Global data protection market is projected is to exhibit 14.8% CAGR during the forecast period. The market is projected to be around USD 150 billion by 2026. The market is driven by the increasing number of internet users across the globe.
Data protection can be defined as a process of safeguarding information from corruption or loss. Many laws across the globe regulate the public sharing of personal data. Various technologies such as, disk mirroring, file locking, database shadowing, and record locking, help in protecting personal data.
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Rise in number of mobile internet users, increasing preference to go public on personal life, and strict rules and regulations for data protection can be the key factors attributing to the growth of Data Protection Market in the coming years. However, rise in number of hackers and increasing demand for personal information in grey markets are expected to restraint the market growth to a certain extent in the coming years.
In the recent years, many multinational companies are actively investing in developing and tools and technologies for data protection. This is directly expected to impact the growth of the market. In addition, growing awareness on protection of personal data and financial data is expected to propel the market growth to a significant rate during the forecast period.
North America holds the major market share of the global Data Protection Market due to focus of key market players on strengthening their presence in the US. These companies have been taking up various organic and inorganic growth strategies to enhance its presence in the US. Furthermore, growing awareness on protection of personal data is expected to bolster the market growth during the forecast period.
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The global data protection market is segmented into service type and mode of delivery. On the basis of the service type the market is further bifurcated into Risk Assessment and Consulting Services, Implementation and Integration Services, Support and Maintenance Services, Training and Education Services, and Others. The market based on mode of delivery is segmented into cloud and on-premise. Based on the geography the market is further segregated into North America, Latin America, Middle East & Africa, Europe and Asia Pacific.
The players associated with the global Data Protection Market include IBM, Symantec, HPE, CA Technologies, Oracle, Acronis, Mcafee, Quest Software, Netapp, and Veeam, among others.
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