The Global Data Security as a Service Market size is expected to reach $62.3 billion by 2028, rising at a market growth of 12.6% CAGR during the forecast period.
With a straightforward, portable, cloud-native offering, Data Security as a Service (DSaaS) allows application and security executives to reduce the risk and compliance responsibilities for the organization's sensitive data. No matter where sensitive PII, PHI, and PCI data are housed, this comprehensive method offers data access monitoring, access governance, and at-rest security.
Cybercriminals continue to gain access to the data they are after despite network and endpoint protection, identity access, and encryption. Companies cannot afford to keep having their security compromised; not only does it cost them money, but it also severely damages their reputation and timeliness. It's critical for security and compliance teams to review and double-check that their security procedures are in place, given the rising pressure from rivals and high expectations from consumers.
Delivering strong security while having minimal adverse effects on the possibility of innovation or development is the aim of DSaaS. DSaaS offers full visibility, management, and security for all sensitive data in one service by combining functions that are often distinct in traditional systems. It stands out from all other security models because of its simplicity of integration, the cheaper total cost of ownership, and higher protection.
Although monitoring might not seem like a game-changer, it's incredible how many security systems merely "monitor," leaving an organization with first-hand knowledge of a breach but no ability to prevent it. The ease with which crucial data and activities may be deleted and edited is another significant problem with conventional monitoring technologies.
COVID-19 had a favorable effect on the market for data security as a service. Owing to the enforcement of the lockdown due to the pandemic, numerous enterprises, manufacturing facilities, and retail businesses suffered. The pandemic has, nevertheless, caused a shift towards remote working arrangements. Adopting a work-from-home policy has raised awareness among enterprises about data security and cyber-attacks and increased demand for security solutions. Also, many primary and small businesses have raised the amount of money they spend on cybersecurity-related products.
Due to the expanding data evolution, businesses are more concerned with improved data security and privacy safeguards. They also want to avoid subjecting the data to internal oversight and security flaws. Every endpoint gateway, sensor, and smartphone in the modern, digitally altered world has emerged as a possible hacking target. As data needs to be protected and regularly backed up, businesses need data security services. Taking care of these problems will significantly speed up the adoption of data security services.
The IT infrastructure has grown increasingly complicated and heterogeneous over the past few years due to the introduction of new platforms, BYOD regulations, CYOD trends, business apps, and other technologies. The BYOD and CYOD trends are becoming increasingly common in business settings due to the quick improvements in mobile computing. These developments enable employees to access corporate data with their devices from anywhere, at any time, increasing employee productivity and allowing more flexible work environments. So, protecting corporate data from potential hazards is essential to preserve its confidentiality and integrity.
Many firms lack a sufficient IT security infrastructure because of their limited financial resources, which inhibits the use of new technologies and corporate security solutions and services. As data security expenditures won't be enough to address data security demands, organizations must identify which program components and information assets are most essential for addressing escalating security risks. High installation costs and challenging integration requirements hamper the early adoption of data security systems and these factors are anticipated to restrict data security as a service market's growth in the projected period.
By type, the data security as a service market is segmented into data backup & recovery as a service, data encryption & masking as a service, data discovery & classification as a service, data access control as a service, data governance & compliance as a service, and data auditing & monitoring as a service. The data backup & recovery as a service segment procured a prominent revenue share in the data security as a service market in 2021. The growth is attributed to the fact that it is an alternative to an on-premises custom backup system. It indicates that a service provider will back up the company data offshore. Typically, it's a centralized solution that enables control and monitoring of backup and recovery from a single piece of glass.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Acquisitions, and Partnerships & Collaborations.
Based on organization size, the data security as a service market is divided into large enterprises, and SMEs. The large enterprises segment witnessed the largest revenue share in the data security as a service market in 2021. This is due to the accessibility of business information, which has significantly increased company earnings. The use of personal gadgets has expanded as a result of the need for quick data access. Yet, the workforce's substantial use of business data has raised the risk of improper use, unlawful entry, and data theft. Moreover, the mishandling, destruction, and theft of corporate records can impact a company's revenue.
On the basis of vertical, the data security as a service market is bifurcated into BFSI, healthcare, manufacturing, retail & e-commerce, education, media & entertainment, telecommunication, IT & ITes and others. The BFSI segment registered the highest revenue share in the data security as a service market in 2021. This is due to the rise of mobile and other online facilities with constant connectivity. The popularity of DSaaS solutions in financial institutions has increased due to the rising use of mobile technology. Also, financial institutions are implementing rules to guarantee secure external networks, expanding commercial options, thereby boosting the segment’s growth in the forecasted period.
| Report Attribute | Details |
|---|---|
| Market size value in 2021 | USD 27.8 Billion |
| Market size forecast in 2028 | USD 62.3 Billion |
| Base Year | 2021 |
| Historical Period | 2018 to 2020 |
| Forecast Period | 2022 to 2028 |
| Revenue Growth Rate | CAGR of 12.6% from 2022 to 2028 |
| Number of Pages | 303 |
| Number of Table | 434 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Market Share Analysis, Competitive Landscape, Companies Strategic Developments, Company Profiling |
| Segments covered | Organization Size, Type, Vertical, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region wise, the data security as a service market is analyzed across North America, Europe, Asia Pacific and LAMEA. The North America region generated the highest revenue share in the data security as a service market in 2021. This is due to regional organizations' and governments' acknowledgment of data security as the most significant economic and national security problem, which increases data security solution adoption. It is the most advanced area for implementing infrastructure-appropriate data protection solutions. Also, the government's involvement in data security has expanded in recent years due to rising worries about protecting sensitive data and key infrastructure.
Free Valuable Insights: Global Data Security as a Service Market size to reach USD 62.3 Billion by 2028
The major strategies followed by the market participants are Acquisitions. Based on the Analysis presented in the Cardinal matrix; Microsoft Corporation is the forerunner in the Data Security as a Service Market. Companies such as Cisco Systems, Inc., IBM Corporation and Cognizant Technology Solutions Corporation are some of the key innovators in Data Security as a Service Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Cisco Systems, Inc., Amazon Web Services, Inc. (Amazon.com, Inc.), Microsoft Corporation, Hewlett Packard Enterprise Company (HP Development Company L.P.), Cognizant Technology Solutions Corporation, Veritas Technologies LLC (The Carlyle Group), Open Text Corporation (Micro Focus International PLC), Commvault Systems, Inc., and Thales Group S.A.
By Organization Size
By Type
By Vertical
By Geography
The global Data Security as a Service Market size is expected to reach $62.3 billion by 2028.
Data expansion and cloud-based security are driving the market in coming years, however, Minimal spending on data security and costly installation restraints the growth of the market.
IBM Corporation, Cisco Systems, Inc., Amazon Web Services, Inc. (Amazon.com, Inc.), Microsoft Corporation, Hewlett Packard Enterprise Company (HP Development Company L.P.), Cognizant Technology Solutions Corporation, Veritas Technologies LLC (The Carlyle Group), Open Text Corporation (Micro Focus International PLC), Commvault Systems, Inc., and Thales Group S.A.
The Data Encryption & Masking as a Service segment is leading the Global Data Security as a Service Market by Type in 2021 thereby, achieving a market value of $19.2 billion by 2028.
The North America market dominated the Global Data Security as a Service Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $21.7 billion by 2028.
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