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Data Security Market to Grow by USD 72.72 Billion During 2020-2024

Strategic Insights

— 1 min read

The data security market is poised to grow by USD 72.72 billion during 2020-2024, with a compound annual growth rate (CAGR) of over 11%. The market is driven by stringent regulations regarding data protection, the rising number of cyberattacks, and the increasing adoption of cloud-based services. The market is fragmented, with vendors such as Amazon.com Inc., Broadcom Inc., Cisco Systems Inc., Cloudera Inc., Hewlett Packard Enterprise Co., International Business Machines Corp., McAfee LLC, Microsoft Corp., Oracle Corp., and Proofpoint Inc. competing for market share.

Key Takeaways:

  • The data security market is expected to grow by USD 72.72 billion during 2020-2024, with a CAGR of over 11%.
  • The market is driven by stringent regulations regarding data protection, the rising number of cyberattacks, and the increasing adoption of cloud-based services.
  • The market is fragmented, with vendors competing for market share in a growing market.
  • The on-premises segment is expected to dominate the market during the forecast period.
  • North America is expected to be the largest contributor to the market.
  • Cloud-based services are expected to be the fastest-growing segment.
  • Key vendors in the market are Amazon.com Inc., Broadcom Inc., Cisco Systems Inc., Cloudera Inc., Hewlett Packard Enterprise Co., International Business Machines Corp., McAfee LLC, Microsoft Corp., Oracle Corp., and Proofpoint Inc.

Statistics:

  • The market is expected to grow by USD 72.72 billion during 2020-2024.
  • The CAGR of the market is expected to be over 11% during the forecast period.
  • The on-premises segment is expected to dominate the market, with a CAGR of 8.30% during the forecast period.
  • North America is expected to be the largest contributor to the market, with a share of over 34% in 2020.
  • Cloud-based services are expected to be the fastest-growing segment, with a CAGR of 23.52% during the forecast period.

Sources:

  • Technavio's report, "Global Data Security Market 2020-2024"
  • Business Wire press release, "Technavio Announces Global Data Security Market 2020-2024"

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