The global Sensitive Data Discovery Market size to grow from USD 5.1 billion in 2020 to USD 12.4 billion by 2026, at a Compound Annual Growth Rate (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, and rise in remote workers and real-time data access are expected to drive the adoption of the sensitive data discovery solutions and services.
The cloud segment to grow at a higher CAGR during the forecast period
The sensitive data discovery market by deployment mode has been segmented into on-premises and cloud. Cloud is further segmented by type in a public cloud, private cloud, and hybrid cloud. The cloud segment is expected to grow at a rapid pace during the forecast period. The high CAGR of the cloud segment can be attributed to the availability of easy deployment options and minimal requirements of capital and time. These factors are supporting the current lockdown scenario of COVID-19 as social distancing, and lack of workforce hit the industry and are expected to drive the adoption of cloud-based sensitive data discovery solutions. Highly secure data encryption and complete data visibility and control feature are responsible for the higher adoption of on-premises-based sensitive data discovery solutions.
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The services segment to grow at a higher CAGR during the forecast period
The sensitive data discovery market is segmented on the basis of components into solutions and services. Services are further segmented into professional and managed services. Professional services include consulting, deployment and integration, and support and maintenance services. The demand for professional services is expected to rise due to a rise in tailored demand for customers. Customers are coming up with customization requirements in the already installed sensitive data discovery solutions to enhance the overall performance.
Sensitive data discovery is the process of identifying and locating sensitive data to protect or securely remove pieces compromising information. It is a crucial step for security teams to be compliant-ready, to ensure the privacy of their organizations’ customers and employees, and to prevent data breaches and leaks. As new data is being created on a daily basis, sensitive data discovery is an ongoing endeavor that security professionals must proactively maintain to build a strong and secure foundation. Sensitive data discovery identifies data that is the most at risk to exposure, such as Personally Identifiable Information (PII), Protected Health Information (PHI), and Payment Card Industry Data Security Standard (PCI DSS). Sensitive data discovery solutions remediate compliance breaches in real-time and quarantine, delete, or revoke access to exposed data.
Some of the key players operating in the sensitive data discovery market include IBM (US), Microsoft (US), Oracle (US), AWS (US), Proofpoint (US), Google (US), SolarWinds (US), Micro Focus (UK), PKWARE (US), Thales (France), Spirion (US), Egnyte (US), Netwrix (US), Varonis (US), Digital Guardian (US), Solix (US), Immuta (US), MENTIS (US), Ground Labs (US), Hitachi (Japan), Nightfall (US), Securiti (US), DataGrail (US), Dathena (Singapore), BigID (US), DataSunrise (US), and 1touch.io (US). These sensitive data discovery vendors have adopted various organic and inorganic strategies to sustain their positions and increase their market shares in the global sensitive data discovery market.
IBM was founded in 1911 and is headquartered in New York, US. The company is a multinational technology and consulting corporation that offers infrastructure, hosting, and consulting services. As of December 31, 2019, IBM’s total employee strength, including that of its wholly owned subsidiaries, was 352,600. The company operates through five major business segments: cognitive solutions, global business services, technology services and cloud platforms, systems, and global financing. It offers industry solutions, system services, IT infrastructure, resiliency services, and financing. IBM is one of the top vendors in the sensitive data discovery market, as it provides a strong portfolio of solutions and services in the market. IBM offers smarter data protection platform that offers actionable insights, real-time controls, and automated compliance support through data discovery and classification. The company provides solutions to various industry verticals, including IT, healthcare and life sciences, government, telecom, automobile, manufacturing, fast-moving consumer goods, chemicals and petroleum, electronics, energy and power, media and entertainment, mining, retail, BFSI, travel and transportation, and education. It has presence in more than 175 countries in North America, Europe, APAC, MEA, and Latin America.
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Microsoft was founded in 1975 and is headquartered in Washington, US. The company develops software, services, devices, and solutions to compete in the era of intelligent cloud and intelligent edge. With continuous investments on a mix-reality cloud, Microsoft enables its customers to digitalize their business processes. The company’s offerings include cloud-based solutions that provide customers with software, platforms, content, and deliver solution support and consulting services for its clients. Its product offerings include Operating Systems (OS), cross-device productivity applications, server applications, business solution applications, desktop and server management tools, software development tools, and video games. Microsoft works on three pillars: privacy, cybersecurity, and responsible AI to provide tools and frameworks for its customers to drive policy change. The company is known to invest in data centers and other hybrid and edge infrastructure to enhance its services offerings. Microsoft offers Azure Information Protection (AIP), and Data Discovery and Classification solutions for sensitive data discovery market. The company caters to a wide range of verticals, including finance and insurance, manufacturing and retail, energy and utilities, media and entertainment, public sector, healthcare, and IT and telecommunications. It has a geographical presence in more than 190 countries across North America, APAC, Latin America, MEA, and Europe.
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