(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Nov. 18, 2024 (GLOBE NEWSWIRE) -- The "Data Protection market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.
Data protection market is estimated to grow at a CAGR of 13.37% thereby reaching US$115.204 billion in 2029 form US$61.525 billion in 2024.
The growing prevalence of data theft, ransomware, and other cyberattacks is driving the demand for data protection, which has given the market a major boost. Moreover, the ongoing investment in cloud technologies and AI digital frameworks and favorable government policies to support data protection laws have further paved the way for future market expansion.
However, the technical complexities faced while designing an appropriate platform that would cater to the diversified end-user requirements, followed by the high associated capital cost, are posing a challenge for market expansion.
Data Protection Market Drivers:
Favorable government initiatives to bolster data protection have stimulated overall market growth.
Rapid urbanization, high internet penetration, and growing corporate culture in economies have increased the overall data traffic volume. To safeguard such data, strategic investment and public-private collaborations are being implemented. Additionally, governments worldwide are realizing the high ramifications of unauthorized data access and initiating schemes and policies to protect data. For instance, in March 2024, the Federal Trade Commission launched "Private and Data Security Update 2023," highlighting consumer data protection and minimizing the indiscriminate monetization of the same.
Likewise, the European Data Protection Supervisor launched a transfer model that will establish a secured framework through which EU institutions, offices, and agencies can transfer personal data to international organizations. Hence, the establishment of updated policies and models has bolstered the requirement for data protection solutions, thereby augmenting the overall market expansion.
Data Protection Market Geographical Outlook:
North America is expected to account for a significant market share.
The data protection market, region-wise, is analyzed into North America, South America, Europe, the Middle East and Africa, and Asia Pacific. North America is poised for remarkable growth during the given timeframe and will constitute a considerable share fueled by the growing prevalence of ransomware attacks in major regional economies.
According to the "Internet Crime Report 2023" issued by the Federal Bureau of Investigation, in 2023, the number of ransomware cases stood at over 2,825, signifying an 18% growth over complaints registered in 2022. Moreover, the reported losses via ransomware reached US$59.6 million from US$34.3 million.
Furthermore, large-scale organizations have majorly established their base in major North American nations and account for a considerable portion of employment. For instance, according to the "Key Small Business Statistics" issued by Innovation, Science, and Economic Development Canada, as of 2022, there were 3,128 large-scale businesses, accounting for 36% of the business employment in the country.
Such a high prevalence of cyberattacks, followed by the well-established presence of large-scale businesses, has accelerated the need for appropriate data protection solutions in North America. Moreover, the ongoing investment by governing authorities to establish stringent regulations regarding data privacy has further paved the way for future market expansion.
Likewise, Europe is anticipated to grow steadily, fueled by the favorable efforts undertaken by the European Union to minimize confidential data theft. The Asia Pacific region is also expected to hold an appropriate market share and is poised for constant growth during the forecast period.
Reasons for buying this report::
Insightful Analysis: Gain detailed market insights covering major as well as emerging geographical regions, focusing on customer segments, government policies and socio-economic factors, consumer preferences, industry verticals, other sub- segments. Competitive Landscape: Understand the strategic maneuvers employed by key players globally to understand possible market penetration with the correct strategy. Market Drivers & Future Trends: Explore the dynamic factors and pivotal market trends and how they will shape up future market developments. Actionable Recommendations: Utilize the insights to exercise strategic decision to uncover new business streams and revenues in a dynamic environment. Caters to a Wide Audience: Beneficial and cost-effective for startups, research institutions, consultants, SMEs, and large enterprises.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 148 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $61.53 billion |
| Forecasted Market Value (USD) by 2029 | $115.2 billion |
| Compound Annual Growth Rate | 13.3% |
| Regions Covered | Global |
Report Coverage:
Historical data & forecasts from 2022 to 2029 Growth Opportunities, Challenges, Supply Chain Outlook, Regulatory Framework, Customer Behaviour, and Trend Analysis Competitive Positioning, Strategies, and Market Share Analysis Revenue Growth and Forecast Assessment of segments and regions including countries
Company Profiling (Strategies, Products, Financial Information, and Key Developments)
Some of the key companies profiled in this Data Protection Market report include:
IBM Oracle Broadcom Forcepoint McAfee, LLC Acronis International GmbH. Hewlett Packard Enterprise Development LP Palo Alto Networks. Veeam Software Thales NetApp Quest Software Inc. Sophos Ltd.
The Data Protection market is segmented and analyzed as follows:
By Component
By Deployment
By Enterprise Size
Small and Medium Enterprise (SMEs) Large Enterprise
By End-User
BFSI Healthcare IT and Telecom Consumer Goods and Retail Media and Entertainment Manufacturing Education Others
By Geography
North America South America Europe UK Germany France Italy Others
Middle East and Africa Saudi Arabia Israel Others
Asia Pacific Japan China India South Korea Indonesia Thailand Others
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