Data Security Market Size

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.