Market Trends of Data Security Industry
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.
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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.
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