Global Data Security as a Service Market to 2027: Data Evolution and Growing Security Problems Drives Growth

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Mar 29, 2023, 20:30 ET

DUBLIN, March 29, 2023 /PRNewswire/ -- The "Data Security as a Service Market by Type (Data Encryption and Masking as a Service, Data Governance and Compliance as a Service), Organization Size, Vertical (BFSI, IT and ITeS, Healthcare, Manufacturing, Education) and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The global data security as a service (DSaaS) market is expected to grow from an estimated USD 31.0 billion in 2022 to USD 55.3 billion by 2027 at a Compound Annual Growth Rate (CAGR) of 12.3% from 2022 to 2027.

By type, Data Encryption and Masking as a Service segment to account for a larger market size during the forecast period

Data encryption is converting electronic data into ciphertext, a format that cannot be easily understood by an unauthorized person, making the data highly secure. The major objective of data encryption is to prevent the confidentiality and integrity of the digital data stored in a computer or transit.

Data encryption and masking as a service solution encrypt the digital files. It protects digital information from unauthorized access by making the information unreadable. Any mobile device that stores data is a potential weak point for data theft. It is not possible to control who transfers confidential files onto mobile devices. However, access to that data can always be handled with encryption and masking as a service solution.

Therefore, advanced data encryption-based data security as a service (DSaaS) solutions are integrated with other security solutions to provide enhanced data security at a lower cost. These services protect user data in both cloud and on-premises environments.

By vertical, BFSI to account for a larger market size during the forecast period

The development of mobile and other online facilities with ubiquitous connectivity and without interruption has pressured companies to provide advanced data security service (DSaaS) to their customers. The increasing use of mobile technologies has enhanced the adoption of DSaaS solutions in financial organizations.

Encryption solutions are used in this vertical to control and secure customers' sensitive data and protect their company from the internal and external risks of theft. In addition, banking organizations are enforcing regulations to ensure the use of unsecured external networks, thus enhancing business opportunities.

By organization size, large enterprises account for a significant market size during the forecast period

The easy availability of business information through mobile devices has comprehensively leveraged corporate profits. The requirement for timely data access has increased the usage of personal devices. However, the extensive use of corporate data by the wide-ranging workforce has increased the threat of the wrong usage of data, unauthorized access, and data theft.

Moreover, the misuse, loss, and theft of business documents can affect the profitability of businesses. Hence, to provide security to business information from cyberattacks, data thefts, and unauthorized access, large enterprises are considering adopting the DSaaS solution. These solutions enable businesses to audit their sensitive data, control access, and protect it from thefts.

Furthermore, large enterprises usually do not have budget constraints and are flexible enough to use these solutions and services within their organizations. Large enterprises have teams working on different silos, such as file systems, databases, software as a service (SaaS), and infrastructure as a service (IaaS). Thus, there is a greater need for data governance, data auditing, and data protection and security solutions in the large enterprise segment.

Market Dynamics

Drivers

Data Evolution and Growing Security Problems
Strict Guidelines to Boost Use of Data Security as a Service
Increased Issues Concerning Significant Data Loss in On-Premises Environment

Restraints

Traditional and On-Premises Applications' Compatibility Limitations in Cloud Environment
Low Data Security Spending and Expensive Installation

Opportunities

Increased Adoption of Cloud Technology in Enterprises
Widespread Use of Data Security as a Service in Highly Regulated Industry Sectors
Future of Data Backup and Recovery with Blockchain Technology

Challenges

Synchronizing Management of Unstructured to Structured Data
Lack of Technical and Operational Knowledge Among Workers

Companies Mentioned

Acronis
Alation
Asigra
Aws
Carbonite
Cisco
Clarip
Cloudian
Cobalt Iron
Cognizant
Dataguard
Guidepoint Security
Hpe
Ibm
Imperva
Informatica
Infrascale
Micro Focus
Microsoft
Netapp
Netwrix
Polar Security
Securiti
Seqrite
Storagepipe
Thales
Trustarc
Varonis Systems
Veritas Technologies

For more information about this report visit https://www.researchandmarkets.com/r/ysj6c7

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