As per the report published by Fior Markets, the global Sensitive Data Discovery market is expected to grow from USD 5.5 billion in 2020 to USD 18.66 billion by 2028, at a CAGR of 16.5% during the forecast period 2021-2028.
The market growth of the sensitive data discovery market is driven by various factors, such as the increasing need to explore sensitive structured and unstructured data, rising investments in data privacy as regulations evolve, and increasing implementation of cloud-based sensitive data discovery solutions to enhance security compliance and governance within data, and the growing importance of data utilization during pandemics among organizations. The sensitive data discovery market is growing because of a rising focus on data security, IoT, and real-time data analysis. Leading organizations are anticipated to benefit from increased demand for data integration with business processes and the generation of actionable insights. However, major limitations, such as the inability to explain the return on investment (ROI) from sensitive data discovery solutions and a shortage of a qualified professional workforce, are likely to hamper market expansion. Concerns about data security and privacy, inconsistencies in enterprise-wide data management standards and governance, and a strong emphasis on human processes for sensitive data discovery are all major issues.
Sensitive Data Discovery is a business-oriented method for visually exploring data and applying advanced analytics to discover patterns and outliners. Information that should be protected from unwanted access is referred to as sensitive data. Its access should be restricted by adequate data security and encryption, which are meant to prevent illegal data infiltration and security breaches.
The global demand for the sensitive data discovery market is driven by an increase in data privacy investments and new government legislation that allows for more rigorous data-sharing regulations. Several of the market’s main driving factors are the rising requirement to find sensitive structured and unstructured data. Structured data is a collection of highly structured data that is kept in a certain format in relational databases, is well-defined, and follows a specific hierarchy. Because unstructured data lacks a specified format or hierarchy, it is more difficult to gather, process, and analyze. The lack of a qualified professional workforce specializing in areas such as IoT, Artificial Intelligence, and machine learning can hinder the market growth. Various businesses that deliver sensitive data discovery solutions are likely to see a slight decline as a result of the pandemic.
Key players operating in the global Sensitive Data Discovery market include AWS (US), BigID (US), IBM (US), Digital Guardian (US), DataSunrise (US), DatPreview (opens in a new tab)aGrail (US), Dana (Singapore), Egnyte (US), Google (US), Ground Labs (US), Hitachi (Japan), Immuta (US), Microsoft (US), Micro Focus (UK), MENTIS (US), Nightfall (US), Netwrix (US), Oracle (US), Proofpoint (US), PKWARE (US), SolarWinds (US), Spirion (US), Solix (US), Security (US), Thales (France), Varonis (US), and 1touch.io (US).
The services segment dominated the market and held the largest market share of 55.8% in the year 2020
Based on components, the global sensitive data discovery market is segmented into services and solutions. The services segment held the largest market share of 55.8% in the year 2020, owing to the increased demand for installation, integration, and consulting services by end-users to efficiently combine sensitive data discovery technologies for collecting structured and unstructured data from a variety of sources.
The cloud segment dominated the market and held the largest market share of 65.9% in the year 2020
Based on deployment, the global sensitive data discovery market is segmented into cloud and on-premise. The cloud segment held the largest market share of 65.9% in the year 2020, owing to the availability of simple deployment choices and low capital and time constraints. These considerations encourage the use of cloud-based sensitive data finding solutions, which support the pandemic present lockdown situation as social distance and a shortage of personnel impact the industry.
The healthcare segment dominated the market and held the largest market share of 24.45% in the year 2020
Based on vertical, the global sensitive data discovery market is segmented into healthcare, BFSI, retail & e-commerce, manufacturing, telecom & IT, government, and others. The healthcare segment held the largest market share of 24.45% in the year 2020, owing to the pandemic, healthcare researchers and hospitals are working with vast amounts of data, generating a huge demand for efficient and sensitive data discovery and administration. Remote diagnostics/monitoring of patient status; real-time alerts; emergency treatment; tracking inventories, personnel, and patients; pharmaceutical management, and telemedicine are some of the sensitive data discovery used cases in the healthcare and life sciences verticals.
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