Global big data security market forecast at $35,437.68M in 2028

The global post COVID-19 market size of the big data security market is expected to grow from USD 18,245.10 million in 2021 to USD 35,437.68 million by 2028 at a CAGR of 11.70% during the forecast period, according to Vantage Market Research.

Big data security market refers to the process of protecting data and analytics processes, both in the cloud and on premise, from a variety of threats that could jeopardize their confidentiality. Enterprises are increasingly embracing big data, relying on powerful analytics to drive decision-making, identify opportunities, and improve performance. However, the massive increase in data usage and consumption raises concerns about Big Data Security Market owing to the factors such as the rapid adoption of digital technologies and the increasing importance of data-driven trend analysis methods Furthermore, the rise in data privacy and security concerns has laid the groundwork for the market during the forecast period. Furthermore, advances in big data techniques are expected to drive the adoption of big data analytics technology, creating a lucrative opportunity for market growth in the upcoming years. The cybersecurity budgets of emerging startups are insufficient to implement Next-Generation Firewalls (NGFWs) and Advanced Threat Protection (ATP) solutions. Small businesses in developing economies are expected to be hampered in their adoption of Big Data Security Market solutions due to a lack of investment and funding during the forecast period. Moreover, increasing awareness and investment in Big Data Security Market solutions across global organizations operating across verticals can be attributed to the market’s growth during the forecast period.

Key insights:

• According to our primary respondents’ research, the Big Data Security market is predicted to grow at a CAGR of roughly 11.70% during the forecast period.
• The Big Data Security market was estimated to be worth roughly USD 18,245.10 million in 2021 and is expected to reach USD 35,437.68 million by 2028; based on primary research.
• On the basis of region, North America is projected to dominate the worldwide Big Data Security market.

Market dynamics: Drivers
Rising cyber-attacks demand for scalable big data security market solutions
Targeted attacks have grown in popularity in recent years, infiltrating targets’ network infrastructure while remaining anonymous. Attackers with a specific goal typically target endpoints, networks, on-premises devices, cloud-based applications, data, and other IT infrastructure. The primary goal of targeted attacks is to infiltrate a targeted company’s or organization’s network and steal sensitive information. As a result of these targeted attacks, organizations’ business-critical operations suffer in terms of disruption, intellectual property loss, financial loss, and loss of critical and sensitive customer information. Targeted cyber-attacks have an impact on targeted organizations as well as their domestic and global customers. Attackers steal Personally Identifiable Information (PII) such as names, phone numbers, addresses, driver license numbers, and social security numbers, resulting in security breaches and identity thefts.

Challenges:
Detecting sensitive data at a large scale during data ingestion, Sensitive content exists in unstructured formats such as office documents, files, or images, and is distributed and published through file sharing, social media, and email, as opposed to structured data that resides within well-protected IT perimeters. Most businesses across industries recognize the growing importance of gathering data and gaining meaningful analysis in order to improve business growth and build competitive advantages during the forecast period. Every day, a massive amount of data is generated in various forms and from various sources. Sensitive data discovery is critical to developing and implementing an effective Big Data Security Market strategy. With the rapid adoption of cloud computing and the rise of remote workers, organizations are no longer only concerned with sensitive data stored primarily on-premises.

Regional trends:
Among other regions, North America region acquires the largest market share. The North American region had the largest market share, because North America is home to the majority of security vendors, the region is a forerunner in the adoption of new and advanced security technologies. Furthermore, an increase in sophisticated cyber-attacks is expected to drive big data security market implementation in a variety of industries, including banking, finance, government, and healthcare during the forecast period. Cloud-based applications, IoT, and security ecosystems have become more complex as digital payments have become more widely used. Industries embracing Big Data across the region are potential customers for Big Data Security Market. Loblaws, Canada’s largest supermarket retailer, is using Big Data to learn more about its customers in order to provide value-added services and promotions such as discounts and rewards. With the Big Data market in Canada expected to nearly double by 2020, the region is expected to be a significant market after the United States.

Recent developments:
In October 2020, IBM Security announced new and upcoming Cloud Pak for Security capabilities, including a data security solution that enables businesses to detect, respond to, and protect their most sensitive data across hybrid cloud environments.

CT Bureau