The global big data security market size is expected to grow from USD 12.22billion in 2017 to USD 26.85billion by 2022, at a Compound Annual Growth Rate (CAGR) of 17.1%. Increasing cyber-attacks demanding scalable high-security solutions fuel the growth of this market.
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Growing demand for third-party managed security services and growing adoption among Small and Medium-sized Enterprises (SMEs) are expected to evolve the big data security and thus will create opportunities for the growth of this market. However, lack of data security awareness, and low data security budget and higher installation cost are the factors that might hinder the overall growth of the big data security market.
“Encryption, tokenization, and data masking as software segment is expected to hold the largest market size during the forecast period”
Advanced encryption-based cybersecurity software solutions are integrated with other security solutions to provide enhanced data security at a lower cost, on both cloud and on-premises. Tokenization software can be used for payment security, user authentication, and compliance management.
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Data masking is particularly common for software testing and user training. It ensures that the confidential company data and customer information is unavailable beyond the permitted environment.
All these factors are fueling the overall growth of this segment in the big data security market.
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In the process of determining and verifying the market size for several segments and sub-segments gathered through secondary research, extensive primary interviews were conducted with key people.
The break-up of the profiles of the primary participants is given below:
- By Company: Tier 1:22%, Tier 2: 30%, and Tier 3:48%
- By Designation: C-level:30%, Director level:45%, and Others:25%
- By Region: North America:48%, Europe:30%, and APAC:22%
“APAC is projected to grow at the highest rate during the forecast period”
The big data security market in Asia Pacific (APAC) region has started to gain momentum and is expected to witness the highest growth rate in the coming years. The growth can be attributed to the continuous increase in the focus of companies on improving their customer service to drive competitive differentiation and revenue growth.
Also, enhanced business productivity, supplemented by big data security software and services, has led APAC to become a highly potential market. In addition, rapidly developing economies in APAC such as China, India, Singapore, Malaysia, and Australia are migrating to cloud-based big data security software and services.
The report segments the big data security market based on services, which is segmented into managed services and professional services. Under professional services, the report is further segmented into support and maintenance, consulting services, and education and training.
Based on deployment models, the market is segmented into on-premises and cloud. By organization size, it is segmented into SMEs and large enterprises, whereas by component, the market is segmented into encryption, tokenization and data masking; access control; security intelligence; big data governance; and others (audit and reporting, and big data classification and discovery).
Further, under industry verticals, the market includes retail and eCommerce; manufacturing; government and defense; healthcare and life sciences; energy and utilities; telecommunications and IT; media and entertainment; and Banking, Financial Services, and Insurance (BFSI). The regions are segmented into North America, Europe, APAC, the Middle East and Africa (MEA), and Latin America.
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