Globally, nearly 2.5 quintillion bytes of data is generated daily. This unprecedented amount of data—unstructured or time-sensitive or simply very large—needs proper structuring in order to derive meaningful patterns and business insights. However, traditional computing methods are unable to work on the volume and variety of data that is being accumulated presently.
This has driven the adoption of big data tools and services that offer an edge over the traditional techniques in terms of the amount of data, the rate of data generation and transmission, and the types of structured and unstructured data.
Big data is a framework that enables the analysis and management of usable information derived from high volumes of data being generated worldwide every day across all industry verticals. It helps gain insights that aid in driving exciting research, better business decisions, and add greater value to customers. As per a study conducted by MRFR, the global big data market is projected to display a robust growth represented by a CAGR of 13.35% from 2018 to 2023. While the end-users are gaining advantage of this influx of information to improve operations, increase sales, and lower costs, the cybercriminals are mining the same data for unethical and fraudulent activities. This has led to the growing concerns in the field of data security which has created new opportunities for big data security advancements.
Big data security is an umbrella term used for all the measures and tools used to guard both the data and analytics processes from attacks, theft, or other malicious activities that could harm or negatively affect business processes. It is one of the most emerging technologies and is widely being adopted across different industrial verticals. Big data security technologies include identity and access management, security information and event management, unified threat management, and intrusion detection system/intrusion prevention system. These are used for various applications such as data encryption, data masking, access control, security intelligence, and data governance.
As per MRFR analysis, the global big data security market generated a revenue of USD 14.32 billion in 2017; it is estimated to reach USD 14.03 billion in 2023 projecting a CAGR of 16.9% from 2018 to 2023. This growth is majorly attributable to the increasing use of the internet and ownership of smartphones. Also, the increasing popularity of social networking platforms is another major factor responsible for generating huge volumes of data.
Growing Demand for Third-party Managed Security Service Providers
Increasing sophistication of cyber-attacks is making it challenging for organizations to rely on and invest in their in-house security processes. Hence, many organizations are now outsourcing their in-house data security processes to third-party managed security service providers (MSSPs). They offer complete managed security services to organizations with round the clock monitoring of the IT infrastructure of an organization and preventing them from potential threats and cyber-attacks.
Adoption of digital transformation from the Internet of Things edge to the cloud is increasing the complexity of enterprise networks and expanding the potential attack surface. Compounding this expanded attack surface is the rise of new threats, like ransomware, and IoT-based Distributed Denial of Service (DDoS), as well as the continued success of older exploits. Increasing complexity of monitoring ever-expanding networks and ecosystems and the frequency of cyberattacks across traditional data centers, private clouds, public clouds, and hybrid environments pose a challenge for the IT security teams of various enterprises.. Therefore, third-party managed security service providers are in immense demand for outsourcing of business processes.
Vendor Landscape in Big Data Security Market
The global big data security market has been characterized by the presence of many global, regional, and local vendors. The market is highly competitive with the players competing to gain market share. Intense competition, rapid advances in technology, and frequent changes in government policies are key factors that determine the market growth. It is crucial for the vendors to provide advanced technology and value-added services in big data security industry, to survive and succeed in an intensely competitive market environment.
IBM, Hewlett Packard Enterprise (HPE), Mcafee LLC, Symantec Corporation, Check Point Software Technologies Ltd, Fortinet, Inc., FireEye, Inc., Rapid7, Inc., Logrhythm, Inc., and Proofpoint, Inc. are the major companies in the market, which compete in terms of platform and software development, availability, price, and technology. The major players are strengthening their presence worldwide through partnerships, collaboration, and acquisitions. The competitive environment is likely to intensify during the forecast period, due to increase in product/service extensions, technological innovations, and M&A.