Global Big Data Security Market Analysis Report 2024: A
Dublin, May 15, 2024 (GLOBE NEWSWIRE) — The “Global Big Data Security Market Size, Share & Trends Analysis Report By Offering (Software, and Services), By Deployment Mode (Cloud, and On-premise), By Organization Size, By Technology, By Vertical By Regional Outlook and Forecast, 2024 – 2031” report has been added to ResearchAndMarkets.com’s offering.
The Global Big Data Security Market size is expected to reach $71.1 billion by 2031, rising at a market growth of 14.5% CAGR during the forecast period.
The exponential growth of data volumes and the increasing complexity of data environments make traditional backup and recovery methods inadequate for modern data protection needs. Therefore, the data backup & recovery segment captured $2.67 billion revenue in the market in 2023. Organizations require advanced data backup & recovery solutions capable of handling large-scale data sets, diverse data types, and heterogeneous IT environments.
The major strategies followed by the market participants are Partnerships, Collaborations & Agreements as the key developmental strategy to keep pace with the changing demands of end users. For instance, In March, 20244, Dell Technologies, Inc. came into a partnership with CrowdStrike Holdings, Inc. Under this collaboration, the customers were provided with Dell’s Managed Detection and Response (MDR) services coupled with CrowdStrike’s cutting-edge AI-native Falcon XDR platform. Additionally, In November, 2023, Check Point Software Technologies Ltd. came into a partnership with Alkem Laboratories Ltd. Through this collaboration, Alkem Laboratories integrated Check Point Harmony and Quantum solutions, which provide robust defense mechanisms against diverse cyber threats.
Cardinal Matrix – Market Competition Analysis
Based on the Analysis presented in the Cardinal matrix; Microsoft and Google are the forerunners in the market. In September, 2023, Google expanded its strategic partnership with Salesforce, Inc., an American cloud-based software company, to integrate Salesforce, the leading AI CRM, and Google Workspace, the widely used productivity tool. The collaboration introduced bidirectional integrations, enabling customers to merge context from Salesforce and Google Workspace, including Google Calendar, Docs, Meet, Gmail, and more, to enhance generative AI experiences across platforms. Companies such as Amazon Web Services, Inc. (Amazon.com, Inc.), Broadcom, Inc., Oracle Corporation are some of the key innovators in the market.
Market Growth Factors
Hybrid and multi-cloud environments introduce complexity to security management. Organizations need to ensure consistent security policies and controls across multiple cloud platforms, on-premises infrastructure, and legacy systems. Thus, the market is anticipated to increase significantly due to the migration to hybrid and multi-cloud environments.
Integrating security into CI/CD pipelines allows automated security testing to be part of the build and deployment process. Security testing tools can automatically scan code repositories, container images, and deployment configurations for vulnerabilities, misconfigurations, and compliance violations. Hence, integration with DevOps and CI/CD pipelines has been a pivotal factor in driving the growth of the market.
Market Restraining Factors
Complexity and integration challenges can drive up the implementation costs of big data security solutions. Organizations may incur additional expenses related to consulting services, professional expertise, and customized integrations required to address integration complexities. Thus, complexity and integration challenges can slow down the growth of the market.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Partnerships, Collaborations & Agreements.
By Offering Analysis
On the basis of offering, the market is bifurcated into software and services. In 2023, the software segment held 74.3% revenue share in the market. Tokenization and encryption are featuring that big data security software offers to protect sensitive data at rest and in transit. These solutions encrypt data using strong cryptographic algorithms and manage encryption keys securely to prevent unauthorized access and data breaches.
By Software Analysis
Under software type, the market is segmented into data discovery & classification, data encryption, tokenization & masking, data backup & recovery, data authorization & access, data governance & compliance, data security analytics, and others. In 2023, the data discovery & classification segment witnessed 29.9% revenue share in the market. These solutions leverage advanced analytics and machine learning techniques to enhance data discovery & classification capabilities.
By Deployment Mode Analysis
Based on deployment mode, the market is bifurcated into cloud and on-premise. The on-premise segment acquired 40.4% revenue share in the market in 2023. On-premise deployments offer organizations greater customization and flexibility to tailor security solutions to their needs and requirements.
By Organization Size Analysis
Based on organization size, the market is bifurcated into large enterprises and small & medium enterprises. In 2023, the large enterprises segment witnessed 69.1% revenue share in the market. Large enterprises typically manage vast volumes of data generated from various sources, including internal systems, customer interactions, and third-party applications. The complexity and scale of data make it challenging for large enterprises to implement effective security measures manually.
By Technology Analysis
By technology, the market is classified into identity & access management, security information & event management, intrusion detection system, unified threat management, and others. The security information & event management segment covered 21.3% revenue share in the market in 2023. Security information & event management (SIEM) solutions offer comprehensive visibility and reporting capabilities that enable organizations to gain insights into their security posture and compliance status within big data environments.
By Vertical Analysis
By vertical, the market is categorized into BFSI, government, energy & utilities, healthcare & lifesciences, manufacturing, retail & eCommerce, IT & telecom, transportation & logistics, and others. The BFSI segment garnered 19.1% revenue share in the market in 2023. BFSI organizations utilize such solutions to detect and prevent fraud, such as unauthorized transactions, identity theft, and account takeovers.
By Regional Analysis
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2023, the Asia Pacific region acquired 27.9% revenue share in the market. Asia Pacific is experiencing rapid digital transformation across various industries, including finance, healthcare, retail, manufacturing, and government. The Asia Pacific region is a prime target for cyber threats, including data breaches, ransomware attacks, and advanced persistent threats (APTs).
Market Competition and Attributes
The market competition in the Big Data Security Market is intense and dynamic, characterized by a multitude of players offering a wide range of solutions and services to address the evolving cybersecurity challenges in the era of big data. Key factors driving competition in this market include technological innovation, regulatory compliance, threat landscape complexity, and the increasing adoption of big data analytics across various industries.
Recent Strategies Deployed in the Market
- Mar-2024: Dell Technologies, Inc. came into a partnership with CrowdStrike Holdings, Inc., an American cybersecurity technology company. Under this collaboration, the customers were provided with Dell’s Managed Detection and Response (MDR) services coupled with CrowdStrike’s cutting-edge AI-native Falcon XDR platform. Additionally, this partnership assisted customers in safeguarding their systems against the escalating sophistication of cyberattacks.
- Dec-2023: Thales Group S.A. completed the acquisition of Imperva, Inc., an American cyber security software and services company. Through this acquisition, Thales strengthened its global cybersecurity capabilities for governments and organizations. Additionally, the acquisition enhanced business opportunities and market innovations.
- Nov-2023: Broadcom Inc. completed the acquisition of VMware, Inc., an American cloud computing and virtualization technology company. Through this acquisition, the Broadcom Software portfolio was combined with the VMware platform to provide critical infrastructure solutions to customers.
- Nov-2023: Hewlett Packard enterprise Company teamed up with NVIDIA Corporation, an American multinational corporation and technology company. Under this collaboration, the companies developed an enterprise computing solution tailored for generative AI (GenAI). The new product jointly engineered, pre-configured solution for AI tuning and inferencing facilitates enterprises, regardless of size, in swiftly tailoring foundational models using proprietary data.
- Oct-2023: Amazon Web Services, Inc. announced the launch of a sovereign cloud in Europe tailored for government and highly regulated industries. Data will be stored on EU servers, managed exclusively by EU-resident AWS employees. The service will initially launch in Germany before expanding to all European customers.
List of Key Companies Profiled
- Oracle
- Microsoft
- Broadcom
- IBM
- Amazon
- Hewlett Packard
- Check Point Software Technologies Ltd.
- Thales Group
- Dell Technologies
For more information about this report visit https://www.researchandmarkets.com/r/vhy27z
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