Global Data Security as a Service Market Size, Share & Industry Trends Analysis Report By Organization Size (Large Enterprises and SMEs), By Type, By Vertical, By Regional Outlook and Forecast, 2022 - 2028
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Market Report Description
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 Impact Analysis
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.
Market Growth Factors
Data expansion and cloud-based security
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.
A surge in the BYOD trends
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.
Market Restraining Factors
Minimal spending on data security and costly installation
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.
Organization Size Outlook
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.
|Market size value in 2021||USD 27.8 Billion|
|Market size forecast in 2028||USD 62.3 Billion|
|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|
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
KBV Cardinal Matrix - Data Security as a Service Market Competition Analysis
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.
Strategies deployed in Data Security as a Service Market
» Partnerships, Collaborations and Agreements:
- Oct-2022: Cognizant expanded its partnership with Qualcomm Technologies, Inc., to boost digital transformation across businesses. With this partnership, Cognizant would utilize Qualcomm's capabilities in 5G and combine it with Cognizant's MEC allowing enterprises to develop multiple virtual networks without changing physical hardware and would back a number of connected devices that generate data analysis in real-time.
- Jun-2022: Veritas Technologies announced its partnership with Kyndryl, an IT infrastructure services provider, to support businesses to safeguard and recover their crucial data all over multi-cloud environments. Through this partnership, Kyndryl's innovation technology would provide aid to Veritas in the deployment, and supply of Veritas-managed services so that enterprises could better manage and protect their data.
- Jun-2022: Commvault signed a partnership with Oracle for increasing the Hybrid Cloud Adoption rate. Through this partnership, OCI (Oracle Cloud Infrastructure) would be combined with Commvault's Metallic data management as a service (DMaaS) to provide enterprises' data protection against threats, enabling Commvault to better serve their customers by delivering credible solutions.
- Nov-2021: Veritas teamed up with Microsoft to transform Cloud Native Data Management to serve enterprises. With the help of Microsoft, Veritas would expand its capabilities in the next generation of cloud-enabled data management to offer its customers enhanced data protection against ransomware threats.
- Jun-2021: Amazon Web Services, Inc. (AWS) expanded its partnership with Salesforce, a cloud-based software enterprise, for enhancing digital transformation across businesses. Through this partnership, Salesforce cloud-based capabilities would be utilized in the production and deployment of business applications that would enable AWS customers to develop applications easily as per their choice and from anywhere.
» Product Launches and Product Expansions:
- May-2022: Microsoft launched the “Microsoft Security Experts” Service and Defender for Business for Small and Medium Businesses. Microsoft Security Experts would provide enhanced security management by integrating advanced technology with manual-led services, while Defender for Business would provide a safeguard to SMBs by empowering them in endpoint detection and response capabilities which would work as a shield against cyber threats.
- Feb-2022: Veritas Technologies introduced a new version of NetBackup™, for managing autonomous data and protecting multi-cloud data. NetBackup™powered by Cloud Scale Technology would offer Autonomous Data Management, both on-premise and in the cloud. This technology would come with self-provision, and self-optimized data management capabilities.
- Sep-2021: Hewlett Packard Enterprise unveiled cloud services namely, the HPE GreenLake edge-to-cloud platform that would boost data modernization with analytics and data protection cloud services, facilitating customers in the digital transformation of their applications and data.
- Mar-2021: IBM released IBM Cloud Satellite, a cloud-based service, that would allow customers to easily access IBM's cloud services anywhere and reduce the latency rate without compromising the levels of security and data privacy.
- Mar-2021: Cisco unveiled Secure Access Service Edge (SASE) Architecture, a new alternative to traditional data center-oriented security that provides complete protection against data threats. Secure Access Service Edge (SASE) would be helpful for the network operations (NetOps) and security operations (SecOps) teams enabling users to connect with applications securely.
- Jun-2020: Cisco released Cisco SecureX, an integrated cloud-native security platform, which would simplify security management.
» Acquisitions and Mergers:
- Jan-2023: Cognizant acquired Mobica, a software services enterprise. This acquisition would expand Cognizant's software engineering capabilities in loT, security, embedded software, and AI domain.
- Nov-2021: IBM acquired ReaQta, an AI Autonomous Detection & Response platform. With this acquisition, IBM not only would be able to expand its capabilities in the detection and response (XDR) market but also could offer advanced security all over data and hybrid cloud environments.
- Sep-2021: Hewlett Packard Enterprise took over Zerto, a cloud data management, and protection services provider. With this acquisition, Zerto would support HPE GreenLake edge-to-cloud platform to grow in the data protection market. Additionally, combining the capabilities of Zerto would drive HPE's storage business into a cloud-native, software-defined data services business.
- Jul-2021: Microsoft completed the acquisition of CloudKnox Security, a Cloud Infrastructure Entitlement Management (CIEM) company, to deliver unified access and cloud entitlement management. With this acquisition, Microsoft would utilize CloudKnox's capability in providing visibility into privileged access in boosting organizations to run their businesses securely.
- Jan-2021: Veritas completed the acquisition of HubStor, a Saas Cloud data platform, to outstretch enterprise Saas data protection in the cloud. With this acquisition, HubStor would facilitate Veritas to develop a SaaS solution on the Azure platform that would work as a service solution for Veritas' customers, helpful in scaling and achieving security, and flexibility.
» Geographic Expansion:
- Jan-2023: Amazon Web Services (AWS) expanded its geographical footprint in the Middle East (UAE) region with the launch of AWS Shield Advanced, an application security service that protects applications running on Amazon Web Services from risks such as distributed denial of service (DDoS) attacks.
Scope of the Study
Market Segments Covered in the Report:
By Organization Size
- Large Enterprises
- Data Encryption & Masking as a Service
- Data Backup & Recovery as a Service
- Data Discovery & Classification as a Service
- Data Access Control as a Service
- Data Governance & Compliance as a Service
- Data Auditing & Monitoring as a Service
- IT & ITes
- Retail & eCommerce
- Healthcare & Life Sciences
- Media & Entertainment
- Energy & Utilities
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- 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.
- Thales Group S.A.
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North America Data Security as a Service Market Report 2022-2028
Europe Data Security as a Service Market Report 2022-2028
Asia Pacific Data Security as a Service Market Report 2022-2028
What would be the size of the Data Security as a Service Market by 2028?
The global Data Security as a Service Market size is expected to reach $62.3 billion by 2028.
What are the key driving factors and challenges in the Data Security as a Service Market?
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.
What are the major top companies in the competitive landscape?
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.
Which segment is leading the market in 2021?
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.
Which region dominated the Data Security as a Service Market in 2021?
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.