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Redding, California - April 22, 2024

Big Data Security Market to be Worth $60.1 Billion by 2031

Big Data Security Market by Component (Solutions [Data Encryption, Security Intelligence, Data Backup & Recovery], Services), Deployment Mode, Organization Size, End User (IT & Telecom, BFSI, Retail & E-commerce), and Geography - Global Forecast to 2031

Meticulous Research^®—a leading global market research company, published a research report titled, ‘Big Data Security Market by Component (Solutions [Data Encryption, Security Intelligence, Data Backup & Recovery], Services), Deployment Mode, Organization Size, End User (IT & Telecom, BFSI, Retail & E-commerce), and Geography - Global Forecast to 2031.’

According to this latest publication from Meticulous Research^®, the big data security market is projected to reach $60.1 billion by 2031, at a CAGR of 13.2% from 2024 to 2031. The growth of the big data security market is driven by the emergence of disruptive digital technologies, the increasing demand for data security and privacy solutions due to the rise in data breaches, and the growing data generation in the e-commerce industry. However, the high implementation costs of big data security solutions restrain the growth of this market.

Furthermore, the growing need for cloud-based security solutions and the increasing integration of AI, ML, and blockchain technologies in security solutions are expected to generate growth opportunities for the stakeholders in this market. However, the lack of knowledge about big data security solutions and the shortage of skilled IT professionals are major challenges impacting the growth of the big data security market.

The big data security market is segmented by component (solutions [data discovery and classification, data encryption {data protection, tokenization, data masking, other data encryption solutions}, security intelligence, data access control & authentication, data governance & compliance, data backup & recovery, data auditing & monitoring, other solutions], services [professional services, managed services]), deployment mode (on-premise deployments, cloud-based deployments), organization size (large enterprises, small & medium-sized enterprises), end user (IT & telecom, healthcare & pharmaceutical, BFSI, retail & e-commerce, energy & utilities, government, manufacturing, media & entertainment, transportation & logistics, and other end users). The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on component, the big data security market is segmented into solutions and services. The solutions segment is further segmented into data discovery and classification, data encryption, security intelligence, data access control & authentication, data governance & compliance, data backup & recovery, data auditing & monitoring, and other solutions. In 2024, the solutions segment is expected to account for the larger share of the big data security market. The large market share of this segment is attributed to the increasing concerns regarding data security and privacy, the increasing adoption of data security solutions by SMEs, and the rising demand for encryption solutions for data protection across IoT devices. Big data security solutions include tools and measures to process or safeguard data and analytics processes. In March 2024, CrowdStrike, Inc. (U.S.) partnered with Rubrik, Inc. (U.S.) to transform data security solutions and stop breaches of critical information. Moreover, this segment is also projected to register the highest CAGR during the forecast period.

Based on deployment mode, the big data security market is segmented into on-premise deployments and cloud-based deployments. In 2024, the on-premise deployments segment is expected to account for the larger share of the big data security market. The large market share of this segment is attributed to the higher preference for on-premise deployments among large enterprises and increasing data generation in large enterprises. The on-premise model of deployment is majorly adopted by well-established and large companies that are capable of making capital investments toward the required hardware and hosting environments. In addition, these organizations also have sufficient in-house IT expertise to maintain software efficiency. Internal big data security is one of the major benefits of on-premise deployments.

However, the cloud-based deployments segment is projected to register the higher CAGR during the forecast period. The growth of this segment is driven by the rapid evolution of new security avenues for cloud-based deployments, the superior flexibility offered by cloud-based deployments, and the increase in security breaches. Cloud-based security solutions provide social networking privacy, system optimization, online storage, regulatory compliance, and connected device security. The adoption of cloud computing and storage systems is gaining popularity among small and medium-scale enterprises, supporting the growth of this segment.

Based on organization size, the big data security market is segmented into large enterprises and small & medium-sized enterprises. In 2024, the large enterprises segment is expected to account for the larger share of the big data security market. The large market share of this segment is attributed to the strong IT infrastructure of large enterprises, the growing adoption of advanced technologies such as AI, IoT, and blockchain, and the availability of skilled IT personnel to manage data security platforms. With larger budgets and a keen focus on developing strategic IT initiatives, large enterprises have a competitive advantage over small and medium-scale enterprises in terms of technology adoption. Large enterprises have a stable financial backup and can easily procure customized data security solutions, contributing to this segment's growth.

However, the small & medium-sized enterprises segment is projected to register the higher CAGR during the forecast period. The growth of this segment is driven by increasing digital transformation, government initiatives to promote security solutions, and the rising incidence of data breaches. SMEs are also increasingly becoming targets of cybercrime and therefore adopting suitable and strong security solutions.

Based on end user, the big data security market is segmented into IT & telecom, healthcare & pharmaceutical, BFSI, retail & e-commerce, energy & utilities, government, manufacturing, media & entertainment, transportation & logistics, and other end users. In 2024, the IT & telecom segment is expected to account for the largest share of the big data security market. The large market share of this segment is attributed to the increasing data breaches in IT companies as they store a vast amount of customer data, strict regulatory compliance forcing companies to implement stricter data security measures, and the increasing adoption of cloud-based solutions in the IT industry. In March 2023, IBM Corporation (U.S.) collaborated with Cohesity, Inc. (U.S.) to address increased data security and resiliency issues in hybrid cloud environments. With this collaboration, IBM launched its new IBM Storage Defender solution, including Cohesity's data protection, cyber resilience, and data management capabilities in the offering.

However, the healthcare & pharmaceutical segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by the rising adoption of telemedicine devices and remote healthcare services, growing cyberattacks on connected devices, and the increasing demand for secure medical connected devices. A vast amount of medical data is generated in the healthcare sector. It is stored to improve patient outcomes, personalize treatment plans, and develop new drugs, among other applications. However, this sensitive data requires robust security measures to protect patient privacy and prevent unauthorized access. In November 2021, Armis, Inc. (U.S.) partnered with Nuvolo (U.S.) to improve data interoperability and the overall risk posture of healthcare organizations.

Based on geography, the big data security market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is expected to account for the largest share of the big data security market. The market growth in North America is driven by the presence of prominent players offering advanced big data security solutions & services, the early adoption of disruptive technologies, and growing awareness regarding data security. North America is home to several major players that provide products and services to improve big data security measures for IT assets, data, and privacy across different domains. Thus, big data security companies operating in the North America region are investing heavily in R&D activities to develop new & advanced security solutions that can address rising security challenges. In February 2024, Cyberhaven, Inc. (U.S.) launched Linea AI, an AI platform designed to combat the critical insider risks threatening vital corporate data.

However, the Asia-Pacific region is projected to record the highest CAGR during the forecast period. The growth of this market is driven by the growing data breaches, supportive government initiatives, and growing awareness regarding data security among small and medium-scale organizations. In December 2023, Safetica a.s. (U.S.) partnered with Kaira Global (Singapore) to deliver Safetica's Data Loss Prevention (DLP) solutions for enterprises of all sizes to safeguard their data against insider risks and data breaches in Singapore. APAC is the fastest-growing big data security market due to rapid investments in IT infrastructure, extensive use of the Internet, and growing security challenges.

Key Players

The key players operating in the big data security market are Check Point Software Technologies, Ltd. (Israel), Cisco Systems, Inc. (U.S.), Fortinet, Inc. (U.S.), Oracle Corporation (U.S.), IBM Corporation (U.S.), Microsoft Corporation (U.S.), Hewlett Packard Enterprise Development LP (U.S.), Intel Corporation (U.S.), Palo Alto Networks, Inc. (U.S.), Thales Group (France), Juniper Networks, Inc. (U.S.), Broadcom, Inc. (U.S.), Dell Technologies, Inc. (U.S.), CyberArk Software Ltd. (U.S.), and Rapid7, Inc. (U.S.).

Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=4984

Key Questions Answered in the Report:

What are the high-growth market segments in terms of the component, deployment mode, organization size, and end user?
What is the historical market size for the global big data security market?
What are the market forecasts and estimates for 2024–2031?
What are the major drivers, restraints, opportunities, challenges, and trends in the global big data security market?
Who are the major players in the global big data security market, and what are their market shares?
What is the competitive landscape like?
What are the recent developments in the global big data security market?
What are the different strategies adopted by major market players?
What are the trends and high-growth countries?
Who are the local emerging players in the global big data security market, and how do they compete with the other players?

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Redding, California - April 22, 2024

Big Data Security Market to be Worth $60.1 Billion by 2031

Big Data Security Market by Component (Solutions [Data Encryption, Security Intelligence, Data Backup & Recovery], Services), Deployment Mode, Organization Size, End User (IT & Telecom, BFSI, Retail & E-commerce), and Geography - Global Forecast to 2031

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