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3. Data Security as a Service (DSaaS) Market: Size, Share and Growth Drivers

The data security as a service (DSaaS) market globally is expected to expand at a compound annual growth rate (CAGR) of 12.3%, from an anticipated USD 31.0 billion in 2022 to USD 55.3 billion by 2027.

To know about the assumptions considered for the study download the pdf brochure

The growth of the Data Security as a Service (DSaaS) market is driven by several key factors. Here are the primary growth factors:

• Increasing Cybersecurity Threats
• Regulatory Compliance
• Cloud Adoption
• Remote Work and BYOD (Bring Your Own Device)
• Digital Transformation Initiatives
• AI and Machine Learning
• Cost Efficiency and Scalability
• Growing Awareness and Education

Increasing Cybersecurity Threats:

• Rise in Cyber Attacks: The growing frequency and sophistication of cyber attacks, including ransomware, phishing, and data breaches, drive the demand for robust data security solutions.
• Advanced Persistent Threats: The increase in advanced persistent threats (APTs) that target organizations over extended periods necessitates continuous and advanced security measures.

Regulatory Compliance:

• Stricter Data Protection Laws: Implementation of stringent data protection regulations such as GDPR, CCPA, and HIPAA requires organizations to adopt comprehensive data security measures to avoid penalties and ensure compliance.
• Global Regulatory Landscape: The evolving global regulatory landscape mandates continuous updates and improvements in data security practices.

Cloud Adoption:

• Migration to Cloud: The widespread adoption of cloud services by businesses of all sizes increases the need for cloud-native security solutions that protect data stored and processed in cloud environments.
• Hybrid and Multi-Cloud Environments: The complexity of securing hybrid and multi-cloud environments drives demand for specialized DSaaS solutions.

Remote Work and BYOD (Bring Your Own Device):

• Remote Workforce: The shift to remote work and the increased use of personal devices for work purposes heighten security risks, leading to greater demand for data security services that protect remote access and endpoints.
• Endpoint Security: Ensuring the security of various devices accessing corporate networks and data becomes critical.

Digital Transformation Initiatives:

• Adoption of Emerging Technologies: The integration of IoT, AI, and other emerging technologies into business operations increases the attack surface, necessitating advanced security solutions.
• Data-Driven Business Models: As organizations rely more on data analytics and big data, the need to protect sensitive and valuable data assets grows.

AI and Machine Learning:

• Enhanced Threat Detection: The use of AI and machine learning in data security enhances the ability to detect and respond to threats in real time, making DSaaS solutions more effective.
• Automation: Automation of security processes reduces the burden on IT teams and improves response times, driving adoption of DSaaS.

Cost Efficiency and Scalability:

• Cost-Effective Solutions: DSaaS provides a cost-effective alternative to traditional on-premises security solutions, especially for small and medium-sized enterprises (SMEs).
• Scalability: The ability to scale security services according to the needs of the organization makes DSaaS attractive to businesses of all sizes.

Growing Awareness and Education:

• Increased Awareness: Growing awareness of cybersecurity risks and the importance of data protection among businesses and consumers boosts the demand for DSaaS.
• Educational Initiatives: Efforts to educate businesses about the benefits and necessity of robust data security solutions contribute to market growth.

Data Security as a Service (DSaaS) Market Share - Global Industry Landscape

Here's a brief overview of the market share and key offerings for the Data Security as a Service (DSaaS) market for the specified companies:

• Cisco (US)
• Thales (France)
• Micro Focus (UK)
• Acronis (Switzerland)
• Asigra (Canada)

Cisco (US):

Market Share: Cisco is a major player in the DSaaS market, leveraging its extensive network and cybersecurity expertise.

Key Offerings: Cisco offers a range of DSaaS solutions, including cloud security, network security, and endpoint protection. Their offerings include Cisco SecureX, a cloud-native security platform, and Cisco Umbrella, a cloud-delivered security service for DNS and internet traffic.

Thales (France):

Market Share: Thales is a leading provider of cybersecurity solutions, with a significant presence in the DSaaS market.

Key Offerings: Thales provides comprehensive DSaaS solutions, including data encryption, access management, and threat detection. Their offerings include Thales CipherTrust Data Security Platform, which provides data encryption and tokenization for cloud and on-premises environments.

Micro Focus (UK):

Market Share: Micro Focus is a prominent player in the DSaaS market, offering a wide range of cybersecurity and data management solutions.

Key Offerings: Micro Focus offers DSaaS solutions for data protection, identity and access management, and risk management. Their offerings include Micro Focus Voltage SecureData, a data-centric security solution that protects sensitive data across various platforms and environments.

Acronis (Switzerland):

Market Share: Acronis is known for its backup and disaster recovery solutions, but it also offers DSaaS solutions.

Key Offerings: Acronis provides DSaaS solutions for data protection, backup, and cybersecurity. Their offerings include Acronis Cyber Protect Cloud, a comprehensive cybersecurity and data protection solution that integrates backup, anti-malware, and endpoint protection capabilities.

Asigra (Canada):

Market Share: Asigra is a key player in the DSaaS market, specializing in backup and recovery solutions.

Key Offerings: Asigra offers DSaaS solutions for backup and recovery, ransomware protection, and compliance. Their offerings include Asigra Cloud Backup, a comprehensive backup and recovery solution that protects data across physical, virtual, and cloud environments.

Related Reports:

Data Security as a Service Market by Type (Data Encryption and Masking as a Service, Data Governance and Compliance as a Service), Organization Size, Vertical (BFSI, IT and ITeS, Healthcare, Manufacturing, Education) and Region - Global Forecast to 2027