Global Big Data Security Market to Grow at 14.1% During 2024-2032, Impelled by Significant Growth in IT Sector

According to the latest report by IMARC Group, titled "Big Data Security Market Report by Component (Solution, Services), Deployment Mode (On-premises, Cloud-based), Organization Size (Small and Medium-sized Enterprises, Large Enterprises), Technology (Identity and Access Management, Security Information and Event Management, Intrusion Detection System, Unified Threat Management, and Others), End Use Industry (BFSI, IT and Telecommunication, Healthcare and Pharmaceuticals, Financial and Insurance, Retail Trade, Utilities, and Others), and Region 2024-2032," the global big data security market reached a value of US$ 22.8 Billion in 2023. Big data security is adopted by businesses in order to protect the data from cyber thefts and malicious activities. It usually includes several tools and measures that are undertaken to safeguard numerous analytical processes. Some of the commonly used security methods include authorization, authentication, and centralized administration that helps to prevent unauthorized access to business data, storage logs and transactions. As a result, it aids in providing endpoint security, increases system efficiency and robustness, enhances communication and facilitates the availability of information while allowing convenient resource sharing across the organization.

 Global Big Data Security Market Trends:

The global market is primarily driven by significant growth in the information technology (IT) sector. Along with this, the increasing incidences of cyberattacks and data thefts across the globe have encouraged multiple businesses to heavily invest in the deployment of efficient security systems, which is providing a boost to the market growth. Moreover, continual technological advancements are creating a positive outlook for the market. For instance, the widespread integration of machine learning (ML) and artificial intelligence (AI) technologies with big data security solutions is positively influencing the market growth. Furthermore, the rising adoption of the work-from-home model due to the sudden outbreak of coronavirus disease (COVID-19) has accelerated the need for big data security solutions in order to safeguard the remote working environment. Other factors, including a significant rise in data generation and extensive research and development (R&D) activities conducted by key players, are also projected to drive the market growth further. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of 14.1% during the forecast period (2024-2032).

 Market Summary:

• Based on the component, the market has been segmented into solution (data discovery and classification, data authorization and access, data encryption, tokenization and masking, data auditing and monitoring, data governance and compliance, data security analytics, and data backup and recovery) and services.
• On the basis of the deployment mode, the market has been bifurcated into on-premises and cloud-based.
• Based on the organization size, the market has been classified into small and medium-sized enterprises and large enterprises.
• On the basis of the technology, the market has been segregated into identity and access management, security information and event management, intrusion detection system, unified threat management and others.
• Based on the end-use industry, the market has been categorized into BFSI, IT and telecommunication, healthcare and pharmaceuticals, financial and insurance, retail trade, utilities and others.
• On the basis of the region, the market has been divided into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
• The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include Amazon Web Services Inc. (Amazon.com Inc.), Check Point Software Technologies Ltd., Cloudera Inc., Fortinet Inc., Google LLC, Hewlett Packard Enterprise Development LP, International Business Machines Corporation, McAfee LLC, Micro Focus International plc, Microsoft Corporation, Oracle Corporation and Thales Group.

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