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

Big Data Security Market Size & Forecast

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 increasing 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 into 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.

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The Increasing Demand for Data Security & Privacy Solutions Due to Growth in Data Breaches Driving the Big Data Security Market

The proliferation of connected devices, such as smart devices and smartphones, has led to the generation of massive volumes of data, which is often collected, stored, and processed for several derivative analytics. This exposes companies and the vast amounts of data they collect to security risks. Companies are collecting massive amounts of data (big data), including customer, operations, and financial data. Securing this data becomes a major challenge. Hence, protecting such data from cybercriminals and data leaks is the top priority for organizations in order to safeguard their clients. Big data security solutions minimize the issues associated with data security. The growing need for security and privacy is encouraging enterprises to adopt more decentralized and edge-based security techniques.

In recent years, there has been a tremendous increase in the investments made by organizations in fortifying data security and hiring data security professionals. Nearly 10% of the total demand for security services over the coming years will be driven by privacy breach issues. This is expected to encourage organizations to take preventive measures to ensure identity & access management, identity governance and administration, and prevention of data loss. Consequently, the increasing awareness regarding the need for data security solutions and the resultant increase in investments by organizations are expected to drive the growth of the big data security market over the coming years.

Key Findings in the Big Data Security Market Study:

The Solutions Segment Expected to Dominate the Big Data Security Market in 2024

Based on component, the big data security market is segmented into solutions and services. 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. Market players are focused on partnerships to provide advanced information security. For instance, in March 2024, CrowdStrike, Inc. (U.S.) partnered with Rubrik, Inc. (U.S.) to transform data security solutions and stop breaches of critical information.

The Cloud-based Deployments Segment Expected to Register the Higher CAGR During the Forecast Period

Based on deployment mode, the big data security market is segmented into cloud-based deployments and on-premise deployments. The cloud-based deployments segment is projected to register the higher CAGR during the forecast period. The segment's high growth is attributed to 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. Also, the adoption of cloud computing and storage systems is gaining popularity among small and medium-scale enterprises, supporting the growth of this segment.

The Large Enterprises Segment Expected to Dominate the Big Data Security Market in 2024

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.

The Healthcare & Pharmaceutical Segment to Register the Highest CAGR During the Forecast Period

Based on end user, the healthcare & pharmaceutical segment is projected to register the highest CAGR during the forecast period. The segment's growth is attributed to 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, and this sensitive data requires robust security measures to protect patient privacy and prevent unauthorized access. Market players are partnering to provide data security for healthcare organizations. For instance, in November 2021, Armis, Inc. (U.S.) partnered with Nuvolo (U.S.) to improve data interoperability and reduce the overall risk posture of healthcare organizations.

Asia-Pacific to be the Fastest-growing Regional Market

Based on geography, the big data security market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is projected to record the highest CAGR during the forecast period. The growth of this market is driven by growing data breaches, supportive government initiatives, and growing awareness regarding data security among small and medium-scale organizations. The players in this market are focused on partnerships to offer advanced data security solutions. For instance, in December 2023, Safetica a.s. (U.S.) partnered with Kaira Global (Singapore) to deliver Safetica's Data Loss Prevention (DLP) solutions to enterprises of all sizes to safeguard their data against insider risks and data breaches in Singapore. Asia-Pacific is the fastest-growing big data security market due to rapid investments in IT infrastructure, extensive use of the Internet, and growing security challenges.

Report Summary:

Key questions answered in the big data security market report: