The global Data Center Security Market size is expected to value at USD 15.49 billion by 2024. The market is subject to witness a substantial growth due to the rising concerns regarding cyber-attacks and data breaches and increasing initiatives by government authorities to minimize threat-level to keep the integrity and sovereignty of the state. Factors responsible for rapid growth of the data center security industry include substantial increase in online traffic, shifting trend towards adoption of the cloud-based infrastructure, rise in the number of cyber-attacks and the need for a highly comprehensive security policy. Globally, the data center security market is predicted to grow at higher CAGR in the forecast period, providing numerous opportunities for market players to invest in research and development of the market.
The data centers are considered as a vital element of organization owing to benefits such as capability to store critical information and core assets involved in the various business processes such as critical customer information, intellectual property, and transaction records. Safeguard of critical information can be achieved with the help of data center security. These factors are expected to foster the growth of data center security industry over the forecast period.
Early adoption of the advanced data security solutions allows organization to protect and safeguard core assets by offering immunity at different levels of business processes. The market is expected to display a high growth rate in the upcoming years owing to the vast increase in amount of businesses implementing cloud computing platforms and virtualization methods for their business information storage.
Increasing adoption of the various cloud computing platforms and virtualization methods leads to excessive vulnerabilities at different levels in the framework. This creates a need to implement stringent measures to minimize vulnerabilities involving both logical and physical measures. In addition, the virtualization of workplaces coupled with introduction of software-defined storage is leading to increase in the number of malware attacks and intrusion threats. These factors are expected to boost the market demand for advanced data center security solution over the forecast period.
Emergence of software-defined networking solutions and shifting trend towards Bring Your Own Device (BYOD) is predicted to drive demand for exclusive control and surveillance issues in the existing infrastructure of the data centers, thereby driving the market growth of data center security market in the upcoming years.
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The data center security industry is broadly categorized into five major segments based on end-user application such as IT & telecom industry, healthcare sector, banking & financial services industry (BFSI), retail companies, and research and development firms. The IT & telecom industry is considered as one of the fastest growing segment in the market with substantial revenue generation in the last couple of years.
Growing popularity of IT & telecom market segment is attributed to the emergence of new threats, the sophistication of attacks, and shifting focus towards adoption of next generation technology. The financial services segment has also witnessed massive growth, in the recent years due to the increasing demand to store sensitive business information and a larger attack area for incursions into the networks.
The data center security market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North American and European region have shown major growth in recent years owing to the rise in the implementation of latest technologies in cyber security sector, presence of matured market in the region and existence of well-established IT infrastructure. Asia-Pacific region is predicted to hold major market share in the data center security with massive growth in forecast period.
Countries such as India, China, Japan and Singapore are leading the Asia-Pacific market with growing demand from small and medium-sized enterprises (SMEs) and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in the data center security industry are Symantec Co., Juniper Networks Inc., IBM Co., Cisco Systems Inc., Fortinet Inc., Checkpoint Software Technologies Ltd., Dell Incorporations, Trend Micro Incorporations, Honeywell International, Inc., Citrix Systems Incorporations, EMC Co., McAfee Inc., Intel Corp., and Hewlett-Packard Enterprise Company.
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Data Center Security Market Application Outlook (Revenue, USD Million, 2014 - 2024)
• Financial Services
• IT and telecom
• Media & entertainment
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