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Data Erasure Solutions Market Size, Share, Top Key Players, Impacting Factors, Regional Outlook And Forecast To 2033
Data Erasure Solutions Market Size
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According to The Business Research Company's, The data erasure solutions market size has grown rapidly in recent years. It will grow from $1.12 billion in 2023 to $1.29 billion in 2024 at a compound annual growth rate (CAGR) of 15.1%. The growth in the historic period can be attributed to the need for comprehensive data lifecycle management strategies, consolidation of vendors, insurance industry demands, companies establishing compliance programs, and a rise in identity theft cases.
The data erasure solutions market size is expected to see rapid growth in the next few years. It will grow to $2.26 billion in 2028 at a compound annual growth rate (CAGR) of 15.2%. The growth in the forecast period can be attributed to increased awareness about data vulnerabilities, data localization requirements, and e-waste management, Companies must adhere to various data retention policies, and stronger corporate governance frameworks emphasize the importance of secure data management and erasure. Major trends in the forecast period include advanced data erasure methods using nano-magnetic materials, cryptographic techniques, IoT integration, and advanced degaussers and optical data erasure.
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Market Drivers and Trends:
Growing concerns about data breaches are expected to propel the growth of the data erasure solutions market going forward. Data breach concerns refer to apprehensions regarding unauthorized access or leakage of sensitive information, encompassing worries about the exposure of private data or the potential misuse of personal information. Data breach concerns are increasing due to the growing volume of digital data, sophisticated cyberattacks, expanding regulatory requirements, and the complexities of securing data in remote and cloud-based environments. Data erasure solutions alleviate data breach concerns by securely and permanently removing sensitive data from devices, ensuring that it cannot be recovered or accessed by unauthorized parties, thus reducing the risk of data breaches due to residual data. For instance, in May 2024, the Information Commissioner's Office, a UK-based independent regulatory office, reported that cyber-related incidents accounted for 25.9% of personal data breaches from 2022 to 2023, a figure that increased to 32.5%. Therefore, growing concerns about data breaches are driving the growth of the data erasure solutions market.
Major companies operating in the data erasure solutions market are focusing on creating sustainable data erasure techniques that guarantee thorough data privacy and address environmental issues. Sustainable data erasure techniques refer to methods of securely removing data from devices in a manner that also minimizes environmental impact, such as through energy-efficient processes and promoting the reuse or recycling of hardware. Sustainable data erasure techniques help the data erasure solution market by ensuring secure data destruction while meeting environmental regulations, thereby enhancing customer trust and fulfilling corporate sustainability goals. For instance, in March 2024, International Business Machines Corporation, a US-based technology company, launched Infrastructure Data Erasure to securely and sustainably erase data from end-of-life devices. This service ensures compliance with data protection regulations while supporting environmental sustainability through responsible IT asset disposal.
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Major Key Players of the Market:
Microsoft Corporation, Dell Technologies, HP Development Company L.P., International Business Machines Corporation, Iron Mountain Inc., KLDiscovery Ontrack LLC, CHG-Meridian, WISETEK, Blancco Technology Group, Stellar Data Recovery, Greensafe IT, DriveSavers, Xperien (Pty) Ltd., CBL Data Shredder, Jetico, O&O Software, Guardian Data Destruction, East-Tec, BitRaser, Certus Software, Magoshare, Charterhouse Muller, TechReset, Ziperase LLC, Darik's Boot and Nuke
Data Erasure Solutions Market 2024 Key Insights:
• The data erasure solutions market size is expected to see rapid growth in the next few years. It will grow to $2.26 billion in 2028 at a compound annual growth rate (CAGR) of 15.2%.
• Impact of Data Breach Concerns On The Data Erasure Solutions Market
• Advancing Data Erasure For Sustainable Practices
• North America was the largest region in the data erasure solutions market in 2023
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