Database security market to reach $16,273.8 million by 2028
The database security market is expected to reach $16,273.8 million by 2028 from $5,751.7 million in 2020; it is estimated to grow at a CAGR of 14.3% from 2021 to 2028, according to ResearchAndMarkets.
Database security solutions incorporate advanced security products such as internet traffic monitoring with a wide range of additional features. This evolution in database security is mainly credited to the dynamic growth in the IT sector, which is encouraging advancements in disruptive and connected technologies such as IoT.
Consequently, these technological transformations have paved the way for heinous and malicious practices that result in data and revenue loss for various organizations. To prevent such incidences, the companies are increasingly opting for database security software. The database security market is driven by rising concerns among the industry players regarding the continuously evolving cyber threats.
Rising number of security breaches is boosting the demand
Economic growth and competitiveness in Europe are expected to spur by 2025 due to the penetration of smart systems in significant financial and social sectors, such as BFSI, IT and telecom, manufacturing, and healthcare. The development and enforcement of smart infrastructure are likely to contribute to the growth and subsequent employment of security measures.
Asia-Pacific is likely to become the next target of cybercriminals owing to the vigorous growth in digital transformation, leading to the increasing sources of vulnerability arising from IoT connectivity. Thus, the constantly rising number of security breaches is boosting the demand for database security software globally.
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.
Database security market segmentation
The database security market is segmented on the bases of component, organization size, industry, and geography. Based on component, the market is further segmented into solutions and services. In terms of organization size, the market is bifurcated into SME and large enterprise. On the basis of industry, the database security market is segmented into BFSI, IT & telecom, manufacturing, healthcare, government, retail, and others.
Large-scale IT project failure rates are unreasonably high in both public and private sectors, incurring huge failure costs. The current scarcity of skilled IT workers, understanding advanced cloud-based technologies such as databases, advanced storage, machine learning, and analytics, is affecting the performances of various enterprises.
The global information technology market was valued at $5.2 trillion by 2020, and it is expected to grow at a CAGR of 4.3% by 2026. However, low budget allocations for building and deploying technologies are emerging as a significant challenged for the database security companies. As a result, many organization are holding themselves back from technology development and adoption projects or decelerating these activities.