Data Protection Market - Forecasts from 2024 to 2029

Data Protection Market - Forecasts from 2024 to 2029

Data protection market is estimated to grow at a CAGR of 13.37% thereby reaching US$115.204 billion in 2029 form US$61.525 billion in 2024.

Data protection involves using solutions and services that establish a secured framework that prevents unauthorized access to general or confidential data of organizations and individuals. These solutions are an integral part of modern enterprise infrastructures as they improve data recovery capability, thereby maintaining an organization’s functionality.

The growing prevalence of data theft, ransomware, and other cyberattacks is driving the demand for data protection, which has given the market a major boost. Moreover, the ongoing investment in cloud technologies and AI digital frameworks and favorable government policies to support data protection laws have further paved the way for future market expansion.

However, the technical complexities faced while designing an appropriate platform that would cater to the diversified end-user requirements, followed by the high associated capital cost, are posing a challenge for market expansion.

Data Protection Market Drivers:

Favorable government initiatives to bolster data protection have stimulated overall market growth.

Rapid urbanization, high internet penetration, and growing corporate culture in economies have increased the overall data traffic volume. To safeguard such data, strategic investment and public-private collaborations are being implemented.

Additionally, governments worldwide are realizing the high ramifications of unauthorized data access and initiating schemes and policies to protect data. For instance, in March 2024, the Federal Trade Commission launched “Private and Data Security Update 2023,” highlighting consumer data protection and minimizing the indiscriminate monetization of the same.

Likewise, the European Data Protection Supervisor launched a transfer model that will establish a secured framework through which EU institutions, offices, and agencies can transfer personal data to international organizations. Hence, the establishment of updated policies and models has bolstered the requirement for data protection solutions, thereby augmenting the overall market expansion.

Data Protection Market Geographical Outlook:

North America is expected to account for a significant market share.

The data protection market, region-wise, is analyzed into North America, South America, Europe, the Middle East and Africa, and Asia Pacific. North America is poised for remarkable growth during the given timeframe and will constitute a considerable share fueled by the growing prevalence of ransomware attacks in major regional economies.

According to the “Internet Crime Report 2023” issued by the Federal Bureau of Investigation, in 2023, the number of ransomware cases stood at over 2,825, signifying an 18% growth over complaints registered in 2022. Moreover, the reported losses via ransomware reached US$59.6 million from US$34.3 million.

Furthermore, large-scale organizations have majorly established their base in major North American nations and account for a considerable portion of employment. For instance, according to the “Key Small Business Statistics” issued by Innovation, Science, and Economic Development Canada, as of 2022, there were 3,128 large-scale businesses, accounting for 36% of the business employment in the country.

Such a high prevalence of cyberattacks, followed by the well-established presence of large-scale businesses, has accelerated the need for appropriate data protection solutions in North America. Moreover, the ongoing investment by governing authorities to establish stringent regulations regarding data privacy has further paved the way for future market expansion.

Likewise, Europe is anticipated to grow steadily, fueled by the favorable efforts undertaken by the European Union to minimize confidential data theft. The Asia Pacific region is also expected to hold an appropriate market share and is poised for constant growth during the forecast period.

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Report Coverage:

Historical data & forecasts from 2022 to 2029
Growth Opportunities, Challenges, Supply Chain Outlook, Regulatory Framework, Customer Behaviour, and Trend Analysis
Competitive Positioning, Strategies, and Market Share Analysis
Revenue Growth and Forecast Assessment of segments and regions including countries
Company Profiling (Strategies, Products, Financial Information, and Key Developments among others)

The Data Protection market is segmented and analyzed as follows:

By Component

Solution
Service

By Deployment

On-Premise
Cloud

By Enterprise Size

Small and Medium Enterprise (SMEs)
Large Enterprise

By End-User

BFSI
Healthcare
IT and Telecom
Consumer Goods and Retail
Media and Entertainment
Manufacturing
Education
Others

By Geography

North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
UK
Germany
France
Italy
Others
Middle East and Africa
Saudi Arabia
Israel
Others
Asia Pacific
Japan
China
India
South Korea
Indonesia
Thailand
Others