Data Center Security Market to Reach $62.2 Billion by 2032 at 16.6% CAGR: Allied Market Research

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Jan 19, 2024, 03:40 ET

Rise in cybersecurity threats, surge in adoption of cloud, and increase in volume of user data drive the growth of the global data center security market.

NEW CASTLE, Del., Jan. 19, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Data Center Security Market by Component (Solution and Service), Data Center Type (Small Data Center, Medium Data Center, and Large Data Center), and Industry Vertical (BFSI, IT & Telecom, Healthcare, Retail & E-commerce, Media & Entertainment, Government, and Others): Global Opportunity Analysis and Industry Forecast, 2023–2032". According to the report, the global data center security industry generated $13.8 billion in 2022, and is anticipated to generate $62.2 billion by 2032, witnessing a CAGR of 16.6% from 2023 to 2032.

Prime determinants of growth

The data center security market is driven by the rise in volume and significance of digital information, compelling organizations to secure their data storage and processing facilities. Further, rising cyber threats and the increasing frequency of sophisticated attacks propel the demand for advanced security solutions, driving the market growth. Furthermore, stringent regulatory requirements and compliance standards mandate robust security measures, further fueling the adoption of data center security solutions. With the surge in cyber threats, ranging from ransomware attacks to sophisticated breaches, organizations prioritize safeguarding their sensitive information, thus driving the demand for advanced security solutions.

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Report coverage & details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$13.8 Billion
Market Size in 2032	$62.2 Billion
CAGR	16.6 %
No. of Pages in Report	290
Segments covered	Component, Data Center Type, Industry Vertical, and Region.
Drivers	Rising cybersecurity threats Growing adoption of cloud Rising volume of user data
Opportunities	Technological advancements
Restraints	High cost of implementation Shortage of skilled labor

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COVID-19 Scenario

The pandemic accelerated the adoption of digital technologies as businesses and organizations shifted to remote work and online operations. This rapid digital transformation led to increased cloud usage for data storage and processing.
Businesses relying on cloud infrastructure sought robust security solutions to safeguard their data, leading to increased demand for cloud data security services. Moreover, cybercriminals exploited the pandemic-induced uncertainty and increased their cyberattacks. Phishing attempts, ransomware attacks, and data breaches surged, targeting businesses' sensitive data stored in the cloud. In addition, rise in cybersecurity threats amplified the need for advanced cloud data security solutions.

The solution segment to maintain its leadership status in 2032

By component, the solution segment held the highest market share in 2022, accounting for more than two-thirds of the global data center security market revenue, and is estimated to maintain its leadership status throughout the forecast period, as AI and ML solutions enable more sophisticated threat detection and response mechanisms, automating processes and enhancing the ability to identify anomalous activities in real-time. However, the service segment is projected to manifest the highest CAGR of 18.8% from 2023 to 2032, owing to the fact that rise in complexity of cyber threats, consulting and advisory services are in high demand, providing strategic guidance and risk assessments to organizations aiming to enhance their security posture.

The large data center segment led the market in 2022

By data center type, the large data center segment held the highest market share in 2022, accounting for more than two-fifths of the global data center security market revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to the fact that large data centers are increasingly adopting a zero-trust security model, where trust is never assumed, and stringent access controls are implemented throughout the network. However, the medium data center segment is projected to manifest the highest CAGR of 18.7% from 2023 to 2032, owing to the fact that medium-sized data centers are increasingly integrating threat intelligence services to stay ahead of evolving cyber threats.

The BFSI segment to maintain its lead position during the forecast period

By industry vertical, the BFSI segment accounted for the largest share in 2022, contributing more than one-fifth of the global data center security market revenue, as there is a growing emphasis on securing customer data and transactions across various channels, driving the adoption of robust multi-factor authentication and encryption methods. However, the government segment is expected to portray the largest CAGR of 21.4% from 2023 to 2032, and is projected to maintain its lead position during the forecast period. This is owing to the fact that there is a growing emphasis on implementing robust cloud security measures tailored to meet the unique requirements of the public sector.

Europe to maintain its dominance by 2032

By region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global data center security market revenue, owing to the increase in demand for real-time monitoring of cloud activities to detect and respond to security incidents promptly. In addition, integration of cloud activity monitoring solutions with security information and event management (SIEM) platforms for centralized security event management is another significant trend representing the North American cloud market. However, the Asia-Pacific region is expected to witness the fastest CAGR of 19.7% from 2023 to 2032, and is likely to dominate the market during the forecast period. This is attributed to the accelerated digital transformation efforts across sectors, necessitating secure cloud adoption for modernizing IT infrastructures and processes.

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Leading Market Players: -

Cisco Systems, Inc.
IBM
Broadcom
Dell Inc.
Siemens
Schneider Electric
Juniper Networks, Inc.
Fortinet, Inc.
Honeywell International Inc.
Palo Alto Networks

The report provides a detailed analysis of these key players of the global data center security market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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