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Database security is integral to the IT infrastructure as it contains sensitive and valuable data. Database security refers to the wide range of tools designed to establish and preserve database confidentiality. Rising data generation from various sources such as social media, e-commerce platforms, websites, and others is driving the demand for the database security market. The database includes personal information, postal address, email address, credit card details, contact number, etc., while purchasing the products. Rising data, breach cases and the cost associated with them are increasing rapidly. According to the IBM Corporation, the average data breach case cost was around USD 4.24 million in 2021. In addition, according to Cybercrime Magazine, in 2021, global cybercrime damages amounted to USD 16.4 billion for a day, USD 684.9 million for an hour, USD 11 million per minute, and around USD 190,000 per second.
The rising demand for sophisticated data security solutions, evolving regulatory rules and standards, and growing businesses across all industries aid market growth. Additionally, the increasing adoption of cloud-based services in the evolving IT and telecom industry is expected to create lucrative opportunities for database security solutions.
Increasing strict regulatory guidelines by several countries' governments and other relevant authorities to protect sensitive data around the world drives the market growth. For instance, the U.S. has around 20 national data security and privacy laws, with different laws at its state level. In addition, the data privacy laws in the European Union (EU) are harmonized across multiple states that comply with General Data Protection Regulation (EU GDPR). Such strict rules, regulations, and laws to protect the data from various sources drive market growth demand for data security solutions.
The COVID-19 pandemic has positively impacted the demand for data security solutions owing to the surge in the demand for the remote working population and the number of internet users. The COVID-19 pandemic has augmented organizations' focus on centrally managing multiple cloud resources. This has increased the significance of database security solutions. Database security solutions offer several advantages, such as scalability, cybersecurity, and database management.
During the pandemic, security and risk management professionals seek to safeguard their company's data on a massive scale. These companies ensured that their digital platforms and online services data were resilient against cyberattacks. During the COVID-19 pandemic, a maximum number of companies were provided with work-from-home and hybrid working models, strengthening the demand for database security solutions for security assessments. Also 2020, Alphabet Inc. detected over 2.0 million phishing attacks in 2020. According to the US Bureau of Labor Statistics, 2020, 64% of United States Consumers are likely to get affected by data breaches. Such an increase in data breach cases and rising demand for data security by enterprises around the globe are expected to create ample opportunity for this market growth.
The report will cover the following key insights:
Cloud is expected to account for the most significant proportion of the global database security market. The leading players primarily attribute this to the surge in the worldwide cloud services adoption among enterprises with the rise in data center investments. According to the European Commission Organization, around 41% of European enterprises have adopted cloud-based services and are growing at the highest CAGR during the forecast period. Such an increase in cloud adoption aids the global data security market growth.
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North America is expected to dominate the global database security market owing to rising cyber attacks for stealing sensitive customer data. U.S. consumers targeted around 46% of cyberattacks in 2020, double that of other countries. Though the U.S. government has stringent rules and regulations around database security, significant data breaches have increased despite government intervention. Moreover, banking and financial services have increased the demand for data security solutions owing to the rising number of cyber incidents.
The distribution of database security by region of origin is as follows:
The report will include the profiles of key players such as IBM Corporation, Talend Inc., Checkpoint Software Technologies Inc., Fireeye Inc., Oracle Corporation, Micro Focus Plc, Amazon Web Services Inc., Microsoft Corporation, Alphabet Inc., Hewlett Packard Enterprise, LLC, McAfee LLC, Imperva, Inc., LogRhythm, Inc., and others.
By Enterprise Size
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