The global Sensitive Data discovery market size was valued at $4.9 billion in 2020, and is projected to reach $34.53 billion by 2030, registering a CAGR of 21.6% from 2021 to 2030. Recovery and cloud backup play a vital role in business continuity strategy. Adoption of cloud backup provides additional benefits such as cost saving, security, storage, and virtualization of the data. Cloud storage solutions provide infrastructure and application support to enterprises at a lower cost than on-premises storage solutions.
In 2019, the global Sensitive Data discovery market share was dominated by the solution segment, and is expected to maintain its dominance in the upcoming years. High adoption of Artificial Intelligence (AI) and Machine Learning (ML) technology has produced large amounts of organized and unorganized data that propels the need to adopt sensitive data discovery solutions in the event of breaches are expected to drive the sensitive data recovery market during the forecast period. In addition, emerging regulations such as the California Consumer Privacy Act (CCPA) and the General Data Protection Regulation (GDPR) to protect sensitive data worldwide, as well as increased investment in data privacy and security by end users, boost adoption of sensitive data discovery tools. Furthermore, rise in demand for sensitive structured and unstructured data retrieval and rise in adoption of cloud computing technologies in various sectors are expected to provide significant opportunities for the market growth.
The services segment is estimated to emerge as the fastest growing segment as several vendors within the Sensitive Data discovery market offer professional services and supply consulting supported client-specific requirements. They provide educational support such as training and classroom lectures (online and offline) to assist clients understand their software and related processes. They also assess risks related to any project and help deploy far better Sensitive Data discovery tools or replace the prevailing one.
The report focuses on growth prospects, restraints, and Sensitive Data discovery market analysis. The study provides Porter’s five forces analysis of the Sensitive Data discovery 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.
Segment review
The Sensitive Data discovery market is primarily divided on the basis of component, organization size, deployment mode, application, verticals, and region. By component, the market is segmented into solution and services. On the basis of deployment mode, it is segmented into on-premise and cloud. By organization size, it is segmented into large enterprises and small & medium enterprises. By application, it is segmented into security and risk management, compliance management, asset management, and others. By vertical, it is segmented into BFSI, government, healthcare & life sciences, retail, manufacturing, telecommunications & IT, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
COVID-19 Impact Analysis
Post COVID-19, the global Sensitive Data discovery market forecast is estimated was valued at $5.9 billion in 2021, and is projected to reach $34.53 billion by 2030.
The COVID-19 pandemic has had a positive impact on the Sensitive Data discovery market, owing to a rapid adoption of digital retail and e-commerce platforms, which has resulted in increased engagement of online payments and a potential rise in cyber-attacks in the form of frauds and identity thefts. In such a scenario, strong authentication services are at call, and the use of high-quality security tools is essential. In 2020, global investments in data security increased by 2.4% to reach $123.8 billion. Thus, increase in awareness of data privacy and safety among users is expected to influence organizations to be stricter with their security policies and support the global network security firewall market to grow at a notable rate in the coming years.
Top impacting factors
Increase in need to discover sensitive structured and unstructured data, coupled with rise in investments in data privacy measures primarily drive the market growth. However, lack of skilled professional workforce and complexities in deriving RoI from sensitive data discovery solutions restrain the market growth. Moreover, increase in demand to integrate data with business process to derive actionable insights and rise in need for data utilization across various verticals is estimated to create a lucrative opportunity for the market growth.
By Component
Service segment is projected as one of the most lucrative segments.
Increase in demand to integrate data with business processes to derive actionable insights:
In present digital and big data age, data may or may not be structured and most of it resides in outside organizations. Therefore, it is important to have a platform that can be used to integrate various information, perform a lot of discovery based analysis (to distinguish sound from real signals), and finally be consumed in a virtualization interface. Growth in digital information for businesses such as customer trends, changes in consumer behavior, epidemic, changing weather patterns, and rise in crime rates provide meaningful insights. This data, when well managed, provides an opportunity to open up new business avenues and solutions for better governance between businesses and governments. Currently, enterprises need a comprehensive sensitive data discovery platform that can process large amounts of data in real time to provide meaningful insights. This sensitive data innovation or decision-making platform can assemble, structure, enhance, provide exploration capabilities, identify models, evaluate, and make rapid insight-based decisions. This helps enterprises to run, identify, and secure sensitive data for further process. Thus data discovery solutions provide opportunities for the market growth.
Rise in need for data utilization across various verticals:
During COVID-19, various verticals were forced to work from home and this led to increase in adoption of IoT and cloud technologies, which gave rise to generation of huge database. This data was further needed to be discovered and segmented into organized and unorganized data. Therefore, data utilization across various end-user industries to influence sales and production within an organization is expected to increase the sensitive data discovery market growth.
By Region
APAC is projected as one of the most significant region.
Key Benefits For Stakeholders
- The study provides an in-depth analysis of the Sensitive Data discovery market trends 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 sensitive data discovery market growth is provided in the report.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the sensitive data discovery industry.
- The quantitative analysis of the Sensitive Data discovery market for the period 2020–2030 is provided to determine the sensitive data discovery market size.
Sensitive Data discovery Market Report Highlights
| Aspects | Details |
 By Component |
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 By Deployment Mode |
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 By Organization Size |
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 By Application |
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 By INDUSTRY VERTICAL |
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 By Region |
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 Key Market Players | GOOGLE LLC, MICROSOFT CORPORATION, HITACHI, LTD., AMAZON WEB SERVICES, INC., PROOFPOINT, INC., MICRO FOCUS, ORACLE CORPORATION, THALES GROUP, INTERNATIONAL BUSINESS MACHINES CORPORATION, SOLARWINDS WORLDWIDE, LLC. |
Analyst Review
The sensitive data discovery market in Asia-Pacific is expected to expand rapidly during the forecast period. This is attributed to rise in awareness in data privacy and security in major countries such as China, Japan, and India, which is expected to drive adoption of sensitive data discovery solutions and services. It is estimated that this would help to adopt sensitive data discovery solutions in this region. Increase in investments by tech companies in major countries in Asia-Pacific such as China, India, and Japan and government regulations and initiatives are expected to provide market growth opportunities in the region. Businesses in Asia-Pacific are implementing sensitive data discovery solutions to generate statistical data and make faster business decisions. Countries such as China, India, South Korea, and Japan have focused on improving data management to initiate data-based business decisions and improve business processes.
Rise in need for sensitive unstructured and structured data discovery, increase in investments in data privacy with emerging regulations, rise in adoption of cloud-based data discovery solutions to enhance security compliance & governance within data, and increase in importance of data usage at the time of COVID-19 pandemic among companies are the major factors that drive growth of the sensitive data discovery market. In addition, rise in number of SMEs and adoption of sensitive data discovery solutions among various verticals such as BFSI and Healthcare provide significant growth opportunities for the market in LAMEA.
Businesses providing sensitive data discovery solutions and services are expected to witness a minor decline in their growth for a short span of time. However, the focus on vaccine development, adoption work from home initiatives, and eHealth are leading to explosion of structured and unstructured data, which needs to be discovered and managed efficiently to derive insights. The market would witness a minimal slowdown in 2020, followed by positive growth during the forecast period. The global spread of COVID-19 has led numerous privacy, data protection, and security and compliance questions. These challenges are driving the need for companies and organizations to ensure their sensitive data discovery solutions not only secure, but also support data analysis for strategic business decisions.
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