Meticulous Research®– leading global market research company published a research report titled “Big Data Security Market by Component, Technology (IAM, Security Information and Event Management, Intrusion Detection System/Intrusion Prevention System, UTM), Deployment, Industry Size (SMEs, Large Enterprises), and Geography- Global Forecast to 2027”.
According to this latest publication from Meticulous Research®, the big data security market is expected to grow at a CAGR of 6.3% from 2020 to reach $28.02 billion by 2027. The growth in this market can be attributed to the rapid growth in the volume of business data, rising cyber-attack & data breaches, and increasing demand for high-security solutions. Furthermore, the advancements of IoT and other intelligence devices, growing e-commerce industry, and evolving regulatory landscapes are driving the growth of the big data security market.
The global big data security market study presents historical market data in terms of value (2018 & 2019), estimated current data (2020), and forecasts for 2027- by component (solution, services), technology (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. The study also evaluates industry competitors and analyzes the market at a country level.
Based on component, the solutions segment is estimated to command the largest share of the overall big data security market in 2020. However, the services segment is expected to grow at the fastest CAGR during the forecast period. The growing demand for big data security solutions from small and medium scale enterprises is one of the key factors contributing to the growth of the services segment over the forecast period.
Based on technology, the identity and access management segment is estimated to command the largest share of the overall big data security market in 2020. However, the intrusion detection and prevention systems 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 deployment model, the on-premise segment is estimated to command the largest share of the overall big data security market in 2020. However, the cloud segment is expected to grow at the fastest CAGR 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, and easy installation of data security solutions are supporting the growth of this segment.
Based on industry size, the small and medium-sized category is projected to grow with the fastest CAGR during the forecast period. Currently, the market is witnessing the upsurge of several SMEs, and the subsequent requirements for establishing a secure network is also growing. These companies readily incorporate big data security solutions in order to protect business data from unauthorized access, information misuse, and other malicious activities. Consequently, the growth in the number of small and medium scale enterprises and their proliferating demand for big data security is propelling the growth of this segment.
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Geographically, the North America region is estimated to command the largest share of the overall big data security market in 2020. However, Asia-Pacific is expected to witness rapid growth during the forecast period. The growth of this market is mainly attributed to growing technology expenditure in the region and the demand for cost-effective advanced analytical solutions among SMEs during the forecast period. Besides, developing countries in the region are marching towards digitalization and are quite vulnerable to rising cyber-attacks and frauds. This encouraged the players in the Asia Pacific region to invest in security and thus stimulating the market growth in the region.
Some of the most prominent companies operating in the overall big data security market include 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.
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