Big Data Security Market Statistics: 2027
The global big data security market size was valued at $13,720 million in 2019, and is projected to reach $54,237 million by 2027, registering a CAGR of 18.8% from 2020 to 2027. Big Data security is the processing of guarding data and analytics processes, both in the cloud and on-premise, from any number of factors that could compromise their confidentiality. Enterprises are increasingly adopting big data, using powerful analytics to drive decision-making, identify opportunities, and boost performance. However, the massive increase in data usage and consumption leads to big data security concerns. However, big data adoption primarily introduces storage and manageable issue, which is primarily restraining the market growth.
In 2019, the global big data security market share was dominated by the data security and analytics segment, and is expected to maintain its dominance in the upcoming years, as developments in technology such as the deployment of web and cloud-based platforms increased the need for security and contributed to the growth of the 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 the market development. Data backup and recovery is estimated to emerge as fastest growing segment. The importance of data backup and recovery is equal to the amount of data to be created and stored. The organization has very sensitive data due to viruses, and corruption of files can cause data to be lost. To mitigate this phenomenon, enterprises are focusing toward the adoption of data backup and recovery solution, which drives the growth of the data backup and recovery market
Many industry verticals in North America use large data services to improve risk management and customer marketing skills. Most of the security vendors are based in North America, which makes the region the early adopter of new and advanced security technologies. As a result, North America is expected to dominate the big data security market during the forecast period. Moreover, increase in sophisticated cyberattacks is anticipated to drive the implementation of Big Data security in several verticals such as banking, finance, government, and healthcare sectors. With the widespread use of digital payments, cloud-based applications, IoT, and security ecosystem have become more complex. Businesses in the region, including major technology companies, such as Intel, are increasingly embracing the Big Data environment.
In addition, White House has also invested more than $200 million in Big Data projects. In addition, SaaS acquisition is also increasing among local SMEs, which also puts them at risk of threats. As data breaches are also on the rise, the need for Big Data security is critical to the region.
The report focuses on the growth prospects, restraints, and big data security market analysis. The study provides Porter’s five forces analysis of the network security industry to understand impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the network security market trends.
The big data security market is mainly segmented on the basis of solution, deployment, and organization size and industry verticals. Based on solution, the market is segmented into data discovery & classification, data authorization & access, data encryption, tokenization & masking, data auditing & monitoring, data governance & compliance, data security analytics, & data backup and recovery. Based on deployment, it is divided into on-premise and cloud. By organization size, the market is categorized into small & medium enterprise and large enterprise. Finally, based on industry verticals the market is segmented into IT & ITES, telecommunications, healthcare & social assistance, financial & insurance, retail trade, utilities, and others.
Impact of COVID-19
Post COVID-19, the size of the global big data security market is estimated to be $16,257 million in 2020, and is projected to reach $54,237 million by 2027. The global COVID pandemic has positively impacted on the global market. The big data security market is expected to grow post the COVID-19 pandemic as due to rapid spread of coronavirus across the globe, many businesses had to switch to remote working and work from home modes. This resulted in tons of additional raw data to be generated as a result of this increased online activities along with increase in the number of cyber-attacks; thereby, driving the big data security frameworks and solutions. Furthermore, with this sudden surge in cyber-criminal activities that targeted many organizations and their customers, the demand for improved security of confidential corporate assets rose; thereby, boosting the growth of the market.
Top Impacting Factors
Factors such as rapid adoption of digital technologies and growing significance of data-based trend analysis methods drive the growth of the market during the forecast period. Furthermore, rise in data privacy and security concerns has also created a strong foundation for the market. Additionally, certain advancements within the big data techniques are estimated to propel the usage of big data analytics technology, which in turn provide lucrative opportunity for the market growth.
Increase in Digitization Trends and Digital Data Production:
In recent decades, the digital data production has grown exponentially, and is estimated to continue this trend during the forecast period. Increased penetration of digital devices such as smartphones and computers is one of the key factors that drives the demand for digital data production. Additionally, increase in popularity of the Internet of Things (IoT) and the data produced from various IoT devices have also been contributing to this increase in demand. Massive amount of digital data productions has made it difficult for data analysts to process this data and make sense out of it. Therefore, Big Data tools have to be employed to help process these huge amounts of data to help identifying data trends and present visualization of these data.
With the adoption of big data tools and analysis solutions being common in modern business infrastructure, adoption of big data security solutions is also increasing to help safeguard the enterprise data and consumer data. Therefore, the big data security market has witnessed a significant growth over the past several years and is expected to rise further.
Cloud segment is projected as one of the most lucrative segments.
Rise in Data Privacy and Security Concerns
The importance of Big Data security has been increasing in compliance with regulatory policies that governments and other concerned regulatory bodies have introduced to safeguard sensitive data after the world witnessed many discerning cyber threats and attacks on big data servers and their analysis methods.
Policies such as the General Data Protection Regulation (GDPR) introduced by the European union that enforces seven principles of lawfulness, fairness, and transparency; Purpose limitation; Data minimization; Accuracy: Storage limitation; Integrity and confidentiality (security) and Accountability. GDPR aims for appropriate personal data processing. Processing involves collecting, arranging, structuring, storing, changing, informing, utilizing, interacting, merging, limiting, removing, or destroying personal data. Compliance policies like GDPR and other similar regulations make a business adopt big data security solutions into their big data environment.
APAC is projected as one of the most significant region.
Key Benefits for Stakeholders
- The study provides an in-depth analysis of the big data security market along with current trends and future estimations to elucidate imminent investment pockets.
- Information about key drivers, restraints, and opportunities and their impact analysis on the market size is provided in the report.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- The quantitative analysis of big data security market for the period 2020–2027 is provided to determine the market potential.
Big Data Security Market Report Highlights
By ORGANIZATION SIZE
By INDUSTRY VERTICAL
Key Market Players
CHECKPOINT, GOOGLE, AMAZON WEB SERVICES, IBM CORPORATION, TALEND, ORACLE CORPORATION, MICRO FOCUS, FIREEYE, MICROSOFT, HPE.
The big data security market is experiencing a rapid growth, owing to increase in digitalization that has fueled generation and adoption of digital data. In recent decades, the digital data production has grown exponentially, and is estimated to continue this trend during the forecast period. Increased penetration of digital devices like smartphones and computers in the daily life of average consumers is one of the key factors responsible for the growth of the digital data production. Additionally, increase in popularity of the Internet of Things (IoT) and the data produced from various IoT devices contributes to the growth. High amounts of digital data production have made it difficult for data analysts to process this data and make sense out of it. Big data tools have to be employed to help process these huge amounts of data to help identifying data trends and present visualization of these huge amounts of data.
With the adoption of big data tools and analysis solutions, the adoption of big data security solutions is also increasing to help safeguard the enterprise data and consumer data. Therefore, the big data security market has witnessed a significant growth over the past several years and is expected to grow in the future.
Policies such as the General Data Protection Regulation (GDPR) introduced by the European Union that enforces seven principles of Lawfulness, fairness, and transparency; Purpose limitation; Data minimization; Accuracy: Storage limitation; Integrity and confidentiality (security) and Accountability. GDPR aims for appropriate personal data processing. Processing involves collecting, arranging, structuring, storing, changing, informing, utilizing, interacting, merging, limiting, removing, or destroying personal data. Compliance policies like GDPR and other similar regulations make a business adopt big data security solutions into their big data environment.
The big data security market is competitive and comprises a number of regional and global vendors competing based on factors such as cost of solutions & services, reliability, efficiency of products, and support services. The market is concentrated with major players consuming 45-50% of the share. The degree of concentration is expected to remain same during the forecast period. Furthermore, powerful processing units and storage solutions that are being developed and launched are also widening the market scope for big data security solutions to widen their reach in the modern business operations architecture.