What Fueled The Previous Growth In The Sensitive Data Discovery Market?
The sensitive data discovery market has seen considerable growth due to a variety of factors.
• The market size of sensitive data discovery has seen a noteworthy expansion in the past few years. It is projected that it will surge from $8.89 billion in 2024 to $10.67 billion in 2025, with a compound annual growth rate (CAGR) of 20.0%. Factors such as data breach incidents, concerns over consumer privacy, environmental modifications, growing data volumes, and risks associated with third parties have contributed to the growth during the historic period.
What Can Be Expected from the Sensitive Data Discovery Market?
The Sensitive Data Discovery market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations suggest a swift expansion in the sensitive data discovery market in the coming years, with its size predicted to reach $20.69 billion in 2029 at an 18.0%.
compound annual growth rate (CAGR). Many factors contribute to this growth, such as the ongoing evolution of data regulations, amplified cybersecurity threats, an increase in cloud adoption, remote and hybrid work environments, as well as IoT and edge computing's broader reach. Key trends for the forecast period include strategic alliances, innovative products, advanced solutions, and IoT integration.
What Are the Critical Driver Fuelling The Sensitive Data Discovery Market's Growth?
Investments in data privacy and security are driving the expansion of the sensitive data discovery market. Data privacy, a facet of data protection, concerns the appropriate storage, retention, immutability, access, and security of sensitive data. Sensitive data discovery safeguards data from harmful threats, supporting an efficient data privacy and security strategy. Globally, the United States remains a dominant force in the data security market, contributing to over 40 per cent of worldwide revenues. By 2024, the projected revenue for US data security is set to reach approximately USD 2.9 billion, with future predictions showing a 66 per cent surge to nearly USD 4.8 billion by 2029.
How Is The Sensitive Data Discovery Market segmented?
The sensitive data discovery market covered in this report is segmented –
1) By Component: Solutions, Services
2) By Deployment: On Premises, Cloud
3) By Organization Size: Large Enterprises, Small And Medium-Sized Enterprises (SMEs)
4) By Application: Security And Risk Management, Asset Management, Compliance Management, Other Applications
5) By End-Use: BFSI, Government, Healthcare And Life Sciences, Retail, Manufacturing, Telecommunications And IT, Other End Use
Subsegments:
1) By Solutions: Data Discovery Tools, Data Classification Software, Encryption Solutions, Compliance And Reporting Tools
2) By Services: Consulting Services, Implementation Services, Managed Services, Support And Maintenance Services
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What New Trends Are Influencing The Sensitive Data Discovery Market?
The sensitive data discovery market is seeing a key trend of technological advancement. Leading companies in the industry are concentrating on state-of-the-art technology to retain their market position. For instance, Concentric AI, a software company based in India, rolled out the Concentric Semantic Intelligence platform, an AI technology-based solution in August 2022. This platform particularly safeguards sensitive text or attachment data shared through various business communication networks. It provides security professionals with comprehensive management tools to address data security and access problems, preventing data loss.
Who Are the Key Players In The Sensitive Data Discovery Market?
Major companies operating in the sensitive data discovery market include:
• IBM Corporation
• Microsoft Corporation
• Oracle Corporation
• Amazon Web Services Inc.
• Google LLC
• Hitachi Ltd.
• Thales Group S.A.
• Micro Focus International PLC
• Proofpoint Inc.
• Netwrix Corporation
• Varonis Systems Inc.
• Digital Guardian
• Solix Technologies Inc.
• Immuta Inc.
• 1touch.io Inc.
• Nightfall AI Inc.
• DataSunrise Inc.
• DataGrail Inc.
• Dathena Inc.
• BigID Inc.
• Informatica Corporation
• Spirion Corporation
• PKWARE Inc.
• OneTrust
• Securiti Inc.
• Egnyte Inc.
• BetterCloud Inc.
• Safetica Inc.
What Is The Most Dominant Region In The Sensitive Data Discovery Market?
North America was the largest region in the sensitive data discovery market share in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the sensitive data discovery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
