Big Data Security Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Big Data Security Market Analysis

The Big Data Security Market was at USD 14.90 billion in 2020, and it is expected to reach USD 38.23 billion by 2026, at a CAGR of 17.1% over the forecast period 2021 - 2026. Security is a significant concern that restricts enterprises from opting for Big Data deployments either on-premise or hosted on the cloud or virtual environments.

• When cybercriminals target large data sets, the payoff is frequently well worth the effort required to breach security layers, which is why big data is a major potential for businesses and cybercriminals. When they go after such a massive data set, they have a lot more to gain. As a result, companies stand to lose a lot more if they are subjected to a cyber attack without adequate security measures.
• Traditional data mining and cyber-attack protection techniques and technologies just are not enough for many firms, especially those that handle such massive volumes of data. As a result, cybersecurity professionals are increasingly turning to big data analytics. With data being routed through a circuitous path, from a data source (such as CRM, sensors) to data storage and to the analysis stage, the Big Data environment is vulnerable in various ways and is a valuable target for intruders.
• Although enterprises deploy Big Data platforms using the Hadoop open-source framework or other sources, the frameworks lack comprehensive security plans. The inherent mechanisms have limitations that may not be secured enough just by data encryption. This demands the security of Big Data in enterprises.
• Workers have been urged to work from home and even'stay at home' because of government limitations established in reaction to the covid outbreak. Because of this, technology has become increasingly vital in the professional and private life. However, despite the growing need for technology, many organisations still do not provide a "cyber-safe" remote-working environment for their employees to work in. Whereas most business meetings used to be held in person, they are now held virtually.
• Switzerland's National Cyber Security Center (NCSC) announced in June 2020 that 350 cyberattacks (phishing, fraudulent websites, direct attacks on organisations, etc.) were reported in Switzerland in April, compared to the norm of 100-150. In addition to the covid pandemic, more people are working from home because they don't have the same level of protection/deterrent measures as those who work in an office (e.g. internet security).

Big Data Security Industry Segments

Big data security is the aggregate term for all the measures and tools used to safeguard and defend both the data and analytics processes from attacks, theft, or other malicious activities that could harm or negatively affect them. The scope comprises components, organization size, and end-users, along with geography.

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Big Data Security Market Trends

This section covers the major market trends shaping the Big Data Security Market according to our research experts:

High Demands for Data Security in Manufacturing Sector to Drive the Market Growth

• Manufacturing remains a critically important part of the world’s economic engine, but the roles it plays in advanced and developing economies have shifted dramatically. Big Data is essential in achieving productivity and efficiency gains and uncovering new insights to drive innovation.
• International news has been made of the latest high-level cyberattacks, such as one on Colonial Pipeline in the United States. Similarly, the automotive and tyre industries are vulnerable to these types of data breaches. Honda, for example, was targeted by ransomware in June 2020, which disrupted the brand's capacity to serve customers for a period of time.
• Government across regions, like Germany, US, China, and India are focusing on smart manufacturing techniques by increasing automation and industrial control systems (ICS) (like SCADA, DCS, PLCs). These techniques create a connected, automated environment and increase the operational efficiencies by making use of data from sensors and other industrial control devices.
• The same industry trends that make manufacturing more streamlined such as the Internet of Things (IoT) and Bring Your Own Device (BYOD) also increase exponentially the potential for cyber attacks to occur. Such attacks, whether through cyber espionage or distributed denial of service (DDOS) and Web application attacks, can wreak havoc on a manufacturing company’s reputation. If the breach is severe enough, a company might never regain losses just due to not taking appropriate data security measures.
• The cybersecurity risks to the manufacturing sector include everything from operational downtime to physical damage, product manipulation and the theft of intellectual property and sensitive data. Although the growth in the industrial 4.0 practices across manufacturing industries provides more scope for the Big Data analytics over the forecast period, the security threats are reported to be the major concerns for the manufacturers. The aforementioned factors may discourage companies to incorporate digital capabilities, thus creating scope for the Big Data security solutions.

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