Increasing variety and volume of business data generated from various sources, evolving regulatory landscape, and increased cyber-attacks drive the demand for the Big Data Security Market.
Growing demand for third-party managed security service providers and increasing adoption among Small and Medium-sized Enterprises (SMEs) are the major opportunities present in the big data security market. In addition, stringent government regulations including GDPR, BASEL, GRC, HITECH, and HIPAA facilitate enterprises to manage their businesses systematically and effectively, thereby creating growth opportunities for security solution vendors in the global market. However, lack of awareness among the customers and low data security budgets and high installation costs of solutions have a negative impact in the overall adoption, thereby restraining the market growth.
Banking, Financial Services, and Insurance (BFSI); telecommunications and IT; retail and ecommerce; healthcare and life sciences; manufacturing; government and defense; energy and utilities; media and entertainment; and others (transportation and logistics, travel and hospitality and education) are among the key industries leveraging the benefits of big data security solutions. The BFSI sector is expected to dominate the market throughout the forecast period owing to rising cyber-attacks and increasing investments by the enterprises to protect sensitive information from potential vulnerabilities.
Cloud based deployment of big data security solutions is expected to hold the largest market size during the forecast period. This is mainly due to the multiple benefits provided by cloud based solutions, such as reduced operational costs, higher scalability, and simplified deployments. Additionally, the security solution vendors focus on developing robust cloud-based solutions in-line with the increasing migrations to the private or public cloud, which has resulted in higher adoption of cloud based solutions.
The Identity and Access Management (IAM) technology is expected to grow at the highest CAGR in the big data security market during the forecast period. IAM provides enterprises with a business security process framework including authentication, authorization, user management, and central user repository, which has enhanced the adoption of IAM solutions in large enterprises and SMEs at a significant rate. The Security Information and Event Management (SIEM) technology is said to be the highest revenue generator in 2017, as it provides a single point of view to the organization’s multiple enterprise security-based data, for the purpose of analysis, collating logs, security-related documentation, and several others.