Sensitive Data Discovery Market size to grow from USD 5.1 billion in 2020 to
USD 12.4 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 16.1%
during the forecast period according to report published by MarketsandMarkets. Various
factors such as the growing need to discover sensitive structured and
unstructured data, increasing investments in data privacy with evolving
regulations, and rise in remote workers and real-time data access are expected
to drive the adoption of the sensitive data discovery solutions and services.
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Businesses providing
sensitive data discovery solutions and services are expected to witness a minor
decline in their growth for a short span of time. However, the focus on vaccine
development, adoption work from home initiatives, and eHealth are leading to
explosion of structured and unstructured data, which needs to be discovered and
managed efficiently to derive insights. The market would witness a minimal
slowdown in 2020, followed by positive growth during the forecast period. The
global spread of COVID-19 has led to numerous privacy, data protection,
security, and compliance questions. The increasing challenge of companies to
maintain Personally Identifiable Information (PII) privacy violations and
derive actionable insights and changes during COVID-19 would provide
opportunities for the market growth.
The cloud segment to grow at a higher CAGR
during the forecast period
The sensitive data
discovery market by deployment mode has been segmented into on-premises and
cloud. Cloud is further segmented by type in a public cloud, private cloud, and
hybrid cloud. The cloud segment is expected to grow at a rapid pace during the
forecast period. The high CAGR of the cloud segment can be attributed to the
availability of easy deployment options and minimal requirements of capital and
time. These factors are supporting the current lockdown scenario of COVID-19 as
social distancing, and lack of workforce hit the industry and are expected to
drive the adoption of cloud-based sensitive data discovery solutions. Highly
secure data encryption and complete data visibility and control feature are
responsible for the higher adoption of on-premises-based sensitive data
discovery solutions.
The
services segment to grow at a higher CAGR during the forecast period
The sensitive data
discovery market is segmented on the basis of components into solutions and
services. Services are further segmented into professional and managed
services. Professional services include consulting, deployment and integration,
and support and maintenance services. The demand for professional services is
expected to rise due to a rise in tailored demand for customers. Customers are
coming up with customization requirements in the already installed sensitive
data discovery solutions to enhance the overall performance.
Among verticals, the healthcare and life
sciences segment to grow at the highest CAGR during the forecast period
The sensitive data
discovery market is segmented on verticals into BFSI, government, healthcare,
and life sciences, retail, manufacturing, telecommunications and IT, and other
verticals (education, and travel and hospitality). The BFSI vertical is
expected to account for the largest market size during the forecast period.
Moreover, the healthcare and life sciences vertical is expected to grow at the
highest CAGR during the forecast period. During the COVID-19 pandemic,
healthcare researchers and hospitals are dealing with enormous data, which has
created a massive need for efficient sensitive data discovery and management.
Sensitive data discovery enables healthcare companies to locative sensitive
data such as Protected Health Information (PHI)
that were traditionally impossible to handle.
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North America to hold the largest market size
during the forecast period
North America is the largest revenue
contributor to the global sensitive data discovery market. The region is
witnessing significant developments in the sensitive data discovery market.
Many sensitive data discovery solution providers are adopting various growth
strategies to strengthen their positions in the market. The US government has
provided support by promoting an ideal environment for research and innovation,
leading to advancements in various fields of science and technology. The growth
of the region can also be attributed to the growing focus of companies to
analyze sensitive or regulated information which support real-time analytics.
APAC has witnessed the advanced and dynamic adoption of new technologies and is
expected to record the highest CAGR during the forecast period. The growing awareness for data security and
privacy among organizations in key countries, such as China, India, and Japan,
is expected to fuel the adoption of sensitive data discovery solutions and
services. The commercialization of the Artificial Intelligence (AI) and Machine
Learning (ML) technology, giving rise to increased data generation, and the
need for further advancements to leverage its benefits to the maximum are
expected to drive the adoption of sensitive data discovery solutions in the
region.
Major vendors in the global sensitive data
discovery market include IBM (US),Microsoft (US),Oracle (US), AWS (US),
Proofpoint (US), Google (US), SolarWinds (US), Micro Focus (UK), PKWARE (US),
Thales (France), Spirion (US), Egnyte (US), Netwrix (US), Varonis (US), Digital
Guardian (US), Solix (US), Immuta (US), MENTIS (US), Ground Labs (US), Hitachi
(Japan), Nightfall (US), Securiti (US), DataGrail (US), Dathena (Singapore),
BigID (US), DataSunrise (US), and 1touch.io (US).
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