The Big Data Security Market Value to Grow At A CAGR Of 17.10% From 2020 To 2030. Big Data is a large collection of business data that are complex and highly difficult to be interpreted by humans. However, the analytic trend permits the company to make more data-driven decisions in the modern way of business. Emerging commercial opportunities can be achieved when deep insights on factors like marketing, product development, pricing are carried out. Hence even small and medium-based industrial sectors are taking the help of data analytic managers, data scientists, big data solution architects.
The Big data solutions are currently surging in every industrial sector and are expected to stand proud as double the size by 2030 as it is now. Software developments and protocols help to track the big data sets which could seem meaningless in the human eyes. The big data analytic tools could correlate and integrate different types and different sources to produce different useful business intelligence. The Big Data tool would potentially focus on the Volume, Velocity, and Variety of the processes.
COVID 19 Analysis:
The COVID 19 Pandemic has blocked down the fast-paced processes of several industries. Hence the industrial sectors have implemented the new practice of working remotely. The rising trend of work from home, internet penetration, and rising trend of BYOD have increased the demand for the Big Data Security market demand.
The rising usage of cloud computing has also increased the necessity of laying out security solutions. Especially the end-points and Virtual Private networks are exposed to several security concerns. Especially in the lockdown, the increased usage of the internet has increased the demand for cyber protection services to protect critical data.
Recently there are a lot of cybercrime incidents recorded across the industrial sector. There were nearly 1.16 million cybercrime cases recorded in the year 2020 which is 20 times higher than in 2016. The end-points, networks, on-premise devices, and various other IT infrastructures are vulnerable to cyber-attacks. This would lead to property loss, financial or critical data loss, even sensitive information of the customer. These factors are the major driver of protecting the data. These factors thus drive the Big Data Security Market growth.
Increased usage of smartphones, social media, E-commerce are also fueling the growth of Big Data Security market demand since these are the areas where there is a large amount of data created and needs to be protected from hacking. Other factors like unprotected sensitive data are stored in cloud storage without encryption are increasing the demand for the Big Data Security Market.
The traditional way of encryption and decryption of a large amount of data consumes a lot of time and might lead to data loss. This has increased the necessity of protecting the data with proper solutions.
Adoption of AI and ML Solutions:
The recent innovations and trends that involve AI and ML-based solutions impart huge contributions to the construction of intelligent machines and processes. These intelligent machines are capable of predicting the outcomes without algorithms. This prospect also has increased the demand for the Big Data Security Market demand, globally. These new technologies themselves protect the data with the algorithms provided to them. They quickly scan the abnormal behavior of the system and track down the reason behind the abnormal behavior. Hence these technologies are highly deployed in various leading sectors.
Higher initial costs:
For startups and medium-sized organizations, though there are needs for protecting critical data, the budget for cyber security is considerably low. Hence installing next-generation firewalls and advanced threat protection solutions are highly impossible. As these emerging startups primarily focus on factors like business continuity plans and tackle business operational challenges, they are unable to fund the security solutions.
Much of the data stored are never used:
The recent report shows that 60-73% of the data stored for analytical purposes are never used. Such reports shock the management who invest in securing them. Since several companies lack the technologies that efficiently place these data inaccessible positions, they remain unused and the investment in securing them is considered as a loss.
As the IT sectors generate a huge amount of data every day, unstructured data exists in various forms such as office documents, files, or images. They get distributed across the employees through file sharing, social media, or email. Such factors make it difficult for them to be collected, analyzed, and then to be managed for later usage. Identifying the sensitive data from unstructured and structured forms is difficult.
There are only about 3% of companies that do not face any challenge in accessing big data. Despite spending so much money in analysis and management, the issues and challenges that come up against the business development hinder the Big Data Security market growth.
Cumulative Growth Analysis:
Over 94% of the companies globally admit that data and analytics are essential for business growth. Retail stores, hospitals, telecoms are the major end-users of the Big Data security market. Also, the shocking reports of Big Data security concerns are increasing the Big Data security market value. Due to the poor quality of data, the US economy has faced a loss of over USD 3.1 trillion per year. Over 97% of organizations across the globe have increased their investments in Big Data analytics. Such reports have boosted the demand of the Bid Data Security market.
Currently, the Big Data Security Market value is expected to register 16.9% CAGR by Forecast 2023. Banking and discrete manufacturing are the two leading sectors that are higher beneficiaries of the Big Data Security market. The processes that involve manufacturing, professional services, governmental activities involve Big Data analytics immensely in recent years.
Value Chain Analysis:
Since there is an increasing demand for data security and privacy, the organizations top the security measures in their priority lists. The decentralized and edge-based techniques carried out by the organizations make them more vulnerable to cyber-attacks. The organizations are increasing their investments in fortifying their critical data and are hiring professionals to deal with security concerns. Over 10% of the demand for security breaches is driven by privacy breach concerns. Such factors have increased the overall growth of the Big Data Security market.
Also, due to the work-from-home scenario and flexible working environments, there are a lot of data exposed to security breaches. The flexibility of the Big Data Security solutions has also aided the growth of the Big Data Security market. The on-premises deployment which offers better control is highly deployed in various industrial sectors. The strategies like next-generation firewalls and next-generation intrusion prevention are the common strategies preferred by the industries. Hence the global Big Data Security Market size is expected to grow over USD 37 Billion in the forecast period.
Based on the component:
Based on software
Based on deployment type
Based on organization size
Based on verticals
Currently, North America is estimated to hold the largest share in the global Big Data Security Market. The primary reason for the leading position is that the region possesses leading market players and has a history of several cyber-attacks in recent times. Since North America is leading in business sectors and content creation techniques, they tend to produce a large amount of data. These factors have fueled the growth of the Big Data Security market.
Other than North America, Asia-pacific is expected to reach a higher CAGR in the review period. There is a huge demand for Big Data security in various end-user industries. The industries in the region tend to use the data to block hackers. Especially ransom wares and malware, malicious insider programs, compromised weak devices are tackled by the advanced analytical tools.
Recent technologies are capable of data cleaning, carry out essential tasks like data preparation and exploration tasks. The tools like Hadoop and Tableau that have recently emerged are gaining popularity. These tools minimize the efforts and other tools which are working towards self-service solutions. Hadoop is a flexible technology that can be deployed in more sectors and companies without any security issues.
Hybrid clouds are a flexible solution that provides more data deployment options by moving the processes between the private and public clouds. The organization must develop a load balancer, LAN, storage, and data centers to enjoy the benefits of hybrid clouds.
This report has covered
Based on the component:
Based on software
Based on deployment type
Based on organization size
Based on verticals
|Market Size||USD 35.71 Billion (2030)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Component, By Software|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Symantec Corporation, Fortinet, and Check Point Software Technologies Ltd., IBM, Hewlett Packard Enterprise (HPE), Proofpoint Inc., FireEye Inc., Rapid7 Inc., and LogRhythm Inc.|
|Key Market Opportunities||The continuous focus of companies on enhancing their customer services and securing the data will stimulate growth.|
|Key Market Drivers||The emergence of connected devices, such as smart devices and smartphones, generates a tremendous amount of data that is collected, stored, and processed for a variety of derivative analytics|
The big data security industry is set to grow at 17.10% CAGR during the forecast period (2020-2030).
The global big data security market's valuation is estimated to increase to USD 35.71 billion by the end of 2030.
North America holds the biggest share in the global big data security industry, followed by Europe and the Asia Pacific region.
Big Data Security (BDS) Market size is estimated to reach a value of US$ 35.71 Billion with 17.10 % CAGR by 2030.
Global Big data security Market: Competitive Landscape
The global big data security market is characterized by the presence of many global, regional, and local vendors. The market is highly competitive with all the players competing to gain a prominent market share. Intense competition, rapid advances in technology, frequent changes in government policies, and environmental regulations laid down by governments are key factors that resist market growth. The vendors compete on the basis of cost, quality, reliability, and aftermarket service. It is crucial for the vendors to provide cost-efficient and high-quality big data security solutions, in order to survive and succeed in an intensely competitive market environment.
The growth of the market vendors is dependent on the market conditions, government support, and industry development. Thus, the vendors should focus on geographical expansion and vital industry improvements. IBM, Hewlett Packard Enterprise (HPE), Mcafee LLC, Symantec Corporation, Check Point Software Technologies Ltd., Fortinet, Inc., FireEye, Inc., Rapid7, Inc., Logrhythm, Inc., and Proofpoint, Inc. are profiled as the major market players in the study. These companies primarily focus on the development of big data security solutions and services. Although the global players are dominating the market, regional and foreign players with small market shares also have a notable presence. The international players are expected to strengthen their presence worldwide through partnerships, collaboration, and acquisitions during the forecast period.
Check Point Software Technologies Ltd. engages in the development and marketing of software and hardware solutions for IT security. Check Point Software Technologies Ltd. is one of the largest network cybersecurity vendors, providing industry-leading solutions and protecting customers from cyber-attacks with an unmatched catch rate of malware and other types of threats globally. Their products include solutions for threat prevention, next-generation firewalls, mobile security, and security management. The company's solutions cater to applications such as point of sale systems, automated teller machines, private and public cloud, and telecommunication service providers. In July 2018, Check Point and WireX Systems have partnered in order to improve the network security and accelerate the consumers ability to monitor, detect, and neutralize security threats.
Fortinet is a U.S. based company and a prominent provider of automated and integrated cybersecurity solutions. The company provides high-performance cybersecurity solutions to data centers, enterprises, and distributed offices. The company’s cybersecurity solutions are designed to provide broad, automated, and integrated protection against dynamic and sophisticated security threats, posing concerns for the end-customers. The company has four areas of business namely core business, Fortinet security fabric, Fortinet cloud security and Internet of things (IoT) and operational technology security (OT). The company specializes in network security, enterprise firewall, unified threat management (UTM), firewall, intrusion prevention system (IPS), VPN, antivirus, email security, web filtering and web security gateway, antispam, application control and visibility, and next-generation firewall (NGFW).
McAfee is a leading-edge cyber security company that provides advanced security solutions to consumers, small and large businesses, enterprises, and governments. McAfee provides comprehensive, integrated information security solutions for business, enterprise, and government applications which spans across all environments. Endpoint and mobile security solutions protect devices against threat, viruses, and malware. McAfee solution protects server, databases, and data centers from such threats.
Prominent players like IBM, Hewlett Packard Enterprise (HPE), Mcafee LLC, Symantec Corporation, Check Point Software Technologies Ltd. and Fortinet, Inc. among others form the competitive landscape of big data security market.