The database security sector is projected to grow significantly, reaching an estimated US$ 16,273.8 million by 2028, up from US$ 5,751.7 million in 2020. This growth represents a compound annual growth rate (CAGR) of 14.3% from 2021 to 2028.
This market can be divided into several regions, including North America, Europe, Asia Pacific (APAC), the Middle East & Africa, and South America. Database security solutions encompass a variety of advanced security products, including internet traffic monitoring, along with numerous additional features. The evolution of database security is largely attributed to the rapid expansion of the IT sector, which is fostering innovations in disruptive and interconnected technologies like the Internet of Things (IoT). These technological advancements have unfortunately also led to an increase in malicious activities that can result in significant data and revenue losses for organizations. To combat these threats, companies are increasingly investing in database security software, driven by growing concerns over the ever-evolving landscape of cyber threats.
By 2025, economic growth and competitiveness in Europe are anticipated to be bolstered by the integration of smart systems across key financial and social sectors, including BFSI (Banking, Financial Services, and Insurance), IT and telecom, manufacturing, and healthcare. The establishment and implementation of smart infrastructure are expected to enhance the demand for security measures. Meanwhile, the Asia-Pacific region is likely to become a prime target for cybercriminals due to its rapid digital transformation, which introduces numerous vulnerabilities associated with IoT connectivity. Consequently, the increasing frequency of security breaches is driving the global demand for database security software.
Automation plays a crucial role in the success of cloud strategies, with many technology leaders emphasizing its importance, positively influencing the database security market. When consumers make purchases online, sellers gather sensitive information such as postal addresses, email addresses, credit card details, and contact numbers. Therefore, ensuring robust IT infrastructure and database security is vital for organizations to safeguard this sensitive data. Ongoing technological advancements and digital transformation are propelling investments in Big Data. Global expenditure on Big Data analytics solutions is projected to surpass US$ 274.3 billion by 2022. Cybersecurity threats significantly impact companies in the Big Data sector, with many experiencing substantial revenue losses due to inadequate data quality. To maintain a competitive edge in a marketplace that is increasingly crowded with startups, businesses must continuously innovate their offerings. Big Data analytics provides valuable insights to database security professionals, enabling informed decision-making and the formulation of strategic objectives. This capability is likely to assist major brands and business leaders in outperforming their competitors over the long term.
The database security market is categorized based on various factors, including component, organization size, industry, and geography. In terms of components, the market is divided into solutions and services. Regarding organization size, it is segmented into small and medium enterprises (SMEs) and large enterprises. The industry segmentation includes BFSI, IT & telecom, manufacturing, healthcare, government, retail, and others.
High failure rates of large-scale IT projects in both public and private sectors lead to significant costs. The current shortage of skilled IT professionals, particularly those proficient in advanced cloud-based technologies such as databases, advanced storage, machine learning, and analytics, is hindering the performance of many enterprises. The global information technology market was valued at US$ 5.2 trillion in 2020 and is expected to grow at a CAGR of 4.3% by 2026. However, limited budget allocations for the development and deployment of technologies pose a considerable challenge for database security firms. Consequently, many organizations are either delaying or scaling back their technology development and adoption initiatives.
Key players in the database security market include Datasparc Inc., SAP SE, ScaleGrid, MICRO FOCUS, Thales, Oracle Corporation, IBM Corporation, McAfee, Fortinet, and Trustwave.