Data Security as a Service Market Size By Service Type (Data Backup & Recovery, Data Encryption & Masking, Data Discovery & Classification, Data Access Control, Data Governance & Compliance, Data Auditing and Monitoring), By Deployment Mode, & Forecast 2023 - 2032
Report ID: GMI5489
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Published Date: March 2023
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Report Format: PDF
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Premium Report Details
Base Year: 2022
Companies covered: 17
Tables & Figures: 333
Countries covered: 19
Pages: 230
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Data Security as a Service Market
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Data Security as a Service Market Size
Data Security as a Service Market size surpassed USD 20 billion in 2022 and is projected to register more than 12% CAGR between 2023 and 2032, on account of the mounting cases of cyber-attacks.
Data security as a service becomes the fastest way to achieve consistent and next-generation data protection through the improvement of business flexibility and agility. With the growing cases of data breaches, the requirement for reliable data security services will increase. Based on statistics from the Identity Theft Resource Center, in the first quarter of 2022, data breaches rose by 14% as compared to a year earlier. Since the cost associated with cyber-attacks is high, businesses are opting for efficient DSaaS software to identify threats and reduce exposure to hackers.
The high cost of cyber breaches and other such incidents may threaten business continuation, thereby encouraging governments to enforce strict cybersecurity norms and mitigate data security issues. For instance, the Cyber Security Agency of Singapore introduced a certification program to identify large businesses and SME that have implemented good cyber hygiene measures. Such initiatives will boost the adoption of holistic approaches to ensure data access monitoring, governance, and at-rest protection and create lucrative growth opportunities for DSaaS providers.
Data Security as a Service Market Analysis
The public cloud deployment mode segment accounted for over 45% of the data security as a service (DSaaS) market share in 2022, owing to the introduction of key initiatives to augment the launch of public cloud security services. Citing an instance, in November 2022, HCLTech unveiled CloudSMART for AWS, a cloud service portfolio, designed to help enterprises speed up their journey to the cloud. Furthermore, the acceleration of cloud adoption as part of the digitalization trend that emerged during the COVID-19 pandemic is anticipated to fuel DSaaS adoption.
The DSaaS market size from the IT & telecom end-use segment is set to cross USD 22 billion by 2032, attributed to rising automation of the telecom sector with the emergence of IoT, cloud, and other technologies. The increasing penetration of 5G technology has also boosted smartphone consumption, especially in developing nations. Factors such as these will result in telecom network expansion and improvements and consequently hasten DSaaS software development over the forecast period.
The North American data security as a service market is slated to exceed USD 24 billion by 2032, due to the growing adoption of visualization tools and data analytics to evaluate a large volume of customer data. In recent years, the number of cyber breaches per registered healthcare facilities have risen substantially in U.S. states, including Florida. Since a complete database recovery after system disruptions and data loss can lead to operational delays, organizations across the region are likely to increase DSaaS integration.
Data Security as a Service Market Share
Some of the leading companies operating in the data security as a service market include :
These firms are entering partnerships and incorporating other strategies to influence their presence in the global market.
For instance, in March 2023, IBM partnered with Cohesity to improve data resiliency and security in hybrid cloud environments. This deal was intended to combine data protection, data management capabilities, and cyber resilience from both companies to launch the IBM Storage Defender solution. This introduction of data protection offerings will allow the company to establish a strong presence and gain a competitive edge over rivals in the DSaaS industry.
Impact of COVID-19 Pandemic
The number of cyber-attacks across industry verticals including healthcare has risen in wake of the coronavirus pandemic. For example, in December 2022, the Ontario government encountered over 360,000 cases of COVID-19 vaccine-related database breach over a year ago. Such incidents have highlighted the imminent need for organizations to strengthen and prioritize cybersecurity architecture, thereby asserting a positive influence on the DSaaS market outlook.
The data security as a service market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032 for the following segments:
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Market, By Type
Market, By Deployment Mode
Market, By Organization Size
Market, By End-use
The above information has been provided for the following regions and countries: