MarketsandMarkets forecasts the global data security as a service market to grow from an estimated USD 31.0 billion in 2022 to USD 55.3 billion by 2027 at a compound annual growth rate (CAGR) of 12.3%. Data evolution, regulatory compliances, and rising concerns regarding significant data loss are some factors driving the data security as a service (DSaaS) market growth.
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What is DSaaS?
According to MarketsandMarkets, data security as a service (DSaaS) enables organizations to mitigate risks, protect data from hackers, and remove compliance burdens with the help of cloud-native services. Adequate data security entails a set of controls, applications, and techniques that evaluate the importance of various datasets and apply the best security measures.
By type, Data Governance & Compliance as a Service segment to grow at the highest CAGR during the forecast period
Data governance empowers organizations to extend access governance to unstructured data and structured data in the enterprise workstations and cloud environment. More than 80% of the enterprise data is unstructured and expected to be doubling exponentially. Managing and securing this unstructured data poses significant challenges, which legacy methods fail to address. Data governance provides an automated, scalable, and interoperable platform to govern this unstructured data. Furthermore, governing access to such enormous volumes of data is a critical challenge for enterprises. It is complex to identify where the data resides, who in the business has ownership of the data, and who is entitled to access the data. With the help of a data governance solution, these issues can be resolved easily.
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By organization size, the SMEs segment to grow at the highest CAGR during the forecast period
The prevailing usage of mobile technology and the adoption of BYOD trends and cloud-based services has enhanced the profits of SMEs. This has helped SMEs in improving their overall business structure. The growing usage of mobile devices has influenced data transfer over business networks to personal devices, such as mobile phones and laptops. This helps increase the fraudulent data, cyberattacks, data losses, and threat of personal data thefts. The rising security issues have made way for SMEs to focus their concerns on data security as a service solution. Although SMEs must consider their limited budgets, comprehending corporate information is essential, making them use data discovery and classification, data protection, and data governance solutions. In the coming years, data security as a service solution is expected to witness high adoption among SMEs.
Unique Features in the Data Security as a Service Market
With the help of DSaaS, enterprises may enforce uniform security protocols and compliance requirements by centrally managing data security rules and controls across several cloud environments and data repositories.
Encryption, tokenization, data masking, access controls, and data loss prevention (DLP) are just a few of the many data security services that DSaaS provides to guarantee the availability, confidentiality, and integrity of sensitive data kept in the cloud.
Because DSaaS solutions are flexible and adaptable, they may grow with an organization's data security requirements as it adopts new cloud services and apps and expands its cloud footprint.
With the use of AI algorithms, machine learning, and advanced analytics, DSaaS systems offer continuous monitoring and threat detection capabilities. This reduces the possibility of data breaches and unauthorised access by quickly identifying and mitigating security threats.
By offering integrated controls and audit trails for monitoring data access and usage, DSaaS solutions assist businesses in complying with laws like the CCPA, GDPR, HIPAA, and PCI DSS.
Major Highlights of the Data Security as a Service Market
The demand for scalable and adaptable data protection solutions, growing concerns about data security and privacy, and the expanding acceptance of cloud-based solutions are all contributing to the DSaaS market's rapid expansion.
In order to handle the particular data security issues that come with cloud environments—such as data residency, compliance, and visibility into cloud-based workloads and data repositories—organizations are embracing DSaaS solutions more and more.
Sensitive data saved in the cloud is guaranteed to be safe, intact, and readily available thanks to the extensive data security features provided by DSaaS systems. These features include tokenization, encryption, data masking, access controls, and data loss prevention (DLP).
With the help of DSaaS solutions, enterprises may enforce uniform security protocols and compliance requirements by centrally managing data security rules and controls across several cloud environments and data repositories.
DSaaS solutions minimise the risk of data breaches and unauthorised access by providing continuous monitoring and threat detection capabilities. They do this by utilising AI algorithms, machine learning, and sophisticated analytics to detect and respond to security threats in real-time.
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Competitive Overview:
The key players have adopted various growth strategies such as partnerships, agreements, collaborations, acquisitions, and product developments to increase their market presence.
Cisco, a company established in 1984 and based in California, US, designs and manufactures products and services that facilitate internet connectivity and information access through networks. Cisco is a key manufacturer of cloud solutions and services that enables the company to offer gamut of data security as a service (DSaaS) offerings. The company offers products and solutions for networking, IoT, mobility and wireless, security, data center, and cloud computing. Cisco provides numerous cloud solutions, including a Cloud Operations platform, Workload Optimization, and Application Performance Monitoring. With their ecosystem partners, Cisco develops and tests to-purchase and quick-to-deploy solutions. Proven data protection solutions are available for any size and kind of environment through the company’s extensive ecosystem of software partners. Cisco Unified Computing provides servers ranging from Terabytes to Petabytes to protect data. The company’s UCS manager gives policy-based administration to computing, storage, networking, and infrastructure automation.
GuidePoint Security offers cutting-edge and priceless cybersecurity solutions and knowledge to help enterprises achieve their goals. GuidePoint assists clients in identifying threats, comprehending solutions, and reducing risks in their changing IT environments by adopting new technologies. To expose risks, maximize resources, and execute best-fit solutions, the organization adopts the role of a trusted advisor by understanding the business and its difficulties and reviewing the cybersecurity posture and ecosystem. The organization wants to tackle the most challenging cybersecurity difficulties, offer solutions for those intricate problems, and produce significant outcomes.
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