Demand for efficient big data security solutions will increase in future as traditional systems will not able to handle advanced cyber-attacks. In addition, cloud-based solutions are gaining popularity in the big data security market as it is easy to access, eases data management processes and is less expensive. However, many companies are hesitant to use big data security products due to its high installation cost and start-ups generally have low cybersecurity budgets, which restricts them in adopting these solutions.
Based on Deployment Mode, Cloud segment is expected to grow at a faster rate.
Organizations are increasingly deploying cloud based big data security solutions as it increases their scalability, improves overall IT security arrangements. On-premise deployments such as next-generation firewalls provide increases organization’s control over big data security solutions.
Based on Organization Size, Large Enterprises segment is estimated to capture a significant share in the big data security market.
Big data security solutions are gaining traction amongst large companies as these solutions helps them in protecting important assets like data centers and applications from malicious ransomware.
Based on Region, North America is estimated to dominate the market
North American region is home to some of the leading big data security vendors such as Google, Amazon Web Services and IBM Corporation. Surge in the adoption of Internet of Things (IoT) based devices and rising number of cyber-attacks, are increasing the demand for big data security solutions in the North American region. In addition, companies are increasingly using big data security solutions for increasing risk management and customer management capabilities, which is accelerating its adoption in the region.
Top Market Players
Some of the leading players operating in the big data security market are Talend, Check Point Software Technologies Ltd., FireEye, Inc., IBM, Oracle, Google, Amazon Web Services (AWS), Rapid7, and, Hewlett Packard Enterprise Development LP, among others.
- In August 2022, Anaconda partnered with Oracle to develop secure open-source Python and R tools and packaging.
- In July 2022, IBM one of the world’s largest IT companies, completed the acquisition of Databand.ai. This acquisition helped the company to expand its software portfolio across AI and Automation.
Segmentation by Component
o Data Discovery and Classification
o Data Authorization and Access
o Data Encryption
o Tokenization and Masking
o Data Auditing and Monitoring
o Data Governance and Compliance
o Data Security Analytics
o Data Backup and Recovery
Segmentation by Deployment Mode
Segmentation by Organization Size
o Large Enterprises
o Small and Medium-sized Enterprises
Segmentation by Vertical
o Information Technology and Information Technology-Enables Services
o Healthcare and Social Assistance
o Retail Trade
Segmentation by Region
• Asia Pacific
o Rest of APAC
• North America
o United States of America
o United Kingdom
o Rest of Europe
o South Africa
o Saudi Arabia
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
Media Contact Company Name: GMI RESEARCH Contact Person: Sarah Nash Email: firstname.lastname@example.org Phone: Europe – +353 1 442 8820; US – +1 860 881 2270 Address: Dublin, Ireland Website: https://www.gmiresearch.com/