Sensitive Data discovery Market Trends, Challenges & Strategies, Growth Forecast to 2030 | At a CAGR of 21.6%

The global Sensitive Data discovery market share was dominated by the solution segment, and is expected to maintain its dominance in the upcoming years.

PORTLAND, PORTLAND, OR, UNITED STATES, December 13, 2023 /EINPresswire.com/ -- In a recent report by Allied Market Research titled "Global Sensitive Data Discovery Market by Component, Deployment Mode, Organization Size, and Application and Vertical: Global Opportunity Analysis and Industry Forecast, 2021–2030," the global sensitive data discovery market exhibited substantial growth. Valued at $4.9 billion in 2020, it is anticipated to reach $34.53 billion by 2030, with a projected Compound Annual Growth Rate (CAGR) of 21.6% from 2021 to 2030.

The sensitive data discovery market was a part of the broader cybersecurity landscape, focusing on helping organizations identify and protect sensitive information within their systems. Please note that developments in the market may have occurred since then, so it's advisable to check the latest sources for the most up-to-date information.

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Sensitive data discovery solutions typically involve the use of advanced technologies such as machine learning and data classification algorithms to locate, classify, and manage sensitive data within an organization's network. This can include personally identifiable information (PII), financial data, intellectual property, and other sensitive or confidential information.

UK and Germany are top contributors to growth of the sensitive data discovery solutions in Europe. Increase in investments in data security measures, rise in acceptance of data security solutions, and growth in businesses regarding data security are critical factors that propel growth of the market in this region. Sensitive data discovery market is looking at various growth opportunities by focus on data security, IoT, and real-time data analysis. Growth in demand for embedding data with business processes and creating actionable insights and the need for data usage across all domains due to the COVID-19 epidemic, is expected to provide lucrative opportunities for major market players.

The growth of sensitive data discovery solutions globally is propelled by emerging regulations like the California Consumer Privacy Act (CCPA) and the General Data Protection Regulation (GDPR). Additionally, increased investments in data privacy and end-user security, coupled with the rising incidents of security breaches due to cloud misconfigurations, contribute to the market's expansion.

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The introduction of new privacy laws in the U.S. and worldwide, alongside modifications to existing legislation, has led businesses to grapple with evolving data privacy requirements. In North America, legislators focus on aligning regulations with advancements in data privacy, echoing the GDPR in the European Union. The enactment of laws at state and federal levels has increased, with the CCPA enhancing control over personal information disclosure and usage, further driving the growth of the sensitive data discovery market.

The solution segment dominated the global sensitive data discovery market share in 2019, expected to maintain its dominance in the coming years. The widespread adoption of Artificial Intelligence (AI) and Machine Learning (ML) technologies has generated vast amounts of organized and unorganized data, intensifying the need for sensitive data discovery solutions in response to breaches. The increasing demand for structured and unstructured data retrieval, coupled with the adoption of cloud computing technologies, presents significant growth opportunities.

The services segment is poised to emerge as the fastest-growing segment, driven by vendors offering professional services and consulting tailored to client-specific requirements. Post-COVID-19, the sensitive data discovery market forecast is estimated to be $5.9 billion in 2021 and projected to reach $34.53 billion by 2030.

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The global reliance on online retailers during the pandemic, coupled with increased online transactions, placed significant responsibilities on the banking and financial sectors to invest in secure payment gateways. This surge in online activity amplified the demand for sensitive data discovery tools globally, safeguarding personal and patient data from cyber threats.

Additionally, the shift to remote work during the pandemic necessitated enhanced data protection measures for corporate data, further contributing to the growth of the sensitive data discovery market.

Study Key Findings:

• In 2020, the solution segment was the dominant contributor, while the services segment is anticipated to experience the highest growth throughout the forecast period.

• Regarding deployment mode, on-premise solutions secured the highest revenue in 2020, but the cloud segment is projected to exhibit the most substantial growth in the foreseeable future.

• In terms of organization size, large enterprises led in revenue generation in 2020, yet small and medium-sized enterprises (SMEs) are poised to achieve the highest growth rate during the forecast period.

• Application-wise, the security & risk management sector held the highest revenue in 2020, with the compliance management segment expected to demonstrate the highest growth rate in the coming years.

• Vertical-wise, the IT & telecom sector dominated in 2020, while the healthcare & life sciences segment is forecasted to exhibit the highest growth rate during the forecast period.

• Geographically, North America was the primary market in 2020; however, Asia-Pacific is anticipated to experience substantial growth in the ensuing years.

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