Fresh studies reveal that the global data protection software is set to undergo ten years of growth, with markets predicted to expand by 31.5% between now and 2032.
In financial terms, the growth would see 2022’s market value of USD 1,195 million become 18,500 in a decade’s time, research by Fact.MR underlines.
Vendors and enterprise security requirements are increasing the global demand for business-adaptable data security software, and are pushing up the adoption rate of backup features that can offer high-grade security against regular cyber-attacks.
For a large number of small to large-scale enterprises, runtime settings necessitate the use of a specific management tool to manage and safeguard their data. As a result, data security software firms supply a pool of programmed libraries that provide extra capabilities such as data security, data analytics, data abstraction, and reformed data management.
The United States, which has been the largest user of data management solutions for the past half-decade, is likely to continue on this path for the next ten years. A market driver is the growing awareness of data privacy and management among US commercial organisations.
But the projections are also based on regulatory compliance: strict data-protection legislation, such as the California Consumer Privacy Act, is boosting demand for software that bakes security into corporate policies and procedures.
Accordingly, when we reach the end of 2032, experts anticipate the market for data protection software in the United States will have grown by 27 times.
Analysing the current market trend offers some insight into why banks and financial services firms are aiming to include data protection software as an integral component of their operations.
Recognising the significance of data privacy and management by a bank, demand for such specialised software that may assist it in reducing the risk of hacking.
Storage technologies for data protection via backup taps and discs have been a strong market alternative for the previous half-decade. With ongoing technological improvements in this field, tap-based data backup, which was a slow procedure, gradually depreciated on a global scale, and demand for virtual data backup software increased.