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Rising Investments In Data Privacy And Security Catalysts For Sensitive Data Discovery Market Growth: Powering Innovation and Expansion in the Global Sensitive Data Discovery Market by 2025
Sensitive Data Discovery Market
What Is the Expected CAGR for the Sensitive Data Discovery Market Through 2025?
The market size for sensitive data discovery has seen a substantial expansion in the past few years. The growth is predicted to rise from $8.89 billion in 2024 to approximately $10.67 billion in 2025, with a compound annual growth rate (CAGR) of 20.0%. The notable increase during the historic period can be credited to factors like data breach incidents, consumer privacy worries, environmental changes, augmented data quantities, and risks associated with third parties.
What's the Projected Size of the Global Sensitive Data Discovery Market by 2029?
The market size for sensitive data discovery is anticipated to witness a significant increase in the coming years, projected to reach $20.49 billion by 2029, with a compound annual growth rate (CAGR) of 17.7%. This surge during the prediction period can be credited to ongoing developments in data regulations, increased cybersecurity threats, the rising curve of cloud adoption, the configuration of remote and hybrid workforce, along with the growth of IoT and edge computing. The predicted timeframe also expects to see trends such as strategic alliances, product innovations, advanced solutions, and IoT integration.
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Top Growth Drivers in the Sensitive Data Discovery Industry: What's Accelerating the Market?
The increasing investment in data protection and privacy is fueling the expansion of the sensitive data discovery market. Data privacy pertains to the aspect of data security that involves correct storage, retention, non-alteration, access, and protection of delicate data. The sensitive data discovery shields data from harmful threats and supports in upholding an efficient data privacy and security scheme. Globally, the United States continues to be the dominant player in the data security market, contributing to over 40 per cent of the worldwide revenues. By 2024, it's anticipated that US data security revenue will be near USD 2.9 billion, with future estimates suggesting a 66 per cent surge to almost USD 4.8 billion by 2029.
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What Trends Will Shape the Sensitive Data Discovery Market Through 2029 and Beyond?
Progress in technology is a critical driver in the sensitive data discovery marketplace. The main contenders in this field are centered on state-of-the-art technology to uphold their standing in the sensitive data discovery market. For example, in August 2022, Concentric AI, a software company from India, unveiled the Concentric Semantic Intelligence platform. It utilizes AI technology to uniquely safeguard sensitive data distributed via text or attachments throughout business communication platforms. This solution grants security experts centralized tools to handle data security, access complications, and avert data loss.
What Are the Main Segments in the Sensitive Data Discovery Market?
The sensitive data discoverymarket 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
Subsegments:
1) By Solutions: Data Discovery Tools, Data Classification Software, Encryption Solutions, Compliance And Reporting Tools
2) By Services: Consulting Services, Implementation Services, Managed Services, Support And Maintenance Services
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Which Top Companies are Driving Growth in the Sensitive Data Discovery Market?
Major companies operating in the sensitive data discovery market are IBM Corporation, Microsoft Corporation, Oracle Corporation, Amazon Web Services Inc., Google LLC, Hitachi Ltd., 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.
Which Regions Will Dominate the Sensitive Data Discovery Market Through 2029?
North America was the largest region in the sensitive data discovery market share in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the sensitive data discovery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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