According to a new market research, the report “Big Data Security Market by Software (Encryption, Data Masking, Access Control, Security Intelligence, Data Governance), Technology (IAM, SIEM, UTM, IDS/IPS), Service, Deployment, Organisation Size, and Industry Vertical – Global Forecast to 2022”, published by MarketsandMarkets™, the market size is expected to grow from USD 12.22 Billion in 2017 to USD 26.85 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 17.1 percent.
The key factors driving the overall Big Data Security Market include evolving regulatory landscape, increasing variety and volume of business data generated from various sources, and increasing cyber-attacks demanding scalable high security solutions.
The BFSI vertical is expected to have the largest market share during the forecast period
The Banking, Financial Services, and Insurance (BFSI) vertical is expected to have the largest market share among all the verticals throughout the forecast period. Organisations operating in the BFSI industry are using Big Data Security software and services for effective and efficient management of digital assets from any kind of manipulation and threat. Further, the major reason for the rising adoption can be attributed to the need for minimising the risks and frauds that occur every day. Also, Big Data Security is offering insurance providers with the opportunity to recognise customer behaviour leading to fraudulent claims and helping companies’ save time and money, which in turn eventually help in lowering insurance premiums for customers.
The cloud deployment model to grow at a high CAGR during the forecast period
The cloud-based deployments are witnessing surge in demand due to their cost-effectiveness and worldwide availability. Owing to their low hardware requirement, cloud-based solutions incur low maintenance costs with 24/7 accessibility from anytime, anywhere. Due to advancements in cloud technologies and increase in data generation from various constituents and customers, cloud-based deployments are expected to exceed on-premises deployments. Also, cloud solutions simplify the security process of the entire organisation and offer a competitive edge by terminating administrative roadblocks, thus supporting infrastructure and allowing organisations to focus on improving their competencies.
North America is expected to constitute the largest market share; APAC to grow at the highest CAGR
In terms of market shares of regions, North America is expected to continue its dominating position throughout the forecast period. This is mainly because of the presence of various developed economies such as Canada and the US in the region and their focus on innovating the existing solutions. North America produces a large amount of data, which can be attributed to early adoption of technologies and high penetration of security solutions in multiple verticals such as manufacturing, healthcare, transportation, and logistics and thus is the largest market for Big Data Security software and services. Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. Growing technology expenditures in countries such as China and India and the demand for cost-effective advanced analytical software and services among SMEs are expected to drive the market growth during the forecast period.
The Big Data Security Market is a growing market and the major vendors present in the market are IBM (US), Hewlett Packard Enterprise (HPE) (US), McAfee LLC (US), Symantec Corporation (US), Check Point Software Technologies Ltd. (Israel), Fortinet, Inc. (US), FireEye, Inc. (US), Rapid7, Inc. (US), LogRhythm, Inc. (US), Proofpoint, Inc. (US), Imperva, Inc. (US), Thales e-Security (France), AllenVault, Inc (US), Amazon Web Services (US), Centrify Corporation (US), Cloudera, Inc. (US), DataVisor, Inc. (US), Gemalto NV (Netherlands), Gigamon (US), Hortonworks, Inc. (US), Informatica Corporation (US), LogRhythm, Inc. (US), Oracle Corporation (US), Microsoft Corporation (US), Pivotal Software, Inc. (US), Proofpoint, Inc. (US), Rapid LLC (US), and Zettaset, Inc. (US).
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