BANGALORE, India, Dec. 15, 2021 /PRNewswire/ — The Data Protection Market is Segmented by Type (Data Backup and Recovery, Data Archiving and Ediscovery, Disaster Recovery, Encryption, Tokenization, Data Loss Prevention (DLP), Identity and Access Management (IAM), Compliance Management), Application (Small and Medium-sized Enterprises (SMEs), Large Enterprises). The report covers global opportunity analysis and industry forecasts from 2021 to 2027.
The global Data Protection market size is projected to reach USD 113390 Million by 2027, from USD 61330 Million in 2020, at a CAGR of 9.1% during the forecast period 2021-2027.
Major Factors Driving The Growth Of The Data Protection Market Are:
Increasing the data volume and the need for data security and privacy, government regulation mandating data protection, and rising concerns of critical data loss in the on-premises environment are expected to drive the growth of the data protection market.
Another major factor driving data protection market expansion is the increased adoption of next-generation technologies and the movement of data to a cloud model to obtain flexibility, agility, and cost savings. As a result, organizations are considering data security solutions and services in the cloud to store and safeguard important data from data loss, data theft, and operational calamities.
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Trends Influencing The Growth Of The Data Protection Market:
The data protection market is projected to be driven by government regulations mandating the implementation of data protection. Several governments around the world are mandating data protection to safeguard individuals’ personal data. The data protection regulation generally governs the use, transfer, and disclosure of data collected.
The rising importance of transparency in data protection is expected to further drive the data protection market growth. Transparency fosters confidence, which in turn fosters loyalty—a winning method for cultivating long-term consumer relationships. For example, Cisco’s research provides various insights into the importance of data transparency. Consumers care about their data privacy and want more control over their data, according to 84 percent of respondents. Furthermore, nearly half of consumers say they have already refused to utilize a service or product from a company whose data privacy practices they do not trust.
Another element contributing to market growth is the growing Bring Your Own Device (BYOD) and Choose Your Own Device (CYOD) trends among businesses. Employees can register their own devices and share enterprises to enhance productivity when BYOD policies are implemented. As a result, heightened risks of data theft, data piracy, and data storage have become one of the top worries for businesses. Enterprises are turning to DPaaS services and solutions to help them deal with these difficult situations. Furthermore, the COVID-19 epidemic has compelled businesses to move their solutions and services to the cloud. Businesses have turned to recovery services as their reliance on remote network equipment has grown. In addition, the market is expected to grow in 2020 due to an increase in data theft incidents.
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Data Protection Market Share Analysis:
Professional and managed data protection services are the two main forms of data protection services. Risk assessment and consulting services, implementation and integration services, support and maintenance services, and training and education services are all part of the professional services segment. During the forecast period, the support and maintenance services category is predicted to increase at the fastest rate. The usage of data protection solutions is increasing, indicating that professional services will be in high demand during the projection period.
Because of the rising occurrences of data breaches on business cloud applications, as well as the sophistication level of cyber-attacks, the Small and Medium-sized Enterprises (SMEs) category is predicted to grow at a faster CAGR throughout the projection period. However, in 2017, the data protection market is expected to be dominated by the large corporate category. Because they use a huge number of business applications that are vulnerable to cyber-attacks, major enterprises were early users of data protection solutions.
North America is expected to be the most lucrative region during the forecast period. This is due to the fact that in the industrialized economies of the United States and Canada, there is a strong emphasis on R&D and technology-based developments.
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Major Players in the Data Protection Market
- Micro Focus
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– The global Identity and Access Management market size is projected to reach USD 43190 Million by 2027, from USD 15960 Million in 2020, at a CAGR of 15.3% during 2021-2027.
– The global Mobile Data Protection market size is projected to reach USD 7696.3 Million by 2027, from USD 3232.7 Million in 2020, at a CAGR of 12.7% during 2021-2027
– The global Mobile Data Protection Solutions and Services market size is projected to reach USD 7196.2 Million by 2027, from USD 2603 Million in 2020, at a CAGR of 15.1% during 2021-2027.
– The global Data Protection and Recovery Solutions market size is projected to reach USD 10120 Million by 2027, from USD 6352.5 Million in 2020, at a CAGR of 6.8% during 2021-2027.
– The global Privacy Management Software market size is projected to reach USD 8125 Million by 2027, from USD 1097.9 Million in 2020, at a CAGR of 33.1% during 2021-2027
– The global big data security market size was valued at USD 13,720 Million in 2019 and is projected to reach USD 54,237 Million by 2027, registering a CAGR of 18.8% from 2020 to 2027.
– In 2021, the global General Data Protection Regulation Software market size will be USD Million and it is expected to reach USD Million by the end of 2027, with a CAGR of % during 2021-2027.
– The global payment security market size was valued at USD 17.64 billion in 2020 and is projected to reach USD 60.56 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 13.2% from 2021 to 2030.
– The global Security Information and Event Management market size is projected to reach USD 6436.2 Million by 2027, from USD 3938.3 Million in 2020, at a CAGR of 6.8% during 2021-2027.
– The global fraud detection and prevention market size is projected to reach USD 45800 Million by 2027, from USD 16390 Million in 2020, at a CAGR of 15.3% during 2021-2027
– The global security testing market size was valued at USD 6.25 billion in 2020 and is projected to reach USD 36.78 billion by 2030, growing at a CAGR of 19.2% from 2021 to 2030.
– The global Managed Services market size is projected to reach USD 248750 Million by 2026, from USD 133440 Million in 2019, at a CAGR of 9.2% during 2021-2026.
– The global Encryption Software market size is projected to reach USD 11420 Million by 2027, from USD 5956.6 Million in 2020, at a Compound Annual Growth Rate (CAGR) of 9.6% during 2021-2027.
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