The global big data security market is expected to more than double by 2022, reaching nearly $27 billion.
That’s according to a new report by MarketsandMarkets, which predicts a compound annual growth rate (CAGR) of 17.1 percent. The market is worth $12.2 billion today.
Microsoft, Amazon Web Services (AWS) and Hewlett-Packard Enterprise (HPE) are listed among the major vendors in this market. Among the others are McAfee, Symantec, Check Point Software Technologies, Cloudera and Oracle.
Market drivers include the evolving regulatory landscape, the increasing variety and volume of business data generated from various sources, and increasing cyberattacks.
The banking, financial services and insurance (BFSI) vertical is expected to have the largest market share among all the verticals throughout the forecast period. Organizations in this vertical are using big data security software and services for effective and efficient management of digital assets from any kind of manipulation and threat, the report says.
Cloud-based deployments are expected to surge due to their cost-effectiveness and global availability.
North America is expected to be the dominant region throughout the forecast period. It produces a large amount of data, which can be attributed to early adoption of technologies and high penetration of security offerings in multiple verticals such as manufacturing, health care, transportation and logistics, and therefore is the largest market for software and services.
Asia Pacific (APAC) is expected to grow at the fastest rate. Growing technology expenditures in countries such as China and India, and demand for cost-effective advanced analytical software and services among SMEs are expected to drive the market growth during the forecast period.