WILMINGTON : Rise in adoption of data privacy tools and solutions in various industries has led to steady expansion of database security market size. Proliferating number of IoT devices in enterprises has resulted in a marked fillip to demand for database security services in organizations of all sizes. The global database security market is projected to expand at CAGR of 17.7% from 2022 to 2031.
Enterprises are increasingly adopting business-wide database security practices for maintaining the confidentiality of data against a wide spectrum of data vulnerabilities and risks of data breaches. Prominent vendors in database security market offering various types of database security are incorporating best-in-class database encryption tools, especially to target users in hybrid, or multi-cloud environments. A scrutiny of database security news, trends, analysis reinforces the fact that database security breaches can be caused by multiple factors, thereby pressing need for database security management.
Stridently, growing complexity of network environments especially on account of businesses moving workloads to cloud architectures has spurred demand for database security solutions. Of note, the analysts of the TMR study on the global database security found that increasing trend of Database-as-a-Service (DBaaS) has catalyzed commercialization of various types of database security products.
Key Findings of Database Security Market Study
- Cloud Solutions Underpins Value-Grab Opportunity: Cloud-based database security solutions are gaining popularity among enterprises especially those who want to avoid administrative burden of on-premise solutions, notably SMEs with budget constraints. The popularity of the cloud solutions in database security market stems mainly from high degree of configuration possible, scalability, and cost-effectiveness. Of note, a number of prominent vendors of software-as-a-Service (SaaS) solutions are keen on tapping into the incredible revenue streams. A particular case in point is growing demand for Database-as-a-Service (DBaaS) among customers.
- Use in Meeting Regulatory Compliance Mandates Spurring Adoption of Solutions in Database Security Market: Businesses need to comply with industry-specific global data privacy regulations in that failing to do poses high financial impact. Thus, the use of database security is expected to rise in regulatory compliance mandates. Stridently, on the backdrop of growing complexity of the regulatory compliance landscape, vendors in database security market are witnessing substantial profitable avenues by equipping their products with AI and machine learning capabilities.
- Rise in Cybersecurity Threats Bolstering Demand for Database Encryption: Rise in incidences of cybersecurity threats in various sectors has led them to strengthen database security policies. Implementation of advanced cybersecurity controls has unlocked sizable revenue streams for solution providers in database security market.
Database Security Market: Key Drivers
- Proliferation of data volumes in enterprises across industries is driving the need for robust risk mitigation strategies that allow them to prevent against different types of external and internal threats. Rise in cybersecurity threats and considerable risks of data breaches are expanding the avenue for products in database security market.
- Increasing complexity of regulatory compliance landscape in various industries is a key driving force for uptake of database security solutions
Database Security Market: Regional Growth Dynamics
- North America held the largest share of the database security market in 2021. Widespread uptake of data security as a service over the years in various industries has propelled revenue streams for vendors in the regional market. The region is anticipated to be retain its lead until the end of the forecast period.
- Asia Pacific has emerged as potentially lucrative market. A bulk of demand of the solutions and software comes from China, India, and South Korea. Opportunities in the regional market are anticipated to expand at CAGR of 19.7% during the forecast period.
Database Security Market: Key Players
Prominent players might grow their market shares by tapping into customer demand in new geographies. The competition landscape is characterized by fair degree of fragmentation.
Some of the prominent companies are Huawei, Google LLC, HashiCorp, Trend Micro Inc., Tencent Holdings Ltd., Thales Group, Microsoft Corporation, Fortinet, McAfee Corp., IBM Corporation, and Oracle Corporation.
Database Security Market Segmentation
- By Component
- Managed Services
- Professional Services
- By Deployment
- By End-user
- IT & Telecom
- Media & Entertainment
- North America
- Asia Pacific
- Middle East & Africa (MEA)
- South America
- Saudi Arabia
- United Arab Emirates
- South Africa