Fast Facts: Data Security Market Doubling In Value

In the fast-paced IT industry, new statistics and data are released daily. Each week, Enterprise Mobility Exchange publishes Fast Facts, taking a look at interesting or noteworthy information impacting businesses.

Security isn’t going away, and the need for enterprises to protect data is only increasing, especially with the impeding establishment of GDPR in the European Union, which impacts any company with clients or information that lands in the EU.

According to a new forecast from MarketsandMarkets, the data security market is going to grow because of this, and at a staggering rate.

Boasting a 23.1% CAGR from 2017 to 2022, the data security market value will more than double from $2.06 billion this year to $5.83 billion in less than a half decade in 2022.

See related: U.S. Businesses Struggling To Grasp Demands Of GDPR

So what’s driving that increase?

“Data-centric security solutions audit and protect the data at rest, data in motion, and data in use through various standards and protocols,” the report states. “To reduce the risk posed by hackers, insider threats, and other malicious attacks, and to constantly monitor the activity of sensitive data, enterprises are implementing data-centric security solutions. The solutions protect mission-critical data in disparate silos, such as databases, files, and cloud.”

The report went on to say the retail industry would see the highest growth during the forecast period, and while North America will have the highest market share, APAC will see the quickest growth.

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