Big Data Security Market Worth $35.3 billion by 2026, Growing At a CAGR of 12.4% Report by MarketsandMarkets™

Chicago, Aug. 04, 2023 (GLOBE NEWSWIRE) -- The global Big Data Security Market size is projected to grow from USD 17.5 billion in 2020 to USD 35.3 billion by 2026, recording a Compound Annual Growth Rate (CAGR) of 12.4% from 2020 to 2026, according to a new report by MarketsandMarkets™. The market’s growth can be attributed to the increasing awareness and rising investments in big data security solutions across global organizations operating across verticals.

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Scope of the Report

Based on region, the big data security market in Asia Pacific is projected to grow at the highest CAGR during the forecast period. This growth is attributed to its growing number of attacks to every industry. The countries in this region have been witnessing a significant increase in the adoption of big data security solutions to cater to the ever-increasing cyber-attacks and regulations. With rapid digitization, increased use of smartphones, mobile applications, and cloud storages for the smooth functioning of businesses Asian organizations are evolving to a security mindset. The increased sophistication in attacks and the growing costs associated with each attack, enterprises in APAC region are in a dire need of robust security solution which will be fulfilled by big data security strategy.

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Cyber security is becoming a global issue right from individuals to large enterprises. Companies of all sizes are focused on removing security gaps and vulnerabilities from their critical business applications and network infrastructure. Both SMEs and large enterprises are adopting big data security solutions to maintain the security of infrastructure. Big data security solutions are expected to change the landscape of threat detection and remediation. Thus, big data security solutions are suitable in large enterprises as they can orchestrate all the process and applications to combat sophisticated threats.

Top Trends in Global Big Data Security Market

The global Big Data Security Market is growing rapidly, and there are a number of key trends that are driving this growth. Some of the top trends in the global Big Data Security Market include:

• The usage of big data solutions significantly increased along with the exponential growth in the amount of data produced by businesses. Large-scale data analysis and collection by organisations made the need for strong security measures critical.
• Cyberattacks and high-profile data breaches make headlines, raising questions about data security. Organisations realised how crucial it was to secure their big data infrastructure in order to safeguard sensitive data from bad actors.
• Big data systems were seriously threatened by APTs, which are long-term targeted cyberattacks frequently conducted by nation-state actors or organised groups. To identify and stop these sophisticated threats, businesses invested in cutting-edge security technologies.
• Big data security solutions have increasingly included AI and machine learning technologies. These innovations improved the ability to detect threats, spot anomalies, and automate responses to security problems.
• Big data security has become more dependent on encryption. Organisations prioritised data protection to make sure that even in the event of a breach, the data would remain unreadable and useless to unauthorised parties.
• Organisations had to improve their big data security procedures to meet with the introduction of strict data protection rules like the GDPR (General Data Protection Regulation) and CCPA (California Consumer Privacy Act).
• The importance of cloud security has grown as more firms use big data solutions that are hosted in the cloud. The safety of data transfers between on-premises and cloud settings and the security of data stored in the cloud were of utmost importance.
• In order to find trends and anomalies that can point to possible security vulnerabilities, security analytics and user behaviour analysis have become increasingly popular. Organisations sought to identify questionable activity early on by monitoring user behaviour and data access.
• Blockchain technology was investigated by certain companies as a way to improve data security and integrity. Big data records could be protected against unauthorised modification by utilising the decentralised and irreversible characteristics of blockchain technology.

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Key Industry Development

The Big Data Security Market is constantly evolving, with new technologies and solutions emerging all the time. Here are some of the key industry developments that are shaping the market:

• To extract useful insights from enormous amounts of data, many sectors were adopting big data analytics. With this increased use, it became more important than ever to have strong security measures in place to safeguard critical data.
• Data security has received attention as a result of high-profile data breaches and cyberattacks on businesses and organisations. These occurrences increased the need for cutting-edge big data security solutions.
• To protect consumers' privacy and personal information, governments around the world are passing stronger data protection legislation. Organisations started to invest in big data security solutions as a result of concerns about compliance with laws like the California Consumer Privacy Act (CCPA) and the General Data Protection Regulation (GDPR) in the US and Europe, respectively.
• Artificial intelligence and machine learning algorithms are being incorporated into big data security solutions to more accurately identify trends, abnormalities, and potential risks. Real-time detection and mitigation of security breaches were made possible by these technologies.
• Big data security solutions that are cloud-native were required as a result of the transition to cloud-based infrastructure. Companies searched for scalable and secure methods to protect their data as more data was processed and stored in the cloud by businesses
• IoT device proliferation resulted in a massive data-generation process. Industries began to seriously worry about protecting these devices and the data they produced, which prompted the creation of specialised IoT big data security solutions.
• Techniques for data masking and encryption have grown in popularity as crucial means of securing sensitive data in big data environments. These techniques assisted organisations in protecting data while guaranteeing its continued usability for analysis.
• In order to improve their big data security solutions, larger cybersecurity businesses have been acquiring smaller specialised organisations, which has resulted in a trend of vendor consolidation in the big data security sector. In order to provide comprehensive solutions, strategic alliances between big data and cybersecurity businesses have also been formed.
• Big data security solutions are increasingly using User Behaviour Analytics. Organisations can spot odd activity and potential insider threats by tracking and analysing user behaviour trends.

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