Summary
Major players in the sensitive data discovery market are IBM Corporation, Microsoft Corporation, Oracle Corporation, Amazon Web Services, Google LLC, Hitachi Ltd., SolarWinds Corporation, Thales Group S.A., Micro Focus International PLC., Proofpoint Inc., Netwrix Corporation, Varonis, Digital Guardian, Solix Technologies, Immuta Inc., 1touch.io, Nightfall AI, DataSunrise, DataGrail , and Dathena, BigID Inc.
The global sensitive data discovery market is expected to grow from $6.15 billion in 2022 to $7.44 billion in 2023 at a compound annual growth rate (CAGR) of 21.01%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The sensitive data discovery market is expected to reach $14.82 billion in 2027 at a CAGR of 18.81%.
The sensitive data discovery market includes revenues earned by entities by managed service, professional services, public cloud, private cloud and hybrid cloud.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Sensitive data discovery is the process of locating specific subsets of data from unstructured and structured data sources, which ensures the privacy of organizations’ employees and customers as well as prevents data breaches and leaks. The sensitive data discovery identifies, protects, or securely removes any compromising information.
North America was the largest region in the sensitive data discovery market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main components of sensitive data discovery are solutions and services.The sensitive data discovery solutions are used to recover and restore lost, deleted, inaccessible, corrupted, or damaged files.
A sensitive data recovery solution is an offering that aims to solve a standard or specific problem related to data discovery by applying a product tailored to individual clients.The sensitive data discovery is used in large enterprises and small and medium-sized enterprises (SME) by deploying on premises and cloud.
The sensitive data discovery is applied in security and risk management, asset management, compliance management, and other applications. The sensitive data discovery is used by BFSI, government, healthcare and life sciences, retail, manufacturing, telecommunications and IT, and other end users.
The growing investment in data privacy and security is propelling the growth of the sensitive data discovery market going forward.Data privacy is an aspect of data protection that addresses the proper storage, retention, immutability, access, and security of sensitive data.
The sensitive data discovery protects data from malicious threats and helps in maintaining an effective data privacy and security plan. For instance, according to a report published in May 2021 by Gartner, a US-based management consulting firm, spending on data security increased from 2.98 billion in 2020 to 3.5 billion in 2021, rising at a growth rate of 17.5%. Therefore, the growing investment in data privacy and security will continue to drive the sensitive data discovery market.
Technological advancement is a key trend in the sensitive data discovery market.Major industry players are focusing on cutting-edge technology to maintain their position in the market for sensitive data discovery.
For instance, in August 2022, Concentric AI, an India-based software company, launched the Concentric Semantic Intelligence platform based on AI technology that uniquely protects sensitive data shared as text or attachments across business messaging platforms. The solution gives security professionals the centralized remediation tools to manage data security, access issues, and prevent data loss.
In March 2020, Hitachi Vantara Corporation, a US-based IT service management company, acquired Waterline Data Inc. for an undisclosed amount. Through this acquisition, Hitachi Vantara aims to expand DataOps solutions and offers customers a way to unite silos of data distributed across the cloud, the machines and devices at the edges of their networks, and data infrastructure. Waterline Data Inc. is a US-based provider of intelligent data cataloging solutions.
The countries covered in the sensitive data discovery market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The sensitive data discovery market research report is one of a series of new reports that provides sensitive data discovery market statistics, including sensitive data discovery industry global market size, regional shares, competitors with a sensitive data discovery market share, detailed sensitive data discovery market segments, market trends and opportunities, and any further data you may need to thrive in the sensitive data discovery industry. This sensitive data discovery market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
