BANGALORE, India, May 6, 2021 /PRNewswire/ -- The Big Data Security Market is Segmented By Solution Type (Data Discovery & Classification, Data Authorization & Access, Data Encryption, Tokenization & Masking, Data Auditing & Monitoring, Data Governance & Compliance, Data Security Analytics, & Data Backup & Recovery), Deployment Mode (On-Premise and Cloud), Organization Size (Small & Medium Enterprise and Large Enterprise), and Industry Vertical (IT & ITES, Telecommunications, Healthcare & Social Assistance, Financial & Insurance, Retail Trade, Utilities and Others). The report covers global opportunity analysis and industry forecast from 2020 to 2027. It is published on Valuates Reports in the Software & Services Category.
The global big data security market was valued at USD 13,720 Million in 2019 and is projected to reach USD 54,237 Million by 2027, registering a CAGR of 18.8% from 2020 to 2027.
Big Data security is the processing of protecting data and analytics processes, both in the cloud and on-premise, from any number of factors that could compromise their confidentiality.
Major factors driving the growth of the big data security market are:
Big data is getting widely used by businesses and governments, with powerful analytics being used to guide decision-making. Thus the massive increase in data is fueling the need for big data security.
The implementation of Big Data protection in several verticals, such as banking, finance, government, and healthcare, is expected to increase as sophisticated cyberattacks become more common.
Cloud-based software, IoT, and the security ecosystem have all become more complicated as a result of the widespread use of digital payments. Hence businesses, including major technology firms, are increasingly adopting the Big Data environment.
POST COVID-19 IMPACT ON THE BIG DATA SECURITY MARKET
Post COVID-19, the size of the global Big Data security market is estimated to be USD 16,257 million in 2020 and is projected to reach USD 54,237 Million by 2027.
The COVID pandemic has had a positive effect on the Big Data security market. As many companies were forced to turn to remote working and work from home, there is an increase in the generation of additional raw data. This has furthermore increased the probability of cyber-attacks, thereby driving the development of big data security frameworks and solutions.
TRENDS INFLUENCING THE GROWTH OF BIG DATA SECURITY MARKET
Increase in digitization trends and increased penetration of digital devices such as smartphones and computers is expected to drive the growth of the big data security market. Furthermore, the growing popularity of the Internet of Things (IoT) and the data generated by various IoT devices have contributed to the rise in demand for data protection. With big data tools and analysis solutions becoming more prevalent in modern business infrastructure, big data protection solutions are becoming more popular to help protect enterprise and consumer data.
Rising cyber-attacks demand for scalable big data security solutions is expected to increase the growth of big data security market size. The primary goal of targeted attacks is to gain access to a company's or organization's network and steal sensitive data. Business-critical activities in companies are adversely affected as a result of these targeted attacks in terms of business interruption, intellectual property loss, financial loss, and loss of critical and confidential customer information. Hence to protect these massive data from such attacks, security becomes a mandate, thereby increasing the demand for big data security.
The deployment of web and cloud-based platforms has increased the need for security, thereby contributing to the growth of the big data security market. In addition, the introduction of actionable intelligence to reduce data loss and the prioritization of network-based paradigms are some of the other factors that drive market growth.
The introduction of cloud-based big data security solutions is expected to increase the big data security solution market. Cloud-based implementation of big data protection solutions will assist organizations in lowering costs associated with costly hardware storage, electricity, cooling, and the depletion of IT personnel required to continuously track the network to eliminate IT storage costs.
By deployment, the cloud segment is estimated to be one of the most lucrative in the big data security market.
Unlike conventional on-premises deployment models, cloud-based big data security solutions provide a cost-effective way for businesses in a variety of industries to improve their security. One of the most important factors influencing the adoption of cloud-based security solutions over on-premises security solutions is pricing.
Based on region, The Asia-Pacific market is expected to register the highest growth rate during the forecast period.
APAC includes some of the world's biggest economies, including China, Singapore, Japan, and Australia. Because of these countries' economic significance, a large amount of data is being transmitted through networks that are vulnerable to security breaches.
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SIMILAR REPORTS :
- The global Database Security market is projected to reach USD 4884.4 Million by 2026, from USD 2275.7 Million in 2019, at a CAGR of 11.4% during 2021-2026.
- The global Managed Security Services market is projected to reach USD 42,250 Million by 2026, from USD 21,680 Million in 2020, at a CAGR of 11.8% during 2021-2026.
- The Global Cyber Security Market size is expected to grow from USD 158,425.94 Million in 2019 to USD 267,420.59 Million by the end of 2025 at a CAGR of 9.11% during the forecast period.
- The global Cloud Security market is projected to reach USD 16230 Million by 2026, from USD 4322.2 Million in 2019, at a CAGR of 20.7% during 2021-2026.
- The global Authentication Services market is projected to reach USD 1926 Million by 2026, from USD 633.6 Million in 2019, at a CAGR of 17.1% during 2021-2026.
- The global Security Orchestration market is projected to reach USD 1978.4 Million by 2026, from USD 1071.8 Million in 2019, at a CAGR of 8.7% during 2021-2026.
- The global Endpoint Security market is projected to reach USD 17870 Million by 2026, from USD 12860 Million in 2019, at a CAGR of 4.8% during 2021-2026. The major factors driving the growth of the Endpoint Security Market size are the need to mitigate IT security risks, growing BYOD trends among organizations, and increase in the frequency of endpoint attacks.
- The global Physical Security market is projected to reach USD 102470 Million by 2026, from USD 74850 Million in 2019, at a CAGR of 4.1% during the forecast period 2021-2026. Because of the growing need for protection against increasing terrorist attacks, illegal immigration, and criminal activities in the region, North America is expected to lead the market. In addition, stringent government regulations for safety and protection, as well as technological advancements in physical security technologies such as video surveillance, are fueling the market's growth in North America.
- The global Network Security Market is segmented by Type Software Product, Hardware Product, by Application Bank, Government, Enterprise and by various regions.
- The global Security as a Service market size is projected to reach USD 16920 Million by 2026, from USD 6758.8 illion in 2019, at a CAGR of 13.5% during 2021-2026. The commercial segment dominated the industry, accounting for roughly half of the overall market share. Since they use a variety of security technologies such as electronic article monitoring systems, radio frequency identification systems, and video surveillance systems, retail companies are the leading contributors to this market segment.
- The Data Security Software Market is segmented by Type On-Premise, Cloud-based, by Application Individual, Enterprise, Others and by various regions.
- The global big data and business analytics market size was valued at USD 193.14 Billion in 2019, and is projected to reach USD 420.98 Billion by 2027, growing at a CAGR of 10.9% from 2020 to 2027. The increased adoption of big data analytics tools by various organizations to provide enhanced & quicker decision-making and to provide competitive advantage by analyzing and acting on information in a timely manner is driving the global big data and business analytics market forward. Furthermore, the growing demand for cloud-based big data analytics tools among small and medium businesses has a positive effect on the market's growth.
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