Pune, India, Aug. 09, 2018 (GLOBE NEWSWIRE) -- Market Research Future's research report has divulged that the global big data security market is set to register a promising CAGR of 16.9% during the forecast period of 2017 to 2023. Additionally, MRFR's research reveals that the market which valued 14.32 Bn is 2017 is expected to expand to reach an evaluation of USD 36.55 Bn by the end of 2023.
Market Insights
Globalization, urbanization, and commercialization have led to the exponential increase in data leading to the need for efficient data management and data analytics. The big data market is developing at a rapid pace, and due to concerns regarding security, Market Research Future's research report has divulged that the global big data security market is set to register a promising CAGR of 16.9% during the forecast period of 2017 to 2023. Additionally, MRFR's research reveals that the market which valued 14.32 Bn is 2017 is expected to expand to reach an evaluation of USD 36.55 Bn by the end of 2023.
Concerns regarding cyber threats and security are growing with the increasing use of big data for data analytics. The demand for effective high-security solutions has grown rapidly creating abundant opportunities for growth which have been leveraged by international market players. Use of big data analytics across various prominent industry verticals such as BFSI combined with the growing penetration of smartphones has resulted in the production of large volumes of data which require highly scalable big data security solutions. The growing deployments of encryption, identity and access management and other security measures are expected to lead to high adoption and consequently market growth. Lack of data security awareness presents a challenge to the growth of the market. However, the increasingly sophisticated cyber attacks have led to the increased demand for third-party security service providers. This dynamic is expected to lead to growth opportunities and mitigate the challenges presented by the market.
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Key Players
MRFR's competitive analysis includes Fortinet, Check Point Software Technologies Ltd., McAfee LLC, Symantec Corporation, FireEye Inc., Rapid7 Inc., Proofpoint Inc., LogRhythm Inc, IBM Corporation, and Hewlett Packard Enterprise. The market is highly competitive, and these players engage the use of various market strategies which include product innovation, competitive pricing, partnerships & collaborations among others.
Market Segmentation
Segmentation in MRFR's report on the global Big Data Security Market has been performed on the basis of technology, component, deployment, organization size, end-user, and region. By technology, the market is segmented into, Intrusion Detection System (IDS)/Intrusion Prevention System (IPS), Security Information and Event Management (SIEM), Unified Threat Management (UTM), and Identity & Access Management (IAM). the IAM segment is expected to witness the highest CAGR during the assessment period due to their imperative assistance in identification of the correct individuals for the access of sensitive data. Control of access in organizations is necessary to protect confidential data and is useful in ensuring data compliance.
By component, the big data security market is segmented into services and software. The software segment is sub-segmented to include data masking, access control, security intelligence, encryption, and data governance. Meanwhile, services are sub-segmented to include managed services and professional services. Growing use of third-party security service providers has led to the growth of the service segment which accounts for the majority share and is expected to grow at the highest CAGR of 18.6% during the review period. The huge demand for these services in light of complex security threats is expected to bolster the segment's growth.
By deployment, the market is segmented into on-premise and on-cloud. The on-cloud segment leads the market and is expected to hold its position with the fastest growth and a CAGR of 17.9% during the forecast period due to the growing use of cloud computing in big data. Improved flexibility and cost-efficiency are some of the leading reasons for the high adoptions of on-cloud deployment.
By organization size, the market is segmented into SMEs and large enterprises. Although large enterprises lead the market with a recorded value of USD 9.6 Bn in 2017 and an estimated value of USD 20.90 Bn by 2023, the SME segment is expected to register growth at the highest CAGR of 19.9% during the review period. SME organizations are leveraging the flexible, scalable, and affordable nature of big data analytics through cloud computing. Increasing deployments and growing start-ups specializing in big data & big data security are expected to impact the growth of the segment positively.
By end-user, the big data security market is segmented into travel & logistics, healthcare, government, automotive, IT & telecommunication and BFSI. The BFSI sector is vast, dominates the market with majority share and is expected to experience rapid growth during the forecast period. The swiftly increasing volume of data produced by this industry vertical requires analytics and management which has led to increased deployments of cloud-based services. Moreover, this has increased the demand for big data security solutions.
The global market has been divided by region into North America, Europe, Asia Pacific and the Rest of the World.
High presence of SMEs to Provide APAC with Market Expansion Opportunities
The Asia-Pacific region is anticipated to witness growth at the highest CAGR during the assessment period due to the growing expenditure with regards to adoption of new technologies particularly in countries such as China and India. The demand for cost-effective solutions and the presence of a massive SME sector which is increasingly adopting cloud deployed big data security solutions is expected to contribute significantly to the rapid growth of the region.
Led by the U.S, North America has the largest share of the global market due to the increasing adoption of cloud-based technologies and the rapid technological advances being made in the region. The U.S generated revenue of USD 3.45 Bn in 2017 and is home to many leading market players who have contributed significantly to market growth. The regions affinity for the adoption of cutting-edge technology and the need for highly scalable security solutions in the region is expected to offer abundant opportunities for market expansion during the review period.
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Latest Industry News
- Cisco Systems has acquired Duo Security in a USD 2.35 Bn in a cash deal which is expected to support Cisco's entry into the data security market with unified access security and multifactor authentication solution offerings.
- Digital Guardian, has announced the release of its managed security service, Managed Security Programme (MSP) for Endpoint Detection and Response. The launch of this service follows the recognition of a dearth of data security professionals in an increasingly data-centric environment.
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Big Data Analytics Market, By Component (Software & Hardware), By Solution (Fraud Detection, Risk Management, Customer Analytics & Content Analytics) By End – User (Banking, Discrete manufacturing, Process Manufacturing, Government, telecom, Insurance, Transportation and Utilities). The big data analytics market is expected to reach approximately USD 275 billion by the end of 2023 with approximately 12% CAGR during the forecasted period from 2017 – 2023.
https://www.marketresearchfuture.com/reports/big-data-analytics-market-4503
Cloud Application Security Market, by component (Solutions, Services), Organization Size (SMBs, Large enterprise), by Vertical (BFSI, Government & Defense, IT & Telecom, Healthcare, Retail) - Forecast to 2023. The global cloud application security market is expected to grow at USD ~12 billion by 2023 at a CAGR of ~14% during the forecast period 2017-2023.
https://www.marketresearchfuture.com/reports/cloud-application-security-market-4926
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