Data Center Security Market Expected To Trigger A Revenue Increase To USD 15.49 Billion By 2024: Grand View Research, Inc.

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The data center security market is expected to reach USD 15.49 billion by 2024, according to a report by Grand View Research, Inc. Increasing adoption of cloud computing and virtualization, and threat to the stored information due to the rising number of cyber-attacks are expected to propel industry over the forecast period.

According to a report published by Grand View Research, Inc.; the data center security market is expected to reach a valuation of around USD 15.49 billion by 2024.

Factors such as rise in concerns regarding integrity and sovereignty, growing online traffic due to internet of things (IoT) and online transactions, high adoption of cloud-based infrastructure, increasing cases of cyber-attacks, and development of software defined data center (SDDC) can propel the market over the forecast period (2014 to 2024). Additionally, increasing focus towards implementation better data security and privacy policies by government and organizations is also expected to supplement the market growth.

Rise in number of security breaches and growing number of attacks on data centers all over the world has increased the awareness and need for improved security measures, logical as well as physical.

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U.S. Data Center Security Market by Logical Security Solution, 2014 – 2024 (USD Million)

 

U.S. Data Center Security Market by Logical Security Solution, 2014 - 2024 (USD Million)

Growing adoption of cloud computing platforms and virtualization techniques among the organizations for storage of their business information are expected to boost the market in the coming years. As they create vulnerabilities across the network. Various small and medium enterprises shifting their resources to public clouds. So, increasing amount of data generated online has increased the need to protect information, which includes critical information such as intellectual property, personal information, transaction records. This will fuel the market over the forecast period. Additionally, implementation of software-defined-storage as well as networking and rising trend of bring your own devices (BYOD) are at high risk to intrusion and malware attacks, thereby driving demand for additional control and surveillance in existing infrastructure of the data centers.

Worldwide data center security market can be segmented on the basis of application, component, and region.

Based on application, the market can be split into financial services, IT and telecom, government, education, healthcare, media and entertainment, and others.

The IT and telecom segment is expected to grow on account of rising awareness regarding new threats and complexity of attacks, and development of next generation technology. The financial services segment is likely to exhibit fastest growth in the coming years due to of high threats of intrusions into the networks due to presence of large sensitive business information.

As per components, the market can be categorized into solution and service. The solution segment occupies the major share. The segment can be further categorized into logical and physical security solution. In 2015, the logical segment accounted for more than 80% of the revenue. The service segment can be fragmented into consulting, managed services, and integration and deployment.

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In 2015, the managed service estimated for more than 30% of the revenue share and is anticipated to grow at a CAGR of over 12% during 2016 to 2024. Increasing number of cyber-attacks is expected to support the growth of consultancy segment in the coming years.

Geographically, the market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa.

In some regions, the implementation of data center protection measures is quite low owing to lack of awareness and high initial costs. However, the recent incidence of breaches is expected to increase demand for these solutions. In terms of revenue, Europe and North America are projected to be the major regions due to highly matured data center market and increasing shift of data centers locations to the cold regions is also helping countries such as Canada to attract many companies.

Asia Pacific is likely to grow swiftly in the years to come due to IT spending and increasing adoption of cloud in small and medium enterprises in the region.

Prominent players operating in the market include Cisco Systems Inc.; Juniper Networks Inc.; Trend Micro Inc.; Citrix Systems, Inc.; and Hewlett-Packard Enterprise.

Major players in the market are focusing on R&D, technological advancements and the development of new products to improve their capabilities and to gain competitive advantage. Players are also following strategic mergers and acquisition to gain significant share in the market. The players are also expected to provide customizable and configurable solutions due to complex nature of attacks and continuous advancements in the technologies.

Grand View Research has segmented the data center security market has been segmented on the basis of application, service, solution, and region:

Data Center Security Market Application Outlook (Revenue, USD Million, 2015 – 2024)

  • Financial Services

  • IT and telecom

  • Government

  • Education

  • Healthcare

  • Media & entertainment

  • Others

Data Center Security Market Component Outlook (Revenue, USD Million, 2015 – 2024)

  • Solution

    • Logical security

      • Threat and application security

      • Compliance management

      • Data protection

      • Access control

      • Others

    • Physical security

      • Surveillance solution

      • Monitoring solution

      • Access control

      • Others

  • Service

    • Consulting

    • Integration and deployment

    • Managed services

Data Center Security Market Regional Outlook (Revenue, USD Million, 2015 – 2024)

  • North America

  • Europe

  • Asia Pacific

  • South America

  • Middle East & Africa

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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For more information: www.grandviewresearch.com/

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