Data Protection Market Size & Share, by Component (Solutions, Services); Deployment (Cloud, On-premises); Organization Size (Large Enterprise, SMEs); End-user (IT & Telecom, BFSI, Manufacturing, Healthcare, Media & Entertainment, Consumer Goods & Retail, Government) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 5162
  • Published Date: Aug 16, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023 - 2035

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.


Data Protection Market
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Data Protection Sector: Growth Driver and Challenges

Growth Driver

  • Increasing Use of Mobile Devices – With the help of stable internet connectivity every day large amount of data is transferred stored, and shared all across the globe enabling wide enhancement in computing and communication potential. The increasing penetration of mobile phones has increased social, economic, and financial activity in emerging nations. As social and commercial activities grow the demand for better data protection and prevention systems rises as a result driving the growth of this market. In India, the smartphone penetration rate was 71 percent in 2023 and was predicted to be 96 percent in 2040.
  • Increasing Prevalence of Data Breaches – The number of data breaches is increasing day by day rapidly all across the globe. Thus, this has become a major concern for businesses as it can lead to financial losses, reputational damage, and regulatory fines. It is very important to protect company data from any kind of cyberattacks and threats as a result of driving market expansion in the forecast period. More than 6 million records were exposed throughout the world through a data breach in the first quarter of 2023.
  • Growing Integration of Cloud Computing – Cloud computing is becoming increasingly famous as it provides businesses with a range of advantages and benefits such as scalability, flexibility, and cost savings. Anyhow, cloud computing also introduces new security limitations as data is stored and processed in remote data centers.

Challenges

  • High Cost of Data Protection Solution – The data protection solutions are expensive to purchase which can act as a limitation for small business owners with less budget to adopt this solution. Therefore, this might hamper the market expansion in the future times.
  • Complexities Associated with Data Protection
  • Lack of Skilled Labor

Data Protection Market: Key Insights

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

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Data Protection Segmentation

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

  • Solutions
  • Services

 

   Deployment

  • Cloud
  • On-premises

 

   Organization Size

  • Large Enterprise
  • SMEs

 

 

   End User

  • IT & Telecom
  • BFSI
  • Manufacturing
  • Healthcare
  • Media & Entertainment
  • Consumer Goods & Retail
  • Government

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Data Protection Landscape – Regional Scope

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.

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Data Protection Market Size
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Companies Dominating the Data Protection Landscape

top-features-companies
    • IBM Corporation
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • HPE Symantec
    • CA Technologies
    • Mcafee Corporation
    • Oracle Corporation
    • Quest Software
    • NextLabs Inc.
    • Veeam Software
    • Acronis International GmbH
    • Baffle Inc.

In-the-news

In The News

  • The new Data Protection for Databases solution from Baffle, Inc. provides no-code implementation together with field- and column-level encryption. This makes it possible for businesses moving apps to the cloud as well as those who already have applications there to adhere to international security standards for the protection of sensitive data without incurring the expense, complexity, or continuous maintenance of putting encryption into place in the application.
  • NextLabs announced the release of Dynamic Data Masking for SAP ERP, its latest product for SAP ECC and S/4HANA. The need for dynamic data masking is as important as ever, given the growing importance of data privacy and the various requirements that require the protection of sensitive data, such as personally identifiable information, such as PII, customer data, technical data, financial data, and more.

Author Credits:  Abhishek Verma, Hetal Singh


  • Report ID: 5162
  • Published Date: Aug 16, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The growing integration of cloud computing and the increasing use of mobile phones are some of the major factors anticipated to drive the growth of the data protection market.

The market is anticipated to attain a CAGR of ~17% over the forecast period, i.e., 2023 – 2035.

The major players in the market are HPE Symantec, CA Technologies, Mcafee Corporation, Oracle Corporation, Quest Software, NextLabs Inc., Veeam Software, and others.

The cloud segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

The market in North America is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Data Protection Market Report Scope
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