Big Data Security Market Size (2023 - 2030)

The market value of the Big Data Security market was worth USD 17.5 billion in 2022 and is projected to reach USD 35.3 billion by 2030, recording a Compound Annual Growth Rate (CAGR) of 12.4% over the forecast period. The growth in the market is supported by factors like exponential growth in the volume of data generated, growing cyber-attacks, and increasing demand for high-security solutions. Additionally, the expansion of the big data security market is being fueled by the latest technological development in IoT and other intelligence devices, as well as a burgeoning e-commerce industry.

Big Data has attracted much traction from academia and the IT industry. A larger amount of data is generated and collected in the digital and computing world owing to the increased penetration of the internet service.  The world population today exceeds 7.2 billion and out of these over 5 billion people globally own a mobile phone and around 2 billion people have internet subscriptions. It is projected that by 2050, approximately 50 billion devices are estimated to be connected to the internet. With this number of users adding to the internet user pool it is projected that data production will also grow by many folds. The development of technology such as 5G technology and optic fiber enables the transfer of data at a very fast rate, which has resulted in a surge in the volume of data generated. However, with the growth of such a large has also posed several privacy and security-related challenges that need to be tackled.

The big data security market is the process of safeguarding the data as well as the analytical process from cyber threats that could expose the secrecy of confidential data and can lead to security and privacy concerns. As a result of this, enterprises around the world are rapidly adopting data security solutions. The large set of data generated has aided the enterprise to improve their business performance by providing them with powerful analytics for making critical business decisions. However, the data generated consists of various confidential and personal information and the pilferage of such data can lead to serious privacy and security concerns.

Cyberattacks have intensified and severe and have become a major concern. Due to technological advancements, cyber security threats become more complex and sophisticated and are capable to bypass all traditional security solutions, which has necessitated the use of new defense approaches such as big data security. Furthermore, the growing awareness about data privacy and security among the general public has set the foundations for the market and acting as a proponent for market growth. However, the small enterprises in emerging economies are likely to have challenges in adopting Big Data Security Market solutions due to a lack of investment and finance, and also lack of awareness of data security is going to hamper the growth of the market during the forecast period.

MARKET DRIVERS

Rise in Cyber-Crimes Leading To The Theft Of The Company’s Confidential Data

The frequency of cyber-attacks has grown significantly in recent times. Due to these cyber-attacks, the companies’ confidential data is compromised and organizations have to suffer disruption in their business operations. To avoid such a situation the enterprises are readily looking into securing their network and are adopting data security solutions that are fueling the growth of the market.

MARKET RESTRAINTS

Lack of Knowledge About the Data Security AndHigh Installation Cost

Lack of awareness related to data security as well as managing and storing such large data would be a meticulous and cumbersome process. The initial cost for installation and setup of data security solutions is high which is not a favorable condition for small enterprises hence they avoid using these systems. These are a few factors that are negatively influencing the market growth.

Segmentation Analysis

BIG DATA SECURITY MARKET – By COMPONENTS:

• Solutions
  • Network Security
  • Cloud Application Security
  • End-point Security
  • Secure Web Gateway
  • Others
• Services

Based on components the big data security market can be further segmented into solutions and services. Solutions segments include Network Security, Cloud application security, Endpoint security, and secure web gateway among others. The rise in acceptance of endpoint security software and hardware and management access tools among numerous industries like IT & telecom, healthcare, and BFSI sectors among others is acting as an accelerating factor in the market growth. The services segment which can be bifurcated into professional and managed services is also anticipated to register a healthy CAGR and hold a significant market share because of the growth in demand for maintenance and consulting services by large as well as medium enterprises.

BIG DATA SECURITY MARKET – BY DEPLOYMENT TYPE:

• On-Premise
• Cloud

Based on deployment type the big data security market can be divided into two types, On-premise and cloud mode. Among these, the on-Premise segment accounted for over 60% of the market share in terms of revenue. Owing the factors such as the on-premise models enable companies to have more control over the all-security solutions and systems that are driving the segment growth. However, the cloud-based segment would hold the highest CAGR growth rate of 20.5% over the forecast period. The on-cloud section is going to expand because of its inherent befits such as easy maintenance of data generated, agility, and cost-effectiveness, among others. Furthermore, the market players are partnering with other companies to build innovative cloud-based security solutions which are propelling the adoption thus driving the market growth.

BIG DATA SECURITY MARKET – BY ENTERPRISE SIZE:

• Small and Medium Enterprises
• Large Enterprises

Based on enterprise size, the marketplace is segmented into small and medium enterprises (SMEs) and large enterprises. Among these two, the large enterprises hold the major market share in the Big Data Security market in 2022. Big companies and enterprises are now heavily relying on big data to devise analytical information which is aiding them in identifying opportunities, making critical business decisions, and helping improve business performance.  The organizations are restructuring their security policy and are heavily relying on Big data security solutions in safeguarding important assets from diverse cyber-attacks thus contributing to the market growth.

BIG DATA SECURITY MARKET – BY INDUSTRY:

• BFSI
• IT and Telecommunications
• Healthcare
• Manufacturing
• Energy and Utilities
• Others

Based on industry, the market is segmented into BFSI, IT and telecommunications, healthcare, manufacturing and energy, and utilities, among others. The BFSI segment is the dominant sector and is poised to grow with a significant CAGR over the forecast period. The BFSI sector has to deal with lots of finance-related data and the loss of such data can intensively hamper business operation. To avoid these cyber-attacks, enterprises are adopting security solutions to safeguard their valuable information. Besides this, the heal care sector is also poised to grow substantially during the forecast period. The increasing enactment of cloud-based solutions in the healthcare sector to optimize operations and staff performance is projected to propel the segment growth.

BIG DATA SECURITY MARKET – BY REGION:

• North America
• Europe
• Asia pacific
• RoW

Based on region, North America dominated the Big Data Security market share in 2022 capturing over 25% of the market and is anticipated to continue with the trend during the forecast period. The rising number of cyber-attacks and security breaches are creating a demand for cloud-based security solutions across the region. The growth of e-commerce platforms is also boosting the market in US and Canada.

The European market is also projected to grow significantly owing to factors such as increasing investment related to internet security projects. The European market is set to witness a healthy CAGR of 12.6%. During the predicted period, Asia-Pacific will have the highest CAGR of 20.9%. Growing virtualization across sectors and cloud computing usage are driving demand for cloud-based big data security solutions in Asia Pacific countries such as China, Japan, India, and Singapore.

Key Players

Some of the major key players in the Big Data Security market are IBM Corporation, Google LLC, Oracle Corporation, Micro Focus Plc, Amazon Web Services Inc., Talend Inc., McAfee, Digital Guardian, Check Point, Hewlett Packard Enterprise among others. Due to the presence of many market players the market is fragmented and highly competitive.As the market is evolving it is proving tremendous opportunities for the market players. The market is set to get extremely competitive and the participants who have anticipated the growth and stern competition in this industry are already investing in reach and development and launching new products to capture the market space. 

NOTABLE HAPPENINGS IN THE BIG DATA SECURITY MARKET

• COLLABORATION- In January 2022, GTT Communications Inc. and Fortinet, Inc. announced their collaboration. They will work together to provide sophisticated security solutions to small and big corporate clients.
• PRODUCT LAUNCH- In 2022, IBM announced its future security features for Cloud Pak, which include a data security solution that helps enterprises to identify, respond to, and safeguard their most sensitive data from attacks.
• PRODUCT LAUNCH - In September 2022, Bharti Airtel Ltd. released a package of internet security solutions for small and medium businesses. Small businesses may use the solutions to help them adopt cloud platforms and other developing technology. The corporation has spent roughly USD 14.2 million on advanced solutions development.
• ACQUISITION- In May 2022, Palo Alto Networks acquired two companies Twistlock and PureSe. This acquisition is intended to help the firm grow its product portfolio and offer a comprehensive cloud security suite for a variety of cloud security applications.

COVID-19 IMPACT ON THE BIG DATA SECURITY MARKET

The outbreak of the pandemic has influenced the Big data security market positively. The pandemic fast-paced the adoption and usage of digital services as many people were making use of app-based services for their professional and personal activities.  Due to the worldwide lockdown, the organizations had to transition to work from home mode. This increase in online activities resulted in the generation of tons of additional raw data and the cyber-attacks also increased significantly which subsequently aided in the growth and development of big data security frameworks and solutions. Furthermore, as a result of the unexpected increase in cyber-criminal activity that targeted many firms and their consumers, demand for greater protection of secret corporate assets increased which is therefore driving the market growth.