Sensitive Data discovery Market Witnessing 21.6% CAGR Reach USD 34.53 Billion by 2030

According to the report published by Allied Market Research, Sensitive Data discovery Market Witnessing 21.6% CAGR Reach USD 34.53 Billion by 2030. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.

The global sensitive data discovery market generated $4.9 billion in 2020, and is estimated to reach $34.53 billion by 2030, witnessing a CAGR of 21.6% from 2021 to 2030.

Increase in need to discover sensitive structured and unstructured data and rise in investments in data privacy measures with the evolving data privacy regulations drive the growth of the global sensitive data discovery market. However, the lack of a skilled professional workforce and difficulties in justifying ROI restrain the market growth. On the other hand, demand to integrate data with business processes to derive actionable insights is estimated to present opportunities in the next few years.

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The Sensitive Data discovery market is primarily divided on the basis of component, organization size, deployment mode, application, verticals, and region. By component, the market is segmented into solution and services. On the basis of deployment mode, it is segmented into on-premise and cloud. By organization size, it is segmented into large enterprises and small & medium enterprises. By application, it is segmented into security and risk management, compliance management, asset management, and others. By vertical, it is segmented into BFSI, government, healthcare & life sciences, retail, manufacturing, telecommunications & IT, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.

Based on region, North America held the highest share in 2020, contributing to nearly two-fifths of the total market share, and is projected to continue its lead position by 2030. However, Asia-Pacific is expected to portray the highest CAGR of 24.1% during the forecast period.

Leading players of the global sensitive data discovery market analyzed in the research include AWS, Hitachi, Google, Micro Focus, IBM, Oracle, Microsoft, Solarwinds, Proofpoint, and Thales.

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Based on component, the solution segment accounted for the largest share in 2020, holding more than three-fourths of the total share, and is expected to continue its leadership status during the forecast period. However, the services segment is projected to witness the fastest CAGR of 22.6% from 2021 to 2030.

Based on industry verticals, the telecommunications and IT segment contributed to the largest share in 2020, accounting for more than one-fourth of the total share of the global sensitive data discovery industry, and is estimated to maintain its dominant share during the forecast period. However, the healthcare and life sciences segment is expected to manifest the largest CAGR of 25.8% from 2021 to 2030.

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Covid-19 Scenario:

• During the Covid-19 pandemic, there has been surge in adoption of digital retail and e-commerce platforms as physical stores were closed to avoid cross-contamination. This led to rise in engagement of online payments as well as cyber-attacks such as frauds and identity thefts.

• The demand for strong authentication services and high-quality security tools increased considerably to ward-off the cyber-attacks and ensure data protection.

• With increase in awareness of data privacy and safety, organizations employed stringent security policies and availed support from cyber security experts.

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