Navigating Data Privacy Challenges: Sensitive Data Discovery Market Booms Amidst Rising Cybersecurity Concerns

The sensitive data discovery market size has grown exponentially in recent years. It will grow from $7.48 billion in 2023 to $9.07 billion in 2024 at a compound annual growth rate (CAGR) of 21.2%. The growth in the historic period can be attributed to data breach incident, consumer privacy concerns, environmental changes, increased data volumes, third-party risks.

The sensitive data discovery market size is expected to see rapid growth in the next few years. It will grow to $17.63 billion in 2028 at a compound annual growth rate (CAGR) of 18.1%. The growth in the forecast period can be attributed to continued data regulation evolution, heightened cybersecurity threats, cloud adoption trajectory, remote and hybrid workforce dynamics, iot and edge computing expansion. Major trends in the forecast period include strategic collaborations, product innovations, advanced solutions, iot integration.

Market Overview -
Sensitive data discovery is the process of locating specific subsets of data from unstructured and structured data sources, which ensures the privacy of organizations' employees and customers as well as prevents data breaches and leaks. The sensitive data discovery identifies, protects, or securely removes any compromising information.

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Rising Investments In Data Privacy And Security Catalysts For Sensitive Data Discovery Market Growth
The growing investment in data privacy and security is propelling the growth of the sensitive data discovery market going forward. Data privacy is an aspect of data protection that addresses the proper storage, retention, immutability, access, and security of sensitive data. The sensitive data discovery protects data from malicious threats and helps in maintaining an effective data privacy and security plan. For instance, according to a report published in May 2021 by Gartner, a US-based management consulting firm, spending on data security increased to 3.5 billion in 2021, rising at a growth rate of 17.5%. Therefore, the growing investment in data privacy and security will continue to drive the sensitive data discovery market.

Competitive Landscape -
Major companies operating in the sensitive data discovery market report are IBM Corporation, Microsoft Corporation, Oracle Corporation, Amazon Web Services Inc., Google LLC, Hitachi Ltd., SolarWinds Corporation, 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., MineOS Inc.

Concentric Ai Revolutionizes Sensitive Data Discovery With Cutting-Edge Ai Technology
Technological advancement is a key trend in the sensitive data discovery market. Major industry players are focusing on cutting-edge technology to maintain their position in the market for sensitive data discovery. For instance, in August 2022, Concentric AI, an India-based software company, launched the Concentric Semantic Intelligence platform based on AI technology that uniquely protects sensitive data shared as text or attachments across business messaging platforms. The solution gives security professionals the centralized remediation tools to manage data security, access issues, and prevent data loss.

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Key Segments -

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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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