Data Security Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 28.88 Billion |
| Market Size (2029) | USD 68.29 Billion |
| CAGR (2024 - 2029) | 18.78 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Data Security Market Analysis
The Data Security Market size is estimated at USD 28.88 billion in 2024, and is expected to reach USD 68.29 billion by 2029, growing at a CAGR of 18.78% during the forecast period (2024-2029).
Data volumes have been growing because of information applications, including storing and mining massive or commercial data. These applications are dynamic and multifunctional. Data Security is crucial for preserving the authenticity and integrity of the data as well as for preventing attacks. Additionally, hackers are deploying malware like Odinaff, Danabot, Camubot, Backswap, etc., which has increased data vulnerability to security threats, leading businesses and customers to demand more effective security solutions.
- According to the Center for Strategic and International Studies (CSIS) and McAfee, cybercrimes cost the globe around USD 600 billion annually, or 0.8% of global GDP, and encompass data damage and destruction, money theft, lost property, intellectual property theft, and other sectors. The development of security and vulnerability management software and services is anticipated to be accelerated by such causes.
- The need for the data security market has grown due to rising digitalization trends and digital data generation. The creation of digital data has dramatically expanded over the last few decades, and this trend is anticipated to continue. The growing daily use of digital devices like smartphones and laptops is one of the main factors causing this rise in digital data generation. Additionally, the Data Security Market has expanded due to the rising popularity of the Internet of Things (IoT) and the data produced by numerous IoT devices.
- Strict laws, like GDPR, PCI DSS, ISO, and others, are being placed on businesses as they go through a digital transformation to protect systems from data breaches, irrespective of the sector or industry that the organization operates. Regulations and compliances require enterprises to implement efficient security solutions, which supports the expansion of the data security market.
- Implementing data security technologies like Data Auditing, Data Real-time Alerts, Data risk assessment, Data minimization, and Purging of stale data could help organizations prevent breaches, reduce risk, and sustain protective security measures to prevent data loss.
- Finding and analyzing sensitive data among the structured and unstructured data collected from various sources has become a significant concern, which is expected to hamper the market growth. Moreover, young start-ups' cybersecurity budgets must be increased to implement Next-Generation Firewalls (NGFWs) and Advanced Threat Protection (ATP) technologies. Small businesses in emerging economies need help adopting data security solutions due to significant concerns, including a shortage of capital and limited investment.
- Since many employees work from home and connect the company's data, which is more important, government, public, and private businesses have launched many initiatives to overcome phishing attempts during COVID-19. Additionally, the use of third-party applications has grown significantly during the pandemic. As a result of all these factors, IT infrastructure is now more susceptible to viruses and cyberattacks. Companies have been compelled to enhance security measures, which has benefited the global data security market. For instance, spear-phishing email attacks related to COVID-19 have increased by 67% since December last year.
Data Security Market Trends
This section covers the major market trends shaping the Data Security Market according to our research experts:
Data Security Technologies As the Greatest Asset
- A robust data security strategy could help organizations stay compliant and reduce exposure to threats in various industries, including retail, finance, healthcare, and government. When used following the principles of confidentiality, integrity, and availability, data would be the most valuable resource that helps organizations improve decisions, carry out strategic initiatives, and build stronger bonds with clients and business partners.
- Data security technologies include firewalls, authentication and authorization, encryption, data masking, hardware-based security, data backup and resilience, and data erasure. It plays a vital role in business operations, development, and finances. By protecting data, companies can prevent data breaches and damage to reputation and better meet regulatory requirements. According to the ThoughtLab report, there was a rise of 15.1% in the number of data breaches in the previous year. Also, IDG reports that 68 percent of CIOs anticipate spending more on data security over the upcoming years.
- AI and multi-cloud services play a significant part in data security. Artificial intelligence (AI) assists security operations analysts in keeping ahead of threats and hazards to make crucial decisions and remediate problems as data phishing and cyberattacks increase in volume daily. As enterprises today are accumulating data from numerous sources, securing information is of utmost importance for companies. AI and ML in data security can assist security analysts in reducing the time taken by authorities to prevent data thefts. As AI and ML focus on securing information by working with algorithms provided to them, they can also learn about how specific threats are classified. With such techniques, these technologies can quickly scan through the abnormal behavior of the system and determine if abnormalities classify as potential threats.
- The majority of cutting-edge businesses rely on multi-cloud services. These take advantage of many cloud computing service providers to provide an organization with a comprehensive security solution from a wide range of possibilities. This service gives firms more flexibility, improved cost management, and increased resilience. The ability to monitor and manage workloads across different public clouds from a single interface using multi-cloud technologies and processes reduces data breaches and improves data security.
- Cloud data security software secures information stored using cloud services or cloud-based applications. These tools can facilitate data security by enforcing cloud access control and storage policies. Companies utilize the tools to implement security protocols, monitor access, and protect information stored within and transferred through cloud applications.
Asia-Pacific witnessed Market Expansion
- Data security solutions are anticipated to grow in demand during the forecast period due to the quick uptake of Internet technologies and the increased number of devices across various industries. An increase in attacks and data phishing on these connected devices was also projected by the National Institute of Information and Communication Technology. Such occurrences drive the market for data security by pushing companies to develop solutions that allow them to predict the possibility of such incidents.
- Investments by governments and corporate enterprises in security-related products, including VPN, endpoint protection, and security testing, have increased in the Asia Pacific region due to the availability of large businesses that serve domestic and international clients.
- A prominent trend in the Asian market is the growing use of IoT devices, such as BYOD, to access healthcare, banking, travel, hospitality services, etc. This ever-increasing trend indicates a significant opportunity for the data security industry. According to SPDI Rules, sensitive and personal data that includes passwords, financial information, medical records, etc., should be protected and cannot be misused for any individual needs unless involved in legitimate purposes. Hence effective data security techniques are to be implemented to avoid data loss.
- With an increase in cloud computing, mobile technology, and social media, reports on data security breaches have become prevalent in Asia Pacific countries. For instance, in July last year, the Five Eyes countries (the U.S., Canada, the U.K., Australia, and New Zealand), along with NATO, expressed concerns over a series of malicious cyberattacks, such as the Microsoft Exchange Hacks and cyberattacks that shook medical research institutes and universities.
Data Security Industry Overview
There are numerous prominent companies in the fiercely competitive data security Industry. Some of the most famous players now control the market regarding market share. However, as security services develop, new companies are becoming more prevalent on the market and extending their geographic reach for their businesses. Depending on the level of data security required, businesses are becoming more conscientious and aware of the data stored in various systems. As a result, small and medium enterprises are taking advantage of services from firms like IBM, McAfee, Intel, Cybereason, Verizon, AT&T, etc.
- In June 2022, Varonis Systems, Inc., a pioneer in data security and analytics, announced new features to improve safety and boost data visibility in Amazon Simple Storage Service (S3), which gives customers a single pane of glass to protect critical data across their IaaS and SaaS ecosystem.
- In March 2022, The Mobile Device Management (MDM) solution from Syxsense, a leader in IT and data security management solutions, includes all the tools required to apply effective management to mobile endpoints, including Device Enrolment, Inventory, and Configuration Management, Application Deployment and Rollback, Data Containerization, and Remote Device Lock/Reset/Wipe, allowing Technology expertise to wipe sensitive data from lost or stolen devices to provide data security.
Data Security Market Leaders
IBM Corporation
Cisco Systems Inc
101 Data Solutions
Zimcom Internet Solutions
Comforte AG
Thales
Lepide USA Inc
Varonis Systems Inc
Check Point Software Technologies Ltd
Microsoft Corporation
Oracle Corporation
*Disclaimer: Major Players sorted in no particular order
Data Security Market News
- July 2022 - Trellix has achieved Amazon Web Services (AWS) Security Competency status in the Data security and protection category by developing a solution that identifies and responds to millions of malicious objects and URLs daily. This designation honors Trellix's extensive technical expertise and proven success in assisting customers in enhancing their security, especially in the cloud sector.
- June 2022 - Comforte AG, an enterprise data security provider, and M² Business Consulting GmbH have launched a new relationship to help large enterprises in the DACH region adapt to new and emerging IT more rapidly and securely. This partnership enables digital innovation in organizations looking to apply data analytics securely and adopt data privacy standards to protect crucial data, thus ensuring growth in the data security market.
Data Security Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rise in Digitization Trends and Digital Data Production
4.2.2 Increase in Data Security Technologies
4.3 Market Restraints
4.3.1 Identifying and Analyzing Sensitive Information and Costly Installation
4.4 Industry Value Chain Analysis
4.5 Industry Attractiveness - Porter's Five Force Analysis
4.5.1 Bargaining Power of Suppliers
4.5.2 Bargaining Power of Consumers
4.5.3 Threat of New Entrants
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Assesment of Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Component
5.1.1 Solutions
5.1.2 Services
5.2 By Deployment
5.2.1 Cloud
5.2.2 On-premises
5.3 By Organization Size
5.3.1 Small and Medium Enterprises
5.3.2 Large Enterprises
5.4 By End-user Industry
5.4.1 Retail
5.4.2 Healthcare
5.4.3 Manufacturing
5.4.4 Banking, Financial Services and Insurance
5.4.5 Government
5.4.6 IT & Telecommunications
5.4.7 Other End-user Industries
5.5 Geography
5.5.1 North America
5.5.2 Europe
5.5.3 Asia-Pacific
5.5.4 Latin America
5.5.5 Middle East & Africa
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 IBM Corporation
6.1.2 Cisco Systems Inc
6.1.3 101 Data Solutions
6.1.4 Microsoft Corporation
6.1.5 Zimcom Internet Solutions
6.1.6 Comforte AG
6.1.7 Thales
6.1.8 Lepide USA Inc
6.1.9 Varonis Systems Inc
6.1.10 Checkpoint Software Technologies Ltd
6.1.11 Oracle Corporation
- *List Not Exhaustive
7. INVESTMENT ANALYSIS
8. MARKET OPPORTUNITIES AND FUTURE TRENDS
Data Security Industry Segmentation
Data security prevents digital data from being accessed by unauthorized parties, corrupted, or stolen at any point in its lifecycle. It is a concept that covers all elements of information security, including administrative and access controls, logical safety of software programs, and physical security of hardware and storage devices. Organizations might efficiently preserve and secure their crucial information against data breaches by implementing security solutions that assist businesses in streamlining their security framework, efficiently managing security flaws, and operating all their security products from a single platform.
Data Security Market is segmented by deployment (Cloud, On-Premise), By Organization Size (Small and Medium Enterprises, Large Enterprises), By End-user Industry (Retail, Healthcare, Manufacturing, BFSI, Government, IT & Telecommunications, Others), and by Geography (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa).
The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.
| By Component | |
| Solutions | |
| Services |
| By Deployment | |
| Cloud | |
| On-premises |
| By Organization Size | |
| Small and Medium Enterprises | |
| Large Enterprises |
| By End-user Industry | |
| Retail | |
| Healthcare | |
| Manufacturing | |
| Banking, Financial Services and Insurance | |
| Government | |
| IT & Telecommunications | |
| Other End-user Industries |
| Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| Latin America | |
| Middle East & Africa |
Data Security Market Research FAQs
How big is the Data Security Market?
The Data Security Market size is expected to reach USD 28.88 billion in 2024 and grow at a CAGR of 18.78% to reach USD 68.29 billion by 2029.
What is the current Data Security Market size?
In 2024, the Data Security Market size is expected to reach USD 28.88 billion.
Who are the key players in Data Security Market?
IBM Corporation , Cisco Systems Inc , 101 Data Solutions , Zimcom Internet Solutions, Comforte AG, Thales, Lepide USA Inc, Varonis Systems Inc, Check Point Software Technologies Ltd, Microsoft Corporation and Oracle Corporation are the major companies operating in the Data Security Market.
Which is the fastest growing region in Data Security Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Data Security Market?
In 2024, the North America accounts for the largest market share in Data Security Market.
What years does this Data Security Market cover, and what was the market size in 2023?
In 2023, the Data Security Market size was estimated at USD 24.31 billion. The report covers the Data Security Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Data Security Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the Future trends in Data Security Technology?
The future trends in Data Security Technology are a) AI-powered threat detection b) Blockchain for secure data storage c) Zero-trust security models
What are the challenges faced by the Data Security Market?
The major challenges faced by the Data Security Market are a) Complexity of data security solutions b) Shortage of skilled cybersecurity professionals c) Evolving nature of cyber threats
Data Security Industry Report
The global big data security market is witnessing remarkable growth, fueled by the rising adoption of big data analytics across enterprises and an increased need for data security measures amidst growing cyberattack risks. This growth is further supported by the shift to remote work policies, digital technologies like cloud solutions, and stringent data protection laws worldwide. The integration of Artificial Intelligence (AI) and Machine Learning (ML) technologies into big data security solutions is enhancing efficiency and protection, driving market expansion. With segments based on components, deployment modes, organization sizes, technologies, and end-use industries, the market's comprehensive approach caters to the diverse needs within the big data security landscape. The emphasis on data security across sectors highlights the importance of protecting valuable data against cyber threats, contributing to the market's overall growth. According to Mordor Intelligence™ Industry Reports, the data security market share, size, and revenue growth rate are on the rise, with forecasts and historical overviews indicating a promising outlook. For detailed insights, a free report PDF download is available, offering an in-depth analysis of the data security size and market trends.
