Research Nester assesses the growth of the global data protection market which is anticipated to be on account of the growing integration of cloud computing.
Research Nester’s recent market research analysis on“Data Protection Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview of the global data protection market in terms of market segmentation by deployment, end-user, component, organization size, and by region.
Growing Awareness about Data Privacy among the Consumers to Drive Growth of Global Data Protection Market
The global data protection market is estimated to grow majorly on account of the increased awareness about data privacy and laws related to it among the people. The population’s increasing awareness about data privacy issues and their rights over their data has forced organizations to incorporate data protection solutions into their company. Nowadays, consumers are more likely to join hands with companies that demonstrate a commitment to safeguarding their data. Legislation to protect data and privacy has been adopted in 107 countries out of which 66 developed countries have also enacted legislation.
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Some of the major growth factors and challenges that are associated with the growth of the global data protection market are:
Growth Drivers:
· Surge in Usage of Mobile Phones
· Increasing Generation of Data by Numerous Industries Challenges:
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A lot of companies still depend on third-party vendors for several services which introduced additional risk. Ensuring that these vendors complied with data protection regulations and maintained secure practices was a limitation of the market expansion. Moreover, other complications associated with data protection are some of the major factors anticipated to hamper the growth of the global data protection market.
By end user, the global data protection market is segmented into IT & telecom, BFSI, manufacturing, healthcare, media & entertainment, consumer goods & retail, and government. The BFSI segment is to garner the highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. Protecting financial data from cyberattacks is the most important task in the BFSI sector. Cyberattacks on the data can lead to loss of customer as well as organization data, financial loss, and loss in liabilities. Thus, amazing cybersecurity such as access control, encryption, and intrusion detection system are significant.
By region, the Europe data protection market is to generate the highest revenue by the end of 2035. This growth is anticipated by the increasing prevalence of blockchain, big data, and other initiatives across the United Kingdom region. As per the report estimation, the adoption of Big Data by retail banking organizations in the United Kingdom is to exceed 80 %, which would have a positive effect on market growth.
This report also provides the existing competitive scenario of some of the key players of the global data protection market which includes company profiling of HPE Symantec, CA Technologies, Mcafee Corporation, Oracle Corporation, Quest Software, NextLabs Inc., Veeam Software, and others.
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