Report : Data Diode Security Products Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type (Non-Ruggedized Data Diode and Ruggedized Data Diode), Application (Government, Oil & Gas, BFSI, and Others)
According to our latest market study on “Data Diode Security ProductsMarket Forecast to 2027 – COVID-19 Impact and Global Analysis – by Type (Non-Ruggedized Data Diode and Ruggedized Data Diode), Application (Government, Oil & Gas, BFSI, and Others),” the market was valued at US$ 339.0 million in 2019 and is projected to reach US$ 430.5 million by 2027; it is expected to grow at a CAGR of 4.6% from 2020 to 2027.
APAC led the data diode security products market in 2019, with a market share of 32.6%, followed by Europe and North America. APAC region is constantly being targeted by cybercriminals, due to the constant growth in digital transformation as well as a rising source of vulnerability from mounting IoT connectivity. The growing cyber threat in the APAC region is majorly due to the lack of transparency, which results in feeble cyber enforcements and regulations. Pertaining to these facts, the demand for data diode security products and solutions is rising in the region.Additionally, APAC comprises prime nations such as China, India, Japan, South Korea, and Australia. Rising adoption of advanced technologies drives the adoption rate of data diode security products. Companies invest in data diode technology to streamline their business operations and protect against cyber-attacks.
Cyber-attacks globally are getting more recurrent as well as sophisticated, mainly in North America and Europe. By 2025, Europe’s economic competitiveness and growth are projected to increase owing to the penetration of smart technology in its significant manufacturing, financial, and healthcare sector. Additionally, the increasing concern of execution and development of these smart infrastructure contributes to evolving the growth and employment of security measures successively. Owing to this constant technological transformations, heinous and malicious practices result in data loss and hamper the revenue generation for several organizations. Thus, to protect such incidences, the companies are progressively opting for data diode technology. The data diode security products market is driven by increasing concern among the industry players related to the new forms of cyber threats, which include ransomware/micro ransomware, malware, and DDoS.
On the other hand, North America is expected to be the fastest-growing region during the forecast period. North America is characterized by the presence of well-developed countries, a strong industry base, and high technology adoption. The presence of fast-growing economics, rising automated technology adoption, increasing internet penetration, and a huge adoption of advanced cyber security solutions by end users are among the prime factors expected to drive the growth of the data diode security products market in the region.
Impact of COVID-19 on Data Diode Security ProductsMarket
North America is one of the most important regions for the adoption and growth of new digital and security technologies owing to favorable government policies to boost innovation, presence of huge industrial base, and high purchasing power especially in developed countries such as the US and Canada. Hence, any negative impact on the growth of industries is expected to affect the economic growth of the region. At present, the US is the world’s worst affected country due to COVID-19 outbreak with 7,682,128 confirmed cases and more than 213,291 deaths as of October 13, 2020, WHO.
The US is a prominent market for data diode security products especially in oil & gas and government sectors. The huge increase in the number of confirmed cases and rising reported deaths in the country is affecting both manufacturing and sales of electronics components used in these countries. The factory and business shutdowns across the US, Canada, and Mexico are impacting the adoption of data diode security products market. North America is home to a large number of manufacturing and technology companies and thus the impact of COVID-19 outbreak is anticipated to be quite severe in the year 2020 and likely in 2021. Hence, the ongoing COVID-19 crisis and critical situation in the US is going to impact the data diode security products market growth of North America in a negative manner for the next few quarters.
The global data diode security products market has been segmented as follows:
Data Diode Security Products Market – By Type
Data Diode Security Products Market – By Application
Data Diode Security Products Market- By Region