The exclusive COVID-19 impact analysis report by Axiom MRC provides a 360 degree analysis of micro and macro-economic factors on the global Sensitive Data Discovery market. In addition, complete analysis of changes on the global Sensitive Data Discovery market expenditure, economic and international policies on supply and demand side. The report also studies the impact of pandemic on global economies, international trade, business investments, GDP and marketing strategies of key players present in the market. The current COVID-19 pandemic has created challenges to the world of work as well. Its impact, which differs across sectors, has also been seen on the BFSI, IT and telecom, Government and public sectors. Business or corporate operations have been disturbed and revenue streams have dropped in many verticals across the world. Simultaneously, the COVID-19 pandemic has required added investment to regulate business processes and support remote work to align with public health guidance, including lockdown and social distancing. Even during these challenging times, various organizations and businesses have spent and plan to spend more on cloud-delivered services. Cloud’s benefits of a high degree of automation, innovation, and agility have been strengthened during the COVID-19 period.
The key factor driving the market growth are the growing concern of customers in the IT and Telecom, BFSI and educational sector to safeguard their sensitive data from data breaches and leaks is creating a demand in the market. Due to rise in internet user and growth of online E-commerce platform as well as mobile banking services new data is being generated everyday hence it has become very essential to safeguard this data. Primarily the data generated is stored in on-premise or cloud-based platforms and the data is being moved from one place to another. The stored data is being used by employees, clients and business partners, this data can be accessed by anyone from anywhere at a particular time. Hence, location, identification as well as access control to authorized person is very essential to avoid data leaks. The data in an organization can be classified into internal, public, restricted and highly confidential. Many companies around the world are focusing more on developing software that safeguard the data as well as provide real time analysis to improve data security and discovery.
The global Sensitive Data Discovery market is rise in demand to integrate data with business processes to derive actionable insights. In today’s digital and big data era, data can be structured or unstructured, and most of it resides outside enterprises. Thus, it has become crucial to have a platform that can be used to integrate various information, perform a lot of discovery-based analysis (to separate noise from real signals), perform analytics on top of it, and finally consume it through an intuitive visualization interface. This avenue is now being explored in the form of a sensitive data discovery platform in many enterprises. The increasing volume of digital information is providing meaningful insights for businesses such as customer trends, shifts in consumer behaviors, the outbreak of epidemics, changing weather patterns, and the rise in crime rate.
The major restraining factor for the global Sensitive Data Discovery market is lack of skilled professional workforce. Significant technology advancements have taken place in the Information and Communications Technology (ICT) domain. Internet of Things (IoT), Artificial Intelligence (AI), Machine Learning (ML), cloud, analytics, and sensitive data discovery are a few trends that have gained tremendous traction in the past few years. Sensitive data discovery is transforming businesses by providing actionable insights. However, companies do face issues while extracting these insights. Data across organizations grows constantly, and organizations often fail to capitalize on opportunities and extract actionable data.
The major growth challenge for the market is Data security and privacy concerns. The increase in data from various sources is cumbersome for several IT teams. The inefficiency of managing exabytes and petabytes of data has increased chances of security breaches and data losses. It may seem as if sensitive data discovery is a threat to data privacy. However, the actual threat is poorly managed data. The sensitive data discovery comes with three privacy risks: data breaches, data brokerage, and data discrimination.
The report provides in-depth analysis of global Sensitive Data Discovery market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. With increasing demand for various Sensitive Data Discovery in various applications has led the increasing demand for market and is expected to witness the growth at a specific CAGR from 2021-2028.
The global Sensitive Data Discovery market comprises of different market segment like type, application, end user and geography.
On the basis of type sensitive data discovery market can be divided mainly into on-premise and cloud based. On premise is data that is stored in a company’s infrastructure. This gives a company total control over the data. Though on premise offer some additional benefits it requires a huge capital investment for implementation coupled with regular maintenance and continuous updates. The company must also indulge in storing backup data which can be useful for data recovery. Similarly, a cloud based sensitive data is a data which is stored on a cloud-based platform. Cloud based data can give access to many people at the same time hence it is useful for cross-company collaboration. There was growing adoption of cloud-based technology during the covid-19 as there was rise in WFH and online learning.
The global sensitive data discovery market finds its major application in asset management, security and risk management, compliance management and others. Asset management is the process of identifying and securing on a real time basis the assets which a company/organization owns this data is highly sensitive and companies rely on platforms that can safeguard this data. Lack of asset management or poor implementation is critical and risky for a business. Security and risk management are the most crucial and important application of Sensitive Data Discovery. Most of the companies stick with on premise application and storage when it comes to securing data. Compliance management includes monitoring and assessing systems to ensure they comply with the security as well as industrial standards and also with corporate and regulatory policies and requirements.
The global sensitive data discovery market end user are retail and e-commerce and government and public sector. The global BFSI industry is experiencing fast and steady growth over the last couple of years. The industry is also experiencing a drastic technological change from the last decade. Digital transformation in the BFSI sector is going at full speed. Most of the banks are moving their data to cloud storage the digitalization and advancement in the BFSI sector will create rising demand for safe and efficient Sensitive Data Discovery platform all across the world. Especially the new emerging economies such as China and India which are on the path of becoming digital economies in the coming years will experience exponentially high growth. In the growing world population, enormous amount of data is being generated from a single patient. Governments and medical institutes need this data also as it is personal data of an individual which is highly sensitive hence there is rising demand for new technologies to store this enormous amount of data.
The global Sensitive Data Discovery market is studied for the following region North America, Europe, Asia-Pacific and Rest of the world (RoW). Whereas Europe covers Germany, France, Italy, Spain, UK and Rest of Europe. The key countries included under Asia Pacific regions are China, India, Japan and Rest of Asia Pacific. Rest of the World includes Latin America and Middle East & Africa. The market for Sensitive Data Discovery is expected to grow at the CAGR of 16.05% across the world during the forecasted period. In recent years, as the technological advancement are taking place across the globe and digitalization is taking place, the need for Sensitive Data Discovery is growing rapidly. For Sensitive Data Discovery market, North America region is considered to be the dominating region owing to the various factors which mainly includes presence of a great number of companies in this region which are actively working in the field of Information Technology, also with technological advancement this region is highly investing in the cloud computing and artificial intelligence. In this region, U.S. is known to be the leading country owing to the huge investment in the AI, cloud computing, machine learning etc. Sensitive Data Discovery market has been followed by the Europe region, the reason behind the growth of Sensitive Data Discovery market in Asia-Pacific region is the increased technical innovation, various rules and regulation by various regulatory bodies to strengthen the digital platform of the company and increased investment in IT sector by the regulatory bodies.
Competitive Landscape Analysis
The competitive landscape analysis of Sensitive Data Discovery market is certainly based range of market players operating in the food & beverage market with increasing demand for production of Sensitive Data Discovery. Besides, number of market players offered wide range of products for different application in various geographic locations. The market has major competitive analysis based on new product launches as well as other developments.
The key players studied in market are IBM Corporation, Microsoft Corporation, Oracle Corporation, Amazon Web Services, Google, LLC, Hitachi Ltd., Solar Winds Corporation, Thales Group S.A., Micro Focus International PLC, Proof point, Inc, Netwrix Corporation, BigID, Ground Labs, Dathena, DataGrail among others.
November 2020: PKWARE acquired Dataguise, a company with innovative technology for businesses to discover and protect personal data stored across diverse IT systems and environments. The acquisition will expand PKWARE’s global footprint as it continues the operations of Dataguise’s existing offices in the US, India, Europe, and Canada.
October 2020: Solar Winds announced Solar Winds Endpoint Detection and Response (EDR). The solution would be fully integrated with Solar Winds Remote Monitoring and Management (RMM). The integration would allow users to efficiently configure and manage endpoint security while helping mitigate security risks for customers and their business.
February 2020: Google acquired Looker, a provider of a unified platform for business intelligence, data applications, and embedded analytics. This acquisition would enable Google to extend its analytics offering by defining two capabilities that would define business metrics and provide an analytical platform to make business decisions.
June 2019: Oracle introduced a new feature in Oracle Analytics. The new feature would provide AI-powered self-service capabilities. Oracle Analytics with the features of data preparation, visualization, and Natural Language Processing (NLP) would help business analysts get data insights to make business decisions.
Sensitive data discovery is the process of identifying and locating sensitive data. Sensitive or confidential data can be present in structured or unstructured format and on cross platforms. The leaks of sensitive data can lead to large monetary fines as well as loss of trust with the customer. The growing concern of customers in the IT and Telecom, BFSI and educational sector to safeguard their sensitive data from data breaches and leaks is creating a demand in the market. Due to rise in internet user and growth of online E-commerce platform as well as mobile banking services new data is being generated everyday hence it has become very essential to safeguard this data. Global Sensitive Data Discovery market is segmented based on Type, Applications, End Users and Geography. By Type, the market is segmented into On-premise and Cloud based. Based on Applications, the market is classified into Asset Management, Security and Risk Management, Compliance Management and Others. By End Users, the market is segmented into BFSI, Healthcare, IT & Telecom, Education and Others. The Global Sensitive Data Discovery Market is studied across various key countries of regions such as, North America, Europe, Asia Pacific and Rest of the World.
1) What are the drivers for Sensitive Data Discovery market?
The key driving factors of the market are increasing demand for alternate protein, food security & sustainability and surging adoption of sustainable industrial farming the growing concern of customers in the IT and Telecom, BFSI and educational sector to safeguard their sensitive data from data breaches and leaks is creating.
2) Which is the leading application segment for Sensitive Data Discovery market?
BFSI has accounted the major market share, and is expected to witness the growth at highest pace during the forecast period.
3) Which region is gaining majority of market share during the forecast period (2021-2028)?
North America is expected to gain major market share during the forecast period (2021-2028).