Press release
Global Data Erasure Solutions Market to Reach $2.6 Billion by 2029, Growing at 15.1% CAGR
Data Erasure Solutions
The growing concerns about data breaches are expected to drive the expansion of the data erasure solutions market. Data breaches involve unauthorized access to sensitive information, and concerns about data exposure are rising due to increased digital data, advanced cyber-attacks, and complex data security needs in remote and cloud environments. Data erasure solutions securely remove sensitive data from devices, ensuring it cannot be recovered. The UK's Information Commissioner's Office reported in May 2024 that cyber-related incidents accounted for 32.5% of personal data breaches in 2022-2023, driving the demand for data erasure solutions.
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What Is the projected market size and growth rate for the data erasure solutions market?
The data erasure solutions market is expected to grow from $1.29 billion in 2024 to $1.48 billion in 2025 at a CAGR of 15.4%. The market's growth is due to the increasing need for data lifecycle management, vendor consolidation, industry compliance requirements, and rising concerns over identity theft.
The data erasure solutions market is expected to grow to $2.6 billion by 2029, at a CAGR of 15.1%. This growth is driven by the rising awareness of data vulnerabilities, data localization requirements, e-waste management concerns, adherence to data retention policies, and stronger corporate governance. Major trends include advanced data erasure methods, the use of cryptographic techniques, IoT integration, and the development of advanced degaussers and optical erasure methods.
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What new trends are reshaping the data erasure solutions market and its opportunities?
Companies in the data erasure solutions market are focusing on developing sustainable techniques to ensure thorough data privacy while minimizing environmental impact. These methods focus on energy efficiency and hardware recycling. In March 2024, IBM launched Infrastructure Data Erasure, a service that securely erases data from end-of-life devices, ensuring compliance with data protection regulations while supporting sustainable IT asset disposal practices.
What major market segments define the scope and growth of the data erasure solutions market?
The data erasure solutions market covered in this report is segmented -
1) By Component: Software, Services
2) By Deployment: On-Premise, Cloud
3) By Device Type: Personal Computers (PCs), Laptops, Servers, Data Centre Equipment, Other Devices
4) By Application: Individual, Small Enterprises, Medium-Sized Enterprises, Large Enterprises
5) By Industry Vertical: Banking, Financial Services, And Insurance (BFSI), Education, Healthcare, Government, Media And Entertainment, Energy, Telecommunication And Information Technology (IT), Other Industry Verticals
Subsegments:
1) By Software: Data Erasure Software, Disk Wiping Software, Data Sanitization Software, Cloud-Based Erasure Solutions
2) By Services: On-Site Data Erasure Services, Off-Site Data Erasure Services, Data Destruction Consulting, Data Erasure Auditing And Certification Services
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Which region dominates the data erasure solutions market?
North America was the largest region in the data erasure solutions market in 2023. The regions covered in the data erasure solutions market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Which key market leaders are driving the data erasure solutions industry growth?
Major companies operating in the data erasure solutions market are 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
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What Is Covered In The Data Erasure Solutions Global Market Report?
•Market Size Forecast: Examine the data erasure solutions market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the data erasure solutions market for a structured understanding.
•Key Players Overview: Analyze major players in the data erasure solutions market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the data erasure solutions market.
•Segment Contributions: Evaluate how different segments drive overall growth in the data erasure solutions market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the data erasure solutions market.
•Industry Challenges: Identify potential risks and obstacles affecting the data erasure solutions market.
•Competitive Landscape: Review strategic developments in the data erasure solutions market, including expansions, agreements, and new product launches.
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