New York, United States , March 06, 2024 (GLOBE NEWSWIRE) -- The Global Data Protection Market Size is to Grow from USD 136.2 Billion in 2023 to USD 610.1 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 16.1% during the projected period.
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Data protection protects sensitive information from illegal access, destruction, loss, or corruption using "data retention tools". Every industry, including government, semi-government, commercial, and banking, has to protect client information or data. These firms create data that is crucial for security. This massive volume of data needs methods for monitoring, regulating, and safeguarding it. This is expected to have a positive effect on market growth. Worries about cyber-security, data loss prevention, malware, and ransomware protection are expected to fuel market expansion. Increased government and organizational expenditure on security solutions, together with increased worries about data breaches, are expected to drive market expansion in the future. The global market for data protection is expanding fast because of the rising volume and value of digital data, as well as the ever-changing threat landscape. As enterprises, governments, and people generate more data worldwide, it is critical to protect sensitive information from cyberattacks, data breaches, and regulatory compliance. The usage of cloud computing, mobile devices, and IoT technologies has compounded data security challenges, necessitating the development of unique data protection systems capable of dealing with a wide range of scenarios. However, data protection has qualities such as high cost, complexity, and limited processing. Adopting or increasing the usage of data protection technologies can be challenging if they are too costly and complex to meet the necessary criteria. They may consequently postpone or opt not to invest in data protection, affecting market development.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Data Protection Market Size, Share, and COVID-19 Impact Analysis, By Component (Solutions, Services), By Deployment Mode (Cloud, On-premises), By Organization Size (Small & Medium-sized Enterprises (SMEs), Large Enterprises), By Industry Vertical (Government & Defense, Banking, Financial Services & Insurance (BFSI), Healthcare, IT & Telecom, Consumer Goods & Retail, Education, Media and Entertainment, Manufacturing), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The solutions segment is projected to hold the biggest share of the global data protection market during the forecast period.
Based on the components, the global data protection market is categorized into solutions and services. Among these, the solutions segment is expected to hold the largest share of the data protection market during the forecast period. The solution sector leads the worldwide data protection market as a result of increased cybersecurity threats, demanding regulatory requirements, and the need to protect data across a range of applications including on-premises, cloud, and hybrid infrastructures. This area has opportunities for data encryption, access control, data loss prevention (DLP), identity and access management (IAM), and backup and recovery solutions. Done
The cloud segment stands to hold the biggest share of the global data protection market during the anticipated period.
Based on the deployment mode, the global data protection market is categorized into Cloud and on-premises. Among these, the cloud segment is expected to hold the largest share of the data protection market during the forecast period. Cloud-based services are increasing in popularity across sectors due to their scalability, flexibility, and cost-effectiveness, leading to increased demand for cloud deployment. Cloud solutions provide for centralized management, automatic backups, and disaster recovery. The ubiquity of remote work increases adoption, enabling secure data access from anywhere.
The healthcare segment dominates the global data protection market during the forecast period.
Based on the industry vertical, the global data protection market is divided into government and defense, banking, financial services and insurance (BFSI), healthcare, it and telecom, consumer goods and retail, education, media and entertainment, and manufacturing. Among these, the healthcare segment is expected to hold the largest share of the data protection market during the forecast period. The healthcare business holds a significant share of the market because it handles highly sensitive patient data and quickly digitizes services such as electronic health records (EHRs) and telemedicine. The increased volume of data has necessitated the development of data protection solutions, resulting in large expenses. The increased cyber dangers in this business highlight the critical need for robust data protection techniques.
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North America dominates the market with the largest market share over the forecast period.
North America is expected to have the greatest share of the global data protection market during the forecast period. In the data protection market size (DPaaS) market, the United States leads North America. It is the world's largest economy and is known for its rapid adoption of new technologies. The country's DPaaS industry continues to grow as business processes become more digital and enterprises want improved data security services. These factors guarantee the company's operations run smoothly and safely. The Asia Pacific (APAC) area has the fastest-growing data protection market size (DPaaS). Cybercrime in the area has been on the rise as a result of the increased number of connected devices, digitalization of important services, investments in the ICT industry, business process automation, and other related trends. As a result, the region has become a new target for hackers, with small and medium-sized businesses (SMEs) being particularly at risk of data breaches and security concerns.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global data protection market are Symantec Corporation, McAfee, LLC, Trend Micro Incorporated, Palo Alto Networks Inc., Fortinet Inc., Sophos Group plc, IBM Corporation, Cisco Systems Inc., Check Point Software Technologies Ltd, FireEye Inc, Proofpoint Inc, and others.
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The solutions segment is projected to hold the biggest share of the global data protection market during the forecast period.
Based on the components, the global data protection market is categorized into solutions and services. Among these, the solutions segment is expected to hold the largest share of the data protection market during the forecast period. The solution sector leads the worldwide data protection market as a result of increased cybersecurity threats, demanding regulatory requirements, and the need to protect data across a range of applications including on-premises, cloud, and hybrid infrastructures. This area has opportunities for data encryption, access control, data loss prevention (DLP), identity and access management (IAM), and backup and recovery solutions. Done
The cloud segment stands to hold the biggest share of the global data protection market during the anticipated period.
Based on the deployment mode, the global data protection market is categorized into Cloud and on-premises. Among these, the cloud segment is expected to hold the largest share of the data protection market during the forecast period. Cloud-based services are increasing in popularity across sectors due to their scalability, flexibility, and cost-effectiveness, leading to increased demand for cloud deployment. Cloud solutions provide for centralized management, automatic backups, and disaster recovery. The ubiquity of remote work increases adoption, enabling secure data access from anywhere.
The healthcare segment dominates the global data protection market during the forecast period.
Based on the industry vertical, the global data protection market is divided into government and defense, banking, financial services and insurance (BFSI), healthcare, it and telecom, consumer goods and retail, education, media and entertainment, and manufacturing. Among these, the healthcare segment is expected to hold the largest share of the data protection market during the forecast period. The healthcare business holds a significant share of the market because it handles highly sensitive patient data and quickly digitizes services such as electronic health records (EHRs) and telemedicine. The increased volume of data has necessitated the development of data protection solutions, resulting in large expenses. The increased cyber dangers in this business highlight the critical need for robust data protection techniques.
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