Data Protection Market size is poised to cross USD 1.6 trillion by the end of 2035, expanding around 17% CAGR during the forecast period i.e., 2023 – 2035. In the year 2022, the industry size of data protection was USD 120 billion. The growth of this market can be attributed to the increasing generation of data produced by various industries such as BFSI, retail, IT & telecom, manufacturing, and others. This large amount of data generated from the industries demand for a system that can monitor, manage, and protect this data from attackers. This as a result is predicted to drive the growth of the market in the future times. Every second, new data is produced at a rate of almost 1.7 megabytes. Organizations must continue to secure sensitive personal information in addition to their customers' sensitive personal information.
In addition to this, escalating concern towards cyber security, concern over data protection, and safeguarding from malware, ransomware, and other viruses is expected to boost the market growth in the estimated period. Moreover, increasing focus on cyber security by government and businesses along with an escalating focus on data protection is further anticipated to positively influence the market growth.
Growth Driver
Challenges
|
Base Year |
2022 |
|
Forecast Year |
2023 – 2035 |
|
CAGR |
~17% |
|
Base Year Market Size (2022) |
~USD 120 billion |
|
Forecast Year Market Size (2035) |
~USD 1.6 trillion |
|
Regional Scope |
|
Organization Size (Large Enterprise, SMEs)
The large organization segment is set to witness the largest market growth of 56% by the end of 2035. Large enterprises make use of a wide range of business tools that can be easily exposed to cyber threats, as a result, large enterprises are the largest users of data protection solutions. Also, increasing awareness about cybersecurity and the potential consequences of data breaches has prompted enterprises to prioritize data protection in their overall cybersecurity strategy. It is estimated that only 5% of the companies' files are properly protected. During the first half of 2020, there were 36 billion records affected by data breaches.
Deployment (Cloud, On-premises)
The cloud segment is predicted to hold the largest market share in the time period between 2023 – 2035. The growth of this segment can be attributed to a wide range of benefits offered by cloud computing such as scalability, large storage space, auto update setup, affordability, and more. Furthermore, the cloud often provides built-in security features and tools to protect data stored and processed in their platforms. These benefits consist of encryption, access control, and identity management services. In addition, the trend of cloud computing in healthcare is further anticipated to elevate the growth of the segment in the market.
Our in-depth analysis of the global market includes the following segments:
|
Component |
|
|
Deployment |
|
|
Organization Size |
|
|
End User |
|
North America Forecasts
The data protection market in the North American region is expected to observe the largest market share of 35% by the end of the forecast period. North American governments and businesses based both in the United States and Canada have consistently offered funds and significant resources in cybersecurity, the data protection is also part of the same. This trend is driven by the increasing frequency and severity of cyberattacks targeting both private enterprises and public sector entities. Moreover, the increasing number of data breaches and cyber attacks in the region is expected to boost the data protection market in the North America region. Data from the first half of 2022 indicates that there were a total of 817 data breaches in the United States.
APAC Market Statistics
In the Asia Pacific region, the data protection market is expected to grow substantially during the time period between 2023 – 2035. The industries in the Asia-Pacific region are expanding as a result of multiple acquisitions and the development of new business sites in the area, which is assisting the data protection market's expansion in the forecast timeframe. Furthermore, rapidly growing economies in the region have been attracting investment and booming business activities. This further has influenced the demand for data protection solutions to comply with regulations and secure sensitive business data in the region.
Author Credits: Abhishek Verma, Hetal Singh
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?