Data protection market is estimated to grow at a CAGR of 13.37% thereby reaching US$115.204 billion in 2029 form US$61.525 billion in 2024.
Data protection involves using solutions and services that establish a secured framework that prevents unauthorized access to general or confidential data of organizations and individuals. These solutions are an integral part of modern enterprise infrastructures as they improve data recovery capability, thereby maintaining an organization’s functionality.
The growing prevalence of data theft, ransomware, and other cyberattacks is driving the demand for data protection, which has given the market a major boost. Moreover, the ongoing investment in cloud technologies and AI digital frameworks and favorable government policies to support data protection laws have further paved the way for future market expansion.
However, the technical complexities faced while designing an appropriate platform that would cater to the diversified end-user requirements, followed by the high associated capital cost, are posing a challenge for market expansion.
Additionally, governments worldwide are realizing the high ramifications of unauthorized data access and initiating schemes and policies to protect data. For instance, in March 2024, the Federal Trade Commission launched “Private and Data Security Update 2023,” highlighting consumer data protection and minimizing the indiscriminate monetization of the same.
Likewise, the European Data Protection Supervisor launched a transfer model that will establish a secured framework through which EU institutions, offices, and agencies can transfer personal data to international organizations. Hence, the establishment of updated policies and models has bolstered the requirement for data protection solutions, thereby augmenting the overall market expansion.
According to the “Internet Crime Report 2023” issued by the Federal Bureau of Investigation, in 2023, the number of ransomware cases stood at over 2,825, signifying an 18% growth over complaints registered in 2022. Moreover, the reported losses via ransomware reached US$59.6 million from US$34.3 million.
Furthermore, large-scale organizations have majorly established their base in major North American nations and account for a considerable portion of employment. For instance, according to the “Key Small Business Statistics” issued by Innovation, Science, and Economic Development Canada, as of 2022, there were 3,128 large-scale businesses, accounting for 36% of the business employment in the country.
Such a high prevalence of cyberattacks, followed by the well-established presence of large-scale businesses, has accelerated the need for appropriate data protection solutions in North America. Moreover, the ongoing investment by governing authorities to establish stringent regulations regarding data privacy has further paved the way for future market expansion.
Likewise, Europe is anticipated to grow steadily, fueled by the favorable efforts undertaken by the European Union to minimize confidential data theft. The Asia Pacific region is also expected to hold an appropriate market share and is poised for constant growth during the forecast period.
Data protection involves using solutions and services that establish a secured framework that prevents unauthorized access to general or confidential data of organizations and individuals. These solutions are an integral part of modern enterprise infrastructures as they improve data recovery capability, thereby maintaining an organization’s functionality.
The growing prevalence of data theft, ransomware, and other cyberattacks is driving the demand for data protection, which has given the market a major boost. Moreover, the ongoing investment in cloud technologies and AI digital frameworks and favorable government policies to support data protection laws have further paved the way for future market expansion.
However, the technical complexities faced while designing an appropriate platform that would cater to the diversified end-user requirements, followed by the high associated capital cost, are posing a challenge for market expansion.
Data Protection Market Drivers:
- Favorable government initiatives to bolster data protection have stimulated overall market growth.
Additionally, governments worldwide are realizing the high ramifications of unauthorized data access and initiating schemes and policies to protect data. For instance, in March 2024, the Federal Trade Commission launched “Private and Data Security Update 2023,” highlighting consumer data protection and minimizing the indiscriminate monetization of the same.
Likewise, the European Data Protection Supervisor launched a transfer model that will establish a secured framework through which EU institutions, offices, and agencies can transfer personal data to international organizations. Hence, the establishment of updated policies and models has bolstered the requirement for data protection solutions, thereby augmenting the overall market expansion.
Data Protection Market Geographical Outlook:
- North America is expected to account for a significant market share.
According to the “Internet Crime Report 2023” issued by the Federal Bureau of Investigation, in 2023, the number of ransomware cases stood at over 2,825, signifying an 18% growth over complaints registered in 2022. Moreover, the reported losses via ransomware reached US$59.6 million from US$34.3 million.
Furthermore, large-scale organizations have majorly established their base in major North American nations and account for a considerable portion of employment. For instance, according to the “Key Small Business Statistics” issued by Innovation, Science, and Economic Development Canada, as of 2022, there were 3,128 large-scale businesses, accounting for 36% of the business employment in the country.
Such a high prevalence of cyberattacks, followed by the well-established presence of large-scale businesses, has accelerated the need for appropriate data protection solutions in North America. Moreover, the ongoing investment by governing authorities to establish stringent regulations regarding data privacy has further paved the way for future market expansion.
Likewise, Europe is anticipated to grow steadily, fueled by the favorable efforts undertaken by the European Union to minimize confidential data theft. The Asia Pacific region is also expected to hold an appropriate market share and is poised for constant growth during the forecast period.
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Industry and Market Insights, Opportunity Assessment, Product Demand Forecasting, Market Entry Strategy, Geographical Expansion, Capital Investment Decisions, Regulatory Framework & Implications, New Product Development, Competitive IntelligenceReport Coverage:
- Historical data & forecasts from 2022 to 2029
- Growth Opportunities, Challenges, Supply Chain Outlook, Regulatory Framework, Customer Behaviour, and Trend Analysis
- Competitive Positioning, Strategies, and Market Share Analysis
- Revenue Growth and Forecast Assessment of segments and regions including countries
- Company Profiling (Strategies, Products, Financial Information, and Key Developments among others)
The Data Protection market is segmented and analyzed as follows:
- By Component
- Solution
- Service
- By Deployment
- On-Premise
- Cloud
- By Enterprise Size
- Small and Medium Enterprise (SMEs)
- Large Enterprise
- By End-User
- BFSI
- Healthcare
- IT and Telecom
- Consumer Goods and Retail
- Media and Entertainment
- Manufacturing
- Education
- Others
- By Geography
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- UK
- Germany
- France
- Italy
- Others
- Middle East and Africa
- Saudi Arabia
- Israel
- Others
- Asia Pacific
- Japan
- China
- India
- South Korea
- Indonesia
- Thailand
- Others
- North America
Table of Contents
1. INTRODUCTION
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
5. DATA PROTECTION MARKET BY COMPONENT
6. DATA PROTECTION MARKET BY DEPLOYMENT
7. DATA PROTECTION MARKET BY ENTERPRISE SIZE
8. DATA PROTECTION MARKET BY END-USER
9. DATA PROTECTION MARKET BY GEOGRAPHY
10. COMPETITIVE ENVIRONMENT AND ANALYSIS
11. COMPANY PROFILES
Companies Mentioned
Some of the key companies profiled in this Data Protection Market report include:- IBM
- Oracle
- Broadcom
- Forcepoint
- McAfee, LLC
- Acronis International GmbH.
- Hewlett Packard Enterprise Development LP
- Palo Alto Networks.
- Veeam Software
- Thales
- NetApp
- Quest Software Inc.
- Sophos Ltd.
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 148 |
Published | September 2024 |
Forecast Period | 2024 - 2029 |
Estimated Market Value ( USD | $ 61.53 billion |
Forecasted Market Value ( USD | $ 115.2 billion |
Compound Annual Growth Rate | 13.3% |
Regions Covered | Global |
No. of Companies Mentioned | 14 |