The global big data security market size was worth US$ XX million in 2021 and is estimated to reach US$ XX million by 2029, growing at a CAGR of XX% during the forecast period (2022-2029).
Big data security refers to all measures and tools used to protect both the data and the analytics processes from attacks, theft, or other malicious activities that could harm or negatively affect them. Like other types of cyber-security, the big data variant is concerned with online or offline attacks. Several security measures are available that organizations can put in place to protect their big data analytics tools. Encryption, a relatively simple tool that can go a long way, is one of the most commonly used security tools. External actors, such as hackers, cannot access encrypted data unless they have the key to unlock it.
Furthermore, encrypting data ensures that information is completely secure at both input and output. Another useful big data security tool is the creation of a strong firewall. Firewalls are effective at filtering traffic entering and existing servers. Organizations can prevent attacks by implementing strong filters that exclude third parties or unknown data sources.
The rising cyber-attacks mainly drive the demand for big data security on data infrastructure. It is the most important driver for the market. High implementation costs for big data security are a key factor in limiting the growth of this market.
Rising cyber-attacks on data infrastructure
Data storage, processing and utilization, are important to today's environment. The internet has brought the world closer together than ever before. Almost every important aspect of daily living involves some form of internet usage. Banking, entertainment, media, education and government services create many data about their customers.
The user data is processed and interpreted to assist businesses in providing better service, banks in analyzing spending habits and social media in generating revenue through targeted, tailored adverts. Internet usage is becoming even more ingrained in people's daily lives as technology advances. Some of the new technologies projected to become ubiquitous in the coming years include 5G, IoT and virtual reality.
The main hub for a company's IT operations is the data center. For applications and operations, data centers collect and process data. Data centers are essential to the day-to-day operations of modern businesses. In recent years, targeted attacks have become more common, entering the target's data network infrastructure while maintaining anonymity.
Endpoints, networks, on-premises devices, cloud-based apps, data and other IT infrastructure are commonly targeted by attackers with a specific target in mind. The primary goal of targeted assaults is to access a company's or organization's network and steal sensitive data. Business-essential operations in organizations are negatively impacted due to these targeted attacks.
Targeted cyber-attacks impact targeted firms as well as domestic and international clients. Assailants steal personally identifiable information (PII) such as names, phone numbers, addresses, driving license numbers and social security numbers, resulting in data breaches and identity theft. Rising cyberattacks on data security are the main driver for the growth of the global big data security market.
High implementation costs for big data security
Advanced and dynamic big data protection is needed to secure against emerging threats. Many new security systems like next-generation firewalls (NGFWs) and advanced threat protection (ATP) are adapted to protect against evolving threats. To adopt these advanced technologies, startup's and small enterprises' cybersecurity budgets are insufficient. Small businesses in emerging nations are expected to be limited in adopting big data security due to high costs.
Small businesses manage budget finances for various operational issues and business continuity plans. Comprehensive big data security technologies are extremely expensive and hence, only major conglomerates with large cybersecurity budgets can afford them. The high costs of big data security systems limit their adoption and present a key challenge for the market's growth.
The COVID-19 pandemic proved beneficial for the global big data security market. Amid the COVID-19 pandemic, various governments and regulatory bodies require both public and private companies to adopt new practices for working remotely while maintaining social distancing. Since then, digital practices have become the new business continuity plan (BCP) for many organizations. With the widespread adoption of work from home (WFH) trends and internet penetration across the globe, people are becoming more inclined to use digital technologies such as cloud solutions.
Hackers and cybercriminals have taken advantage of the critical dependence on IT infrastructure and carried out data breaches and other attacks. Companies providing big data security services could effectively respond and repel these attacks; however, due to the COVID-19 pandemic restrictions, the organization and dispatch of human resources for field analysis were delayed. With the growing and evolving cyber threats, the market for big data security is expected to grow significantly in the coming years.
The global big data security market is segmented into components, organizations, end-user and regions. The big data security market is segmented into small and medium enterprises and large enterprises based on the organization. Large organizations are leading in this segmentation since they are the chief utilizers of big data security technologies.
Large organizations have a larger proportion of the worldwide big data security market in terms of revenue. Large organizations are redesigning their security policies and architecture to embrace big data to safeguard important assets from diverse cyber-attacks. Large enterprises primarily use big data security to protect their networks, endpoints, data centers, devices, users and apps from unauthorized access and malicious ransomware attacks.
North America holds the leading regional share in the global big data security market. The region accounts for the largest market share globally, primarily due to U.S., a technologically advanced economy that processes and uses vast amounts of data. U.S. is the largest consumer of IT services and infrastructure.
U.S. leads the world in several high-tech industries, including information technology, space research, quantum computing, artificial intelligence, data science and machine learning. Because of its innovative culture, U.S. is also one of the first countries to commercialize and develop emerging technology fields. U.S. is currently at the forefront of commercial deployment of IoT, VoLTE and 5G technologies.
World-renowned tech companies such as Google, Facebook, Twitter, Amazon and Netflix are based in U.S. Therefore, the country generates massive demand for data centers to store, process and utilize vast amounts of user data. It naturally increases the demand for data security. Several prominent market players are present in North America, delivering advanced solutions to all of the region's industry verticals.
Apart from the geographical presence, strategic investments, partnerships and significant R&D activities are thus contributing to the massive deployments of big data security solutions. Key players in the region and several start-ups provide enhanced big data security software solutions and services to meet customers' needs.
The global big data security market is competitive due to various technologies and solutions that cater to clients' unique requirements. Some of the major players contributing to the growth in the segment are IBM Corporation, Oracle, Microsoft, Alphabet, Amazon Web Services, Inc., Talend, Broadcom, McAfee, LLC, Varonis and Fortinet, Inc. The major players in the big data security market adopt several growth strategies such as joint ventures, the launch of new products, the updation of existing products, publishing of research and collaborations and mergers and acquisitions, thereby contributing to global growth in the industry.
Overview: International Business Machines (IBM) Corporation is a technology company that supplies its products and solutions in 9 categories, namely AI, blockchain, cloud computing, data analytics, IT infrastructure, security, supply chain and business operations. The company provides its services to various industrial sectors, including automotive, aerospace, finance, education and electronics. The company operates in more than 175 countries, expanded in the Americas, Africa, Asia Pacific, Europe and Middle East regions. IBM Corporation was founded in 1911 and is headquartered in Armonk, New York, U.S.
To protect against internal and external threats, the system learns frequent user access patterns and detects questionable behavior, giving administrators a choice to ban access or isolate user IDs. Through pre-built regulation templates, the technology considerably speeds up compliance procedures. The program supports both Hadoop and NoSQL environments and provides complete visibility into data activity.
The global big data security market report would provide access to an approx.: 58 market data tables, 61 figures and 250 pages.
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