Data Center Security Market Outlook 2024-2028: Projected Market Size, Anticipated Drivers And Lucrative Segments As Per The Business Research Company's Data Center Security Global Market Report 2024
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LONDON, Dec. 21, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s data center security global market report 2024, the data center security market has witnessed remarkable growth, surging from $11.66 billion in 2023 to an anticipated $13.57 billion in 2024, boasting a compelling Compound Annual Growth Rate (CAGR) of 16.4%. This growth surge in the historic period is attributed to the escalating cybersecurity threats, the burgeoning demand for data privacy and compliance, the surge in data generation, and the remarkable growth of cloud computing.
Anticipated Rapid Growth in the Forecast Period
The trajectory for the data center security market continues on an upward swing, poised for rapid growth in the coming years. Forecasts indicate a substantial expansion to reach $23.64 billion by 2028, maintaining a CAGR of 14.9%. This anticipated growth is underpinned by the rising occurrences of ransomware and extortion attacks, the need for robust IoT and edge computing security, the adoption of zero-trust security protocols, and the increasing integration of security automation. Key trends in the data center security market include technological advancements, the integration of Artificial Intelligence (AI) and Machine Learning (ML), advancements in multi-layered security, and the increased implementation of micro-segmentation.
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Cybersecurity Threats and Data Breaches Fueling Growth
The growing frequency of cyberattacks and data thefts stands out as a significant driver propelling the growth of the data center security market. Cyberattacks, constituting any unauthorized effort to gain access to computer systems or networks to cause harm, are on the rise. Data theft, involving the unauthorized transmission or storage of personal, private, or financial information, is a critical concern. The escalating incidence of cyberattacks and data thefts is amplifying the importance of data center security. Processes and planning are crucial to safeguard data centers from threats, assaults, and unauthorized access. According to the cybersecurity threatscape report by Positive Technologies, cyberattacks increased by 17% in Q1 of 2021 compared to Q1 2020, and in June 2022, the average frequency of data breaches and cyberattacks rose by 15.1% in 2021 compared to the previous year. The rising threat landscape emphasizes the critical role of robust data center security measures.
Leading Players and Technological Innovation
Major players in the data center security market are at the forefront of technological innovation, driving the development of revolutionary products. For instance, Fortinet Inc., a prominent data center security company, launched the FortiGate 4800F series, touted as the fastest compact firewall globally for hyperscale data centers. This innovative solution, backed by 16 Fortinet's 7th generation network processors (NP7), delivers exceptional performance, handling up to 34 times more connections per second than competitor solutions. The adoption of such cutting-edge technologies positions leading companies as trailblazers, fortifying their market presence.
Regional Dominance and Market Segmentation
As of 2023, North America emerges as the dominant region in the data center security market. The data center security market is segmented based on components, encompassing Solutions and Services. Data center types include Mid-Sized Data Centers, Enterprise Data Centers, and Large Data Centers. Applications are categorized into Physical Security Solutions and Logical Security Solutions. Verticals span across Banking, Financial Services and Insurance (BFSI), IT and Telecom, Government and Defense, Healthcare, Media and Entertainment, and other sectors.
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Stakeholders in the data center security market find themselves at the forefront of securing the digital future. The industry's robust growth, fueled by innovation, increasing security demands, and technological advancements, positions it as a critical player in the cybersecurity landscape. Armed with insights from the data center security market report, industry players can navigate the evolving challenges, unlocking new avenues for growth, and ensuring a resilient and secure data future.
Data Center Security Global Market Report 2024 by The Business Research Company provides insights on the data center security market size, data center security market segments, data center security market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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