According to a new report, published by KBV research, 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.
The SMEs segment is showcasing a CAGR of 14.7% during (2022 - 2028). This is because of the expansion in SMEs' growing use of cloud-based solutions. SMEs use cost-effective deployment options because there isn't a high computing on-premise IT infrastructure for exchanging and storing data. The need for efficient backup services, long-term data protection, and the increased danger of data theft further aid SMEs' adoption of security services. These factors are expected to boost the segment's expansion during the projected period.
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. This is because it allows data sharing with authorized individuals, such as developers and testers, without worrying about exposing production data. It significantly lowers the data dangers brought by the growing cloud use. Also, insider danger is reduced, and encryption is more affordable and straightforward.
The IT & ITes segment has shown the growth rate a CAGR of 11.3% during (2022 - 2028). This is because the availability of essential data makes the IT sector a particular target of cyber criminals. This entails safeguarding the company's data from assaults that might alter or damage it and assaults that can encrypt or destroy it, like ransomware. Data security also guarantees that data is accessible to everyone who needs it within the company. These features are propelling the segment's expansion.
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. The Asia Pacific market is exhibiting a CAGR of 13.3% during (2022 - 2028). Additionally, The Europe market would showcase a CAGR of 12.3% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/data-security-as-a-service-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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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