(USGovernment-News.Com, August 03, 2022 ) According to a new market research report titled, “Big Data Security Market by Component (Solution, Services), Deployment Mode, Organization Size, Technology (Identity & Access Management, IDS/IPS, Security Information & Management System, Unified Threat Management)– Global Forecast to 2027”, published by Meticulous Research®, the big data security market is expected to grow at a CAGR of 6.3% from 2020 to 2027 to reach $28.02 billion by 2027.
Big data security is a centralized approach to protect big data analytical tools and applications that are quite vulnerable to cyberattacks. It comprises entire strategy and technology stack required to protect large amount of data and analytical tools from potential threats, attacks, and other malicious activities. Over the years, big data security gained considerable significance and is becoming a common part of applications that are associated with computers, smartphone, and smart devices. Big data security offers several benefits such as protection for vulnerable services, provide network security for internet, cloud security, and enhanced data privacy & policy enforcement. Owing to the features offered, several industries, including BFSI, manufacturing, healthcare, and service providers, are deploying this technology worldwide on a considerable scale. The increasing demand for data security and privacy, rising cyber-attack & data breaches, and growing e-commerce industry are the key factors driving the growth of the big data security market. Besides, rapid incorporation of IoT and other intelligence devices and rapid growth in the volume of the business data are driving the growth of the big data security market. However, the low allocation of budgets towards big data security due to lack of awareness and ignorance, high installation cost, and COVID-19-induced global economic downturn are expected to pose serious challenges to the growth of the big data security market.
Impact of COVID-19 on the Big Data Security Market
The COVID-19 pandemic has adversely hit many economies around the globe. To combat this pandemic, complete lockdowns and quarantine measures were in place across the globe. This has considerably impacted various industries worldwide, and the big data security industry is no exception. With many employees working from home and students learning virtually, enterprise virtual private network (VPN) servers have now become a new lifeline to organizations and institutions. Thus, the rapid adoption of new approaches exposed the vulnerability of organizations and institutes against potential cyber risks. One of the major factors in the rise of attacks on corporate emails includes spurts of COVID-19 websites offering fake prepositions in exchange for personal information. For instance, spear-phishing email attacks related to COVID-19 have increased by 667% since the end of February 2020.
Major players operating in the big data security market are focused on bringing the market back on track. The companies are introducing new and affordable packages for several end-use verticals to attract new customers. Besides, stimulus packages announced by local governments across the world are also expected to help industries recover from this economic downturn. Big data security plays a significant role in handling security-related issues in the banking and financial industry. The technology facilitates processes such as fraud detection, unified threat management, and security and information event management helping customers as well as service providers to efficiently handle the situations. Such applications have helped the big data security market sustain during the COVID-19 crisis. However, as most of the IT companies adopted work-from-home policies in response to the COVID-19 pandemic, cybersecurity has become a grave issue for organizations across the globe and thus, expected to provide some relief to the global big data security market and help the market to recover at a much faster rate.
Thus, several businesses are exerting extensively to move the big data security market in the right direction. Moreover, local governments are also undertaking several relief steps to mitigate the negative impact of COVID-19. As a result, the big data security market is expected to regain its original track beyond 2024 slowly.
The big data security market is mainly segmented on the basis of component (solution, services), deployment mode, (on premises, cloud), organization size, (small and medium enterprises, large enterprises), technology (identity & access management, intrusion detection/prevention system, security information & management system, unified threat management, and others), and geography. The study also evaluates industry competitors and analyses the market at a country level.
Based on component, the solutions segment is expected to emerge as the largest segment in the big data security market. The large share of this segment is mainly attributed to the increasing concern regarding the endpoint device security & privacy and increasing number of new entrants providing security solutions against cyberattacks. Besides, prominent players are investing valuable resources to enhance the capabilities of big data solutions for more dynamic security threats. This has encouraged organizations to incorporate big data security solutions according to their needs.
Moreover, on the basis of type, the big data security solutions market is segmented into encryption, backup & recovery, security intelligence, big data governance, and access control. The adoption of big data is one of the most significant trends followed by the majority of small, medium, and large enterprises. Around 2.5 quintillion bytes of data are generated worldwide every day. With a consistently growing volume of data, companies are finding it difficult to store, manage, and protect overflowing databases. Consequently, the solution to big data management problems could be hosted by backup & recovery software.
Based on technology, the identity & access management segment is expected to command the largest share of the big data security market in 2020. The growth of the 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. Several organizations implementing operative models, such as IAM, account for the complexity and volume of big data. IAM technologies can navigate complex relationships between generating business value, while addressing concerns, such as intellectual property protection, individual privacy, and regulatory requirements. According to a leading consulting firm, by 2020, the worldwide IT security spending is expected to reach $96 billion majorly fueled by investments in identity access management and security services. Rising regulatory compliance and data privacy requirements over the years are also driving the demand for IAM products and services across the globe. Furthermore, a sharp growth in the adoption of advanced technologies, such as cloud computing and IoT is driving the growth of this segment during the forecast period. However, the intrusion detection and prevention system segment is expected to witness rapid growth during the forecast period. With a consistently growing demand for employee mobility software and mobility service management, the intrusion prevention and detection segment is expected to register progressive growth rate in the coming years.
Based on organization size, the overall big data security market is segmented into small & medium enterprises and large enterprises. In 2020, the large enterprises segment commanded the largest share of the big data security market due to its strong infrastructure and skilled IT personnel who manage big data security platforms. Furthermore, strong financial backup and high reputation value on risk is also encouraging large organizations to claim majority of market share in big data security market. However, the market for small and medium scale organizations is expected to grow at the fastest growth rate over the coming years, owing to the factors such as growing number of cyberattacks on SMEs, growing cybersecurity literacy and realization of the significance of big data security.
Based on deployment mode, the big data security market is segmented into on-premises and cloud. In 2020, the on premise segment commanded the largest share of the overall market due to greater control over security infrastructure offered by on-premise solutions. On the other hand, the cloud-based segment is expected to grow at the fastest CAGR of during the forecast period. The adoption of cloud computing and storage systems is gaining popularity among small and medium scale enterprises. The benefits of cloud infrastructure, such as ease of adoption, minimal requirement of in-house infrastructure, scalability, superior flexibility offered by cloud deployments, and easy installation of data security solutions are supporting the growth of this segment.
Geographically, the North America region held the largest share of the global big data security market in 2020. 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. Furthermore, presence of prominent players and favorable government initiatives is also supporting the growth in this region. For instance, in 2018, the Canadian government announced an investment of USD 500 million over the next 5 years in cybersecurity to demonstrate Canada’s commitment to safety & security in the digital age, contributing to the growth of this region.
However, Asia-Pacific is expected to witness rapid growth during the forecast period. This can be attributed to the increasing adoption of technologies, such as IoT, AI, and blockchain. Furthermore, investments by major big data security companies and strong government initiative are further accelerating the growth of this regional segment. For instance, in 2017, the Indonesian government established the National Cyber and Crypto Agency to lead the co-ordination of various institutions in implementing security solutions. Also, in 2020, the Australian government released national Cyber Security Strategy, and announced to invest USD 1.35 billion for cyber security during 2020-2030. Thus, the growing investment in cyber security will create several growth opportunities for the big data security market in the Asia-Pacific region.
The report also includes extensive assessment of the key strategic developments adopted by the leading market participants in the industry over the past 3 years. The global big data security market is consolidated and dominated by few major players, namely Cisco Systems, Inc. (U.S.), Check point Software Technologies, Ltd. (U.S.), IBM Corporation (U.S.), Fortinet, Inc. (U.S.), FireEye, Inc. (U.S.), Microsoft Corporation (U.S.), Symantec Corporation (U.S.), Oracle Corporation (U.S.), Dell Technologies, Inc. (U.S.), Gemalto N.V. (Netherland), Hewlett Packard Enterprise (U.S.), McAfee LLC (U.S.), Imperva, Inc. (U.S.), and LogRhythm, Inc. (U.S.) among others.
Solution Encryption Backup & Recovery Security intelligence Big Data Governance Access Control Services Professional Services Managed Services
Big Data Security Market, by Technology
Identity & Access Management Intrusion Detection/Prevention System Security Information & Event Management Unified Threat Management Others
Big Data Security Market, by Deployment
On Premise Cloud
Big Data Security Market, by Organization Size
Large Enterprises Small and Medium Enterprise
Big Data Security Market, by Geography
North America U.S. Canada Europe UK Germany France Italy Spain Rest of Europe Asia-Pacific China Japan India South Korea Australia & New Zealand Rest of Asia-Pacific Latin America The Middle East and Africa
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