Database security market to reach $16,273.8 million by 2028
The database security market size to reach $16,273.8 million by 2028 from $6,396.5 million in 2021 to grow at a CAGR of 14.3% from 2021 to 2028; while North America dominated in 2020 with share of 38.73% and continue its dominance by accounting for 33.15% share by 2028 and Europe is the second-largest contributor to the global market in 2020, followed by APAC, according to The Insight Partners.
Database security market: Competitive landscape and key developments
Datasparc, SAP SE, ScaleGrid, MICRO FOCUS, Thales, Oracle Corporation, IBM Corporation, McAfee, Fortinet, and Trustwave are among the key players operating in the database security market. Major companies in the market have adopted product launch and business expansion as their key development strategies to offer better products and services to customers.
A few of the latest developments in the database security market are as follows:
In June 2021, IBM acquired ReaQta to unify and accelerate response to security threats, open security technologies, and has further distinguished the company’s portfolio of connected devices.
In June 2020, Fortinet acquired OPAQ Networks, Inc., a privately held Secure Access Service Edge (SASE) cloud provider, which further enhanced the Fortinet Security Fabric platform by assisting in the development of zero-trust network access to the SASE cloud solutions.
Automation is critical for the success of a cloud strategy
Many technology leaders prioritize automation, which, in turn, has made a positive impact on the database security market. During the purchase of a product, online sellers collect customer information such as postal address, e-mail address, credit card details, and contact number. Therefore, IT infrastructure and database security is a critical aspect for enterprises for protecting such sensitive data. Technological advancements and digital transformation continue drive the big data investments. Thus, the global spending on big data analytics solutions is expected to exceed $274.3 billion by 2022.
Cybersecurity threats have a huge impact on the big data technologies companies, as many of them lose millions of their operating revenue due to poor data quality. To maintain an edge in a highly competitive marketplace, including a rising number of startup companies, businesses need to constantly innovate their offerings.
The big data analytics provides relevant information/insights to database security industry experts to enable them to make informed decisions and assist them in the development of strategic goals. This is likely to help such big brands and business leaders in outperforming their competitors in the long-term.
The market by region
The US, Canada, and Mexico are the leading contributors of the database security market in North America. The region is characterized by the presence of major key players presence—such as IBM, Oracle, McAfee, and Trustwave—which collectively hold a majority of the market in this region. Further, technological advancements and stable economic conditions are among key factors contributing to the database security market growth in these regions.
The US data protection act entails the aspects such as the disposal of data, enabling notifications regarding data breach, requirements for safeguarding data, and appropriate use of social security numbers. California has over 25 state privacy and data security laws, including the recently enacted CCPA of 2018, which has been in effect from January 1, 2020; it will be amended by the California Consumer Privacy Rights Act, which is likely to come in effect from January 1, 2023.
Exponential rise in potential for cyber-attacks with popularity of IoT and BYOD concepts provides growth opportunities to data security market.
According to Kaspersky, ~1.5 billion attacks on smart devices—ranging from smart watches to smart home accessories—and other Internet of Things (IoT) devices were reported in the first half of 2021. The magnitude of the problem has caught the interest of many governments, which has benefited the database security market. The data protection service industries in India and China have seen significant growth in the last five years, with many startup companies receiving FDI funding. For instance, NASA and Stanford University are funding Druva Inc., based in Pune, India.
Database security market segment overview
The database security market is segmented on the bases of component, organization size, industry, and geography. Based on component, the market is divided into software and services.
By organization size, the database security market is subsegmented into SMEs and large enterprise. On the basis of industry, the market is further segmented into BFSI, IT and telecom, manufacturing, healthcare, government, retail, and others.