The “Sensitive Data Discovery Market by Component, Organization Size, Deployment Mode, Application (Security and Risk Management, Compliance Management, Asset Management), Vertical (BFSI, Healthcare and Life Sciences), and Region – Global Forecast to 2026” report has been added to ResearchAndMarkets.com’s offering.
The global sensitive data discovery market is projected to grow from USD 5.1 billion in 2020 to USD 12.4 billion by 2026, recording a CAGR of 16.1% during the forecast period.
Various factors such as the growing need to discover sensitive structured and unstructured data, increasing investments in data privacy with evolving regulations, growing adoption of cloud-based sensitive data discovery solutions to improve security compliance and governance within data and the growing importance of data utilization during COVID-19 scenario among organizations are expected to drive the adoption of the sensitive data discovery market. The objective of the report is to define, describe, and forecast the sensitive data discovery market size based on component, organization size, deployment mode, application, vertical, and region.
With the growing focus on data security, IoT and, real-time data analysis, the sensitive data discovery market is witnessing significant growth. The rise in demand to integrate data with business processes and derive actionable insights, and the need for data utilization across verticals due to COVID-19 are expected to provide market growth opportunities for leading companies. However, key factors such as difficulties in justifying RoI from sensitive data discovery solutions and the lack of a skilled professional workforce are projected to inhibit the market growth. Data security and privacy concerns, incoherency in enterprise-wide data management standards and governance, and major dependence on manual systems for sensitive data discovery are key challenges encouraging the adoption of sensitive data discovery solutions and services.
The services segment to grow at a higher CAGR during the forecast period
The sensitive data discovery market is segmented based on components, such as solutions and services. The services segment is expected to grow at a rapid pace during the forecast period. The growth can be attributed to the increasing demand for deployment and integration, and consulting services by end users to effectively integrate sensitive data discovery tools for gathering structured and unstructured data from multiple sources.
Among verticals, the healthcare and life sciences segment to grow at the highest CAGR during the forecast period
The sensitive data discovery market is segmented based on verticals into BFSI, government, healthcare and life sciences, retail, manufacturing, telecommunications and IT, and other verticals (education, and travel and hospitality). The BFSI vertical is expected to account for the largest market size during the forecast period. Moreover, the healthcare and life sciences vertical is expected to grow at the highest CAGR during the forecast period. During the COVID-19 pandemic, healthcare researchers and hospitals are dealing with enormous data, which has created a massive need for efficient sensitive data discovery and management. Sensitive data discovery finds multiple use cases in the healthcare and life sciences verticals such as remote diagnostics/monitoring of patient status; real-time alerting; emergency care; tracking inventory, staff, and patients; pharmacy management, and telemedicine.
Among regions, Asia Pacific (APAC) to grow at the highest CAGR during the forecast period
APAC is expected to grow at the highest CAGR during the forecast period. The increasing investments by the tech companies in major APAC countries, such as China, India, and Japan, increasing government regulations and initiatives are expected to drive the growth of the market in APAC. Businesses in the APAC region are deploying sensitive data discovery solutions to generate statistical data and make faster business decisions. Countries such as China, India, South Korea, and Japan are focusing on improving data management to enable data-based business decisions and enhance business processes.
- Growing Need to Discover Sensitive Structured and Unstructured Data
- Increasing Investments in Data Privacy Measures with the Evolving Data Privacy Regulations
- Rise of Remote Workers and Real-Time Data Access to Drive the Demand for Cloud-Based Sensitive Data Discovery Solutions
- Difficulties in Justifying Roi from Sensitive Data Discovery Solutions
- Lack of Skilled Professional Workforce
- Rise in Demand to Integrate Data with Business Processes to Derive Actionable Insights
- Increase in the Need for Data Utilization Across Verticals due to COVID-19
- Data Security and Privacy Concerns
- Incoherency in Enterprise-Wide Data Management Standards and Governance
- Major Dependence on Manual Systems for Sensitive Data Discovery
- Cumulative Growth Analysis
- Amazon Web Services
- Digital Guardian
- Ground Labs
- Micro Focus
For more information about this report visit https://www.researchandmarkets.com/r/texlzt
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