New York , Oct. 26, 2023 (GLOBE NEWSWIRE) -- The global data protection market size is poised to grow at a CAGR of over 17% from 2023 to 2035. The market is anticipated to garner a revenue of USD 1.6 trillion by the end of 2035, up from a revenue of USD 120 billion in the year 2022. Rising cases of data breaches and the huge losses that are attributed to are the major factor that is driving the market growth. Data breaches are getting more common with every passing minute.
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From industries such as hospitality, fintech, IT, healthcare, finance, and education, to name a few. Cloud leaks, unintended information disclosure, information leakage, data leaks, and data spills are all examples of data breaches. Cyber threats, cyber hazards, and malware breaches are posing new challenges to the safety surroundings, resulting in an increase in cyber events and the expenses connected to cybercrime. Based on a survey that was conducted by IBM and the Ponemon Institute, the worldwide expenditure of data breaches is projected to be around USD 4 million.
Data Protection Market: Key Takeaways
- Market in North America region to propel the highest growth
- The Cloud segment to garner the highest growth
- Market in Asia Pacific to grow at a highest rate
Rising Use of Mobile Phones is to Boost the Growth of the Data Protection Market
The number of mobile subscribers globally was 7.1 billion in 2021, and then rose to 7.26 billion by 2022. The number of mobile users globally is expected to reach 7.49 billion by 2025. Most ad-tech companies and data brokers operate unregulated and opaquely in the absence of federal privacy regulation, making it nearly difficult for phone owners to track where their data goes or how it is used, and even harder to prohibit that data from being shared in the first place. It also implies that the industry lacks standards, making it impossible for everyone to determine what can and cannot be possible on any given gadget. The switch to mobile devices brought about an unprecedented shift in data collection as compared to old ad tech, which was primarily focused on what we were looking for, marketers could now increasingly emphasize where we were looking.
Data Protection Industry: Regional Overview
The global data protection market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rising Instances of Data Breaches is to Expand the Market Growth in the North America Region
In 2022, the number of data compromises in the United States was 1802 During the same year, approximately 422 million people were affected by data intrusions, which included data breaches, leaking, and exposure. The worrying increase in data breaches shows that present data protection methods are inadequate, and sensitive information remains susceptible as counterfeiters access it in growing numbers. Furthermore, the increased use of the internet has increased the number of occurrences of cybercrime and data leaks through unauthorized sites and links, which will raise the demand for data protection.
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Rising Use of Online Banking and Online Payment Services is to Elevate Market Growth in Asia-Pacific
Year-to-date (YTD) average yearly fintech app installs in Southeast Asia have already climbed by 32% between 2022 and 2023. This is higher than the estimated 14% YTD growth in foreign annual installations between 2022 and 2023. In Asia Pacific, the digital payments revolution remains to lead the way. Because of technological advancements, progressive regulation, a varied range of competitive players, including incumbent providers and new fintech entrants, altering client needs, and the pandemic's rapid digitization, the rate of transition is increasing. Many e-commerce websites are directly connected to the internet as well as to a company's back-end systems for data processing and supply management, making the website a prime target for getting access to critical information resources within the organization.
Data Protection Segmentation by Component
- Services
- Solutions
Data Protection Segmentation by Organization Size
- Large Enterprise
- SMEs
Data Protection Segmentation by End User
- IT & Telecom
- BFSI
- Manufacturing
- Healthcare
- Media & Entertainment
- Consumer Goods & Retail
- Government
On the basis of end users, the data protection market in healthcare segment is expected to garner a huge share of revenue over the forecast period. Healthcare data breach statistics strongly demonstrate an escalating increase in breaches of information over the last 14 years, with greater numbers of breaches reported in 2021 than in any other year since records were originally published by OCR. The breaches comprise both closed instances and those that OCR is still investigating for suspected infringements of HIPAA. Between October 21, 2009, and December 31, 2022, OCR received 5,150 reports of data breaches, 882 of which continued to be under examination at the end of 2022.
Data Protection Segmentation by Deployment
- On-Premise
- Cloud
On the basis of deployment, cloud segment is expected to gain the highest market revenue over the forecasted period. Cloud service suppliers support customers in addressing safe cloud data transport, storage, and sharing by integrating multiple types of advanced encryption for safeguarding cloud data in transit and at rest. The demand for cloud-based deployment of data protection is expected owing to the transfer of lost data on the cloud. Around 61% of firms migrated their workloads to the cloud as a result of the COVID-19 Pandemic, which caused dependence on remote work. Furthermore, even at a level of 94%, cloud use is expected to increase in 2023. This trend has occurred for a reason, as there are numerous benefits to storing workloads on the cloud. Better flexibility cost efficiency, enhanced collaboration, the organization agility, catastrophe recovery, and a competitive edge are among the most notable.
A few of the well-known market leaders in the global data protection market that are profiled by Research Nester are IBM Corporation, HPE Symantec, CA Technologies, Mcafee Corporation, Oracle Corporation, Quest Software, NextLabs Inc., Veeam Software, Acronis International GmbH, and Baffle Inc.
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Recent Developments in the Data Protection Market
- Baffle Inc., a data security platform firm, has announced a new technology for encrypting private data in artificial intelligence (AI) projects that connects with existing data infrastructures. The new solution, dubbed Baffle Data Protection for AI, was created to handle the issue where freely accessible generative AI applications, such as ChatGPT, while valuable, pose a risk of data disclosure. Because of the risk of revealing private data, corporations have prohibited employees from accessing public generative AI platforms.
- NextLabs has announced the availability of its latest product for SAP ECC and S/4HANA, Dynamic Data Masking for SAP ERP. Customers can use Dynamic Data Masking for SAP ERP to deploy data masking at the field level depending on changeable variables. Managing policies from a central location using customizable masking patterns and rules to choose who, what, when, where, and why to mask field(s) in real-time is also possible with the help of SAP ECC Data Masking.
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