The rapid adoption of cloud-based sensitive data discovery services to improve IT security compliance is driving the global sensitive data discovery market
Increased COVID-19 cases throughout the world are causing an economic slowdown, and Billions of people are working from home for the first time during this epidemic. The conservative business culture is likely to shift as a result of this. Furthermore, during the pandemic, the e-health industry is causing an explosion of structured and unstructured data, which must be safeguarded and handled efficiently in order to draw insights. As a result, the use of sensitive data discovery in the healthcare industry is expected to increase during COVID-19. Furthermore, the global proliferation of COVID-19 has raised various privacy, security, data protection, and compliance concerns, creating an opportunity for the use of sensitive data discovery. During the COVID-19 pandemic, this is expected to push the worldwide sensitive data discovery market.
Service Segment is Predicted to Grow at a 16.2% CAGR
During the projected period, the service segment is predicted to grow at a 16.2% CAGR in revenue.
The market is divided into two components: solution and service. The service category is further divided into two sub-segments: managed services and professional services. Deployment and integration, advising, support, and maintenance are all examples of professional services. Due to increasing support and maintenance requirements, the service segment is likely to post a quicker revenue CAGR during the projection period.
Cloud Sector is Predicted to Grow at a Quicker Rate
During the projected period, the cloud sector is predicted to grow at a quicker rate of revenue CAGR.
The market is divided into two deployment modes: on-premises and cloud. The cloud segment is further divided into three sub-segments: private cloud, public cloud, and hybrid cloud. Throughout the projected period, the cloud sector is predicted to grow at a quicker rate in terms of revenue CAGR. This can be ascribed to the availability of easy deployment, low capital, and short time requirements.
Segmentation Based on Application
During the projected period, the compliance management segment is predicted to have a higher revenue AGR.
The market is divided into applications such as security and risk management, compliance management, asset management, and others. Throughout the projected period, the revenue CAR for the compliance management sector is predicted to be higher. In the worldwide market, the security and risk management sector accounted for the lion's share of revenue. Rising worries about data security are a primary element driving this segment's sales growth.
North America Dominated the Global Sensitive Data Discovery Market
North America dominated the global sensitive data discovery market with the greatest share, owing to established economies such as the United States and Canada. Because of its early adoption of sensitive data finding solutions, the United States is a prominent market in the area.
During the forecast period, the Asia Pacific sensitive data discovery market is expected to rise rapidly. This may be ascribed to rising data privacy and security awareness among enterprises in important nations such as China, Japan, and India, which is projected to drive the use of sensitive data discovery solutions and services. This is projected to promote the region's use of sensitive data finding solutions.
The increasing need to discover sensitive structured and unstructured information, and increased investments to improve data privacy due to evolving guidelines and regulations encourage further adoption of global sensitive data discovery market.
Owing to benefits such as automated data classification based on context, regulatory compliance and risk management, total data visibility, sensitive data identification and tracking, sensitive data discovery solutions and services is experiencing rapid adoption as opposed to traditional data discovery solutions and services thus fostering progress in global sensitive data discovery solutions and services market.
The global sensitive data discovery market is expected to increase at a compound annual growth rate (CAGR) of 16.1% during the forecast period, to USD 14.4 billion by 2028.
Sensitive data discovery is a way of detecting and identifying sensitive data in order to preserve or safely erase any type of compromising information. Organizational IT security teams provide compliant-ready solutions to their clients and workers to guarantee their privacy and to assist avoid data breaches and leaks. Every day, new data is created in various ways from many sources. Every company generates a massive quantity of data by utilising loT devices, GIS devices, sensors, and other equipment. Data discovery is a critical stage that IT security professionals must execute efficiently in order to provide a safe foundation.
Enterprise data is moved from one location to another and stored on a variety of devices and the cloud. Employees, clients, and partners have constant access to this information from any location at any time. As a result, discovering, recognising, and categorising this data is critical. Data discovery challenges may be avoided in an organisation by integrating data discovery solutions. This enables firms to grant authorised staff and clients access while also assisting them in learning about data types and completing their day-to-day tasks. Each piece of knowledge has its own set of difficulties and hazards.
By categorising this data into several levels, users may readily scan and get information based on their needs. Data can be categorised as public, internal, restricted, or confidential based on its priority. Many data security firms are concentrating their efforts on Internet of Things (IoT) and real-time analysis in order to produce better data discovery and security solutions.
However, lack of authenticated and single source, lack of data taxonomy, incoherent enterprise wide data management standards are some common pitfalls in data discovery hampering the global sensitive data discovery market. Furthermore, its simple to use features, agility, flexibility, and big data are the key factors driving the global sensitive data discovery market and anticipated to be growth opportunity to the global sensitive data discovery market.
Latest Innovations: Global Sensitive Data Discovery Market
- In September 2021, Qohash has made available its enterprise-focused sensitive data discovery technology to streamline data management operations across mid-sized corporates willing to upgrade data safety efficacy with minimal human participation. The development is a significant milestone in the global sensitive data discovery market.
Sensitive Data Discovery Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 14.4 billion|
|Growth Rate||CAGR of 16.1% during 2021-2028|
|Segment Covered||Component, Deployment Type, Application, Vertical, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and South Africa|
|Key Players Profiled||IBM Corporation, Microsoft Corporation, Oracle Corporation, Amazon Web Services, Google, LLC, Hitachi Ltd., SolarWinds Corporation, Thales Group S.A., Micro Focus International PLC, Proofpoint, Inc., Netwrix Corporation are a few of the key vendors in the sensitive data discovery market.|
Key Segments of Global Sensitive Data Discovery Market
Component Overview, 2018-2028 (USD Billion)
Deployment Type Overview, 2018-2028 (USD Billion)
Application Overview, 2018-2028 (USD Billion)
- Security and Risk Management
- Compliance Management
- Asset Management
- Other Applications (Network Management and Access Management)
Vertical Overview, 2018-2028 (USD Billion)
- Healthcare and Life Sciences
- Telecommunications and IT
- Other Verticals (Education, and Travel and Hospitality)
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa