According to recent market research report “Database Security Market by Software (Database Auditing & Reporting, Encryption & Tokenization, Data Masking & Redaction, and Access Control Management), Service, Business Function, Deployment, Organization Size, and Vertical – Global Forecast to 2022″, The database security market is expected to grow from USD 2.95 Billion in 2017 to USD 7.01 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 18.9% during the forecast period.
The major driving factor for this market are a growing need for sophisticated security solutions to prevent cyber-attacks and evolving regulatory landscapes. Proliferation of cloud-based applications and services and growing acquisitions in the database security solution market are the key growth opportunities.
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The operations business function is expected to grow at the highest CAGR during the forecast period
Organizations face several challenges in this era of connected devices, as devices generate large volumes of data that need to be managed and stored in a proper manner. With the advent of IoT, organizations operating in various verticals, such as manufacturing and mining, are dealing with different types of data on-premises, such as inventory control and production, along with the data captured from remote sensors in mining operations. With the massive amount of data being generated at different locations, organizations require an effective database security solution to manage data security on a single platform.
Cloud deployment model is expected to grow at a higher CAGR during the forecast period
The cloud-based deployment model is expected to witness significant growth in the database security market. It provides various benefits, including scalability, speed and ease of deployment, low implementation cost, and agility. This can help in securing the high amount of data at a low cost. It also provides flexibility for enterprises to focus on their core function rather than managing the IT infrastructure required to facilitate the function. The cloud-based platform offers a unified way, in the form of SaaS-based security services, to secure the databases. This facility is beneficial for organizations that have budget constraints for security. Hence, organizations are moving toward the cloud at a rapid rate and it is the most preferred deployment model for database security.
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North America is expected to dominate the database security market during the forecast period
The database security market is segmented based on regions: North America, Asia Pacific (APAC), Europe, Middle East and Africa (MEA), and Latin America. North America is witnessing the largest number of cyber-attacks. Hence, the region has the largest number of database security vendors. The database security has gained an utmost importance for organizations dealing with sensitive customer data. North America, especially the US and Canada, is expected to generate the highest revenue in the region with widespread demand for database security solutions to prevent cyber-attacks and commercial espionage and ensuring security and privacy of data to facilitate business continuity. Though there is no single federal law to regulate the data privacy of customers, there are various federal and state laws to protect the data. Data privacy laws such as Sarbanes-Oxley Act (SOX) and Health Insurance Portability and Accountability Act (HIPPA) in North America are some of the key factors that are driving the database security market in the region.
Major vendors in the database security market include IBM Corporation (US), Oracle Corporation (US), Trustwave Holdings, Inc. (US), Thales e-Security (France), McAfee, LLC (US), Fortinet, Inc. (US), Innovative Routines International (US), Micro Focus (UK), Imperva (US), HexaTier (Israel), Gemalto NV (Netherlands), and Protegrity USA, Inc. (US).
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