Big Data Security Market Size Overview, Growth Drivers, Industry Share and Forecast to 2027
The soaring demand for third-party managed security service providers is likely to promote the market for big data security in the coming years
The data mining of usable information is growing in importance these days, consequently motivating the big data security market 2020. The ICT industry reports are produced by Market Research Future, which highlights market options for advancement. A CAGR of 16.9% is predicted to motivate the market to earn USD 36.55 Bn by the end of 2023.
The rising demand for suitable high-security solutions is predicted to push the expansion of the big data security market in the upcoming period. The soaring demand for third-party managed security service providers is likely to promote the market for big data security in the coming years.
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The segmental assessment of the big data security market is conducted on the basis of component, organization size, deployment, technology, and end-user. The end-user basis of segmenting the big data security market is segmented into travel & logistics, automotive, healthcare, government, BFSI, and IT & telecommunication. The component basis of segmenting the big data security market consists of software and services. The software segment is further sub-segmented into security intelligence, access control, encryption, data masking, and data governance. Based on the deployment, the big data security market is divided into on-cloud and on-premise. Based on the technology, the big data security market is segmented into unified threat management (UTM), security information and event management (SIEM), identity and access management (IAM), and intrusion detection system (IDS)/intrusion prevention system (IPS). Based on the organization sizes, the big data security market is segmented into SMEs & large enterprises.
Detailed Regional Analysis
The regional study states that the North American region controls the big data security market owing to the increasing implementation and expansion of cloud-based technologies and platforms in the region. The U.S heads the market with revenue of USD 3.45 billion in 2017. The region has a proclivity to the fast and elevated approval of the newest in technological development, which has amplified the demand for suitable and scalable high-security solutions. The presence of more than a few market-leading companies is likely to direct to market growth opportunities and, as a result, growth through the forecast period. The region of Asia-Pacific is anticipated to develop at the fastest rate throughout the forecast period owing to the mounting spending on cutting-edge technologies in nations such as India and China. Furthermore, the demand for gainful advanced analytical software solutions & services among the many SMEs has led to the need for high-security solutions.
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The reinvention of the supply chains by integrating robust technology in them is estimated to spur the expansion of the market in the coming period. The state of technological development is estimated to be staggered as the development of the global market is at a relative standstill. The effect of unpredictable events has created substantial barriers that will have to suitably addressed and overcome to achieve normalcy in the global market. The establishment of a definite competitive advantage is estimated to spur market development in the forecast period. The inducements offered by the government are expected to display a positive influence on the overall market development in the impending period. The need to invest in building a robust consumer base is estimated to rank on the top priorities of market leaders for the upcoming period. The weakening of trade channels is projected to present new challenges that have to be overcome expediently in the coming years. The regulations in various regions can be relied upon to rebuild market clout gradually in the future.
The significant contenders in the big data security market include Symantec Corporation, Fortinet, and Check Point Software Technologies Ltd., IBM, Hewlett Packard Enterprise (HPE), Proofpoint Inc., FireEye Inc., Rapid7 Inc., and LogRhythm Inc.
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