The Latin America, Middle East and Africa Data Security as a Service Market would witness market growth of 14.6% CAGR during the forecast period (2022-2028).
Data security is essential for several reasons for both public and private sector businesses. First and foremost, companies have a moral and legal duty to prevent unauthorized access to user and customer data. For instance, the Payment Card Industry Data Security Standard (PCI DSS), which requires businesses to take all appropriate precautions to secure customer data, may apply to financial institutions.
Another issue is the harm to one's reputation that a data breach or hack might cause. A well-publicized, high-profile breach or hack might damage organization’s reputation if they don't take data security seriously. Not to mention the financial and logistical consequences of a data breach. It will take time and money to assess the damage, make repairs, and determine which business operations failed and what needs to be corrected.
The Saudi Arabian government has long understood the value of broadband connectivity, and the potential advantages of 5G technology which will complement the country's aspirations to develop a world-class modern economy as defined in its Vision 2030. According to authorities, Saudi Arabia is amongst the top of the region for awarded IMT spectrum in the sub-GHz range which should enable the natural expansion of the country's mobile network capacity from 3G and 4G to 5G. The rapid adoption of the 5G in the region will also increase the requirement for robust data security solutions to ensure safe data transfer and operation, thereby propelling the market growth in the region.
The Brazil market dominated the LAMEA Data Security as a Service Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $1,095.1 million by 2028. The Argentina market is experiencing a CAGR of 15.3% during (2022 - 2028). Additionally, The UAE market would display a CAGR of 14.3% during (2022 - 2028).
Based on Organization Size, the market is segmented into Large Enterprises and SMEs. Based on Type, the market is segmented into 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 and Data Auditing & Monitoring as a Service. Based on Vertical, the market is segmented into BFSI, IT & ITes, Retail & eCommerce, Healthcare & Life Sciences, Telecommunications, Manufacturing, Media & Entertainment, Energy & Utilities and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Data Security as a Service Market is Predict to reach $62.3 Billion by 2028, at a CAGR of 12.6%
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.
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