Big Data Security Market Worth $64.4 Billion by 2027

LONDON – March 5th, 2020 – According to a new market research report “Big Data Security Market by Component (Solution, Services), Application (Identity and Access Management, Security Information and Event Management, Intrusion Detection System), Deployment, Industry Size (SMEs, Large Enterprises)- Global Forecast to 2027”, published by Meticulous Research®, the overall big data security market is expected to grow at a CAGR of 17.2% from 2019 to reach $64.4 billion by 2027.

The global big data security market is witnessing a consistent growth and is expected to maintain its growth throughout the forecast period. The growth in this market is majorly attributed to factors such as growing e-commerce companies and emergence of disruptive digital technologies. The rising sense of data security and privacy among organizations owing to the increasing occurrences of cyberattacks is encouraging organizations to incorporate big data security. Furthermore, growing volume of business data and advancements of different IoT & other security intelligence devices are also contributing to the overall growth of the big data security market. However, lack of security expertise and skilled personnel are some of the major factors restricting market growth.

According to the data published by a leading cybersecurity consulting firm, in 2018, there were 80,000 cyberattacks in various organizations, globally. In order to safeguard data and privacy, almost every organization across different sectors is incorporating big data security as their primary tool against cyber-attacks and data thefts. This has undoubtedly boosted the demand for big data security from the past few years and is expected to maintain its significance in the coming years.

The global big data security market is segmented by component (solution, services), application (identity and access management, security information and event management, intrusion detection system /intrusion prevention system, unified threat management, others), deployment (on-premises, cloud), industry size (SMEs, large enterprises), and geography.

Based on component, the solutions segment is expected to witness rapid growth in the overall big data security market during the forecast period. The growth of this segment is attributed to the rising concerns associated with preventing data thefts and data breaches. Incorporating appropriate security solutions has become an inherent need of organizations and therefore, would result in higher implementation of robust big data security solutions. The big data security solutions market is further sub-segmented into encryption, backup and recovery, security intelligence, access control, and big data governance. Among these, the adoption of encryption solution sub-segment is expected to witness rapidly, due to its flexible, affordable, and scalable features as well as ability to provide the highest level of data security and reliability.

Based on application, the identity and access management application segment commanded the largest share of the overall big data security market in 2019, owing to the continuous developments in data security and rapid use of web and smartphone application. The growth of the identity and access management application segment is primarily driven by the increased demand in security governance, enforcement concerns, distributed systems and workforce, as well as lower quality of security services within organizations. However, the intrusion detection and prevention system segment is expected to witness the fastest growth during the forecast period. With a consistently growing demand for employee mobility software and mobility service management, the intrusion prevention and detection segment will register significantly high growth rate as compared to the other application segments.

The geographical scenario of the overall big data security market provides detailed qualitative and quantitative insights about the five regions including North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. North America commanded the largest share of the overall big data security market in 2019, followed by Europe and Asia Pacific. The large share of this region is mainly attributed to the growing investments in big data security solutions owing to the rise in cyber-attacks and data breaches. In 2017, there were over 130 large-scale, targeted data breaches in the U.S., and that number is expected to augment by 27% per year. In 2019, the U.S. government approved $15 billion on cyber associated activities, a 4.1% ($583.4 million) rise over previous year’s expenditure. However, Asia-Pacific region is expected to witness rapid growth during the forecast period. The growing digitization and disruptive digital technologies across several developing countries including India and China are offering tremendous growth opportunities for the leading big data security providers in the APAC region.

Written by Yahoo Finance
Photo: Cyber Security

https://finance.yahoo.com/news/big-data-security-market-worth-134103523.html