Database Security Market is expected to reach US$ 16,273.8 Million by 2028

Enactment of New Database Security Regulations Fuels Database Security Market Growth

According to our latest market study on “Database Security Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Organization Size, and Industry,” the market is projected to reach US$ 16,273.8 million by 2028 from US$ 6,396.5 million in 2021; it is expected to grow at a CAGR of 14.3% from 2021 to 2028.

Major data protection laws and regulations rolled out across the world include the General Data Protection Regulation (GDPR) of Europe; the global Payment Card Industry Data Security Standard (PCI DSS); and the Health Insurance Portability and Accountability Act (HIPAA), the Federal Information Security Management Act of 202 (FISMA), the Family Educational Rights and Privacy Act (FERPA), and the Gramm–Leach–Bliley Act (GLBA) of the US. The NIST SP 800-53, NIST Cybersecurity Framework, ISO 27000 series, and BS 10012 are among the most popular frameworks adopted by most of the businesses in the world.

In recent years, the number of data protection laws has increased worldwide. As of January 2021, 133 jurisdictions around the world have implemented omnibus data privacy legislation, with 102 of them outside the European Economic Area (EEA). Africa and the Middle East account for one-third of the legislation frameworks (34), while the Americas (25), Europe/Eurasia (24), and Asia/Pacific (25) account for the rest.. While the majority of these laws are based on the same basic data protection principles, there are some differences. The Federal Financial Institutions Examination Council (FFIEC) provided a new guide "Authentication and Access to Financial Institutions Services and Systems" on August 11, 2021. Many financial institutions have benefited from adopting these new guidelines as they emphasize the cybersecurity threat landscape, including remote access by customers and users, attacks through compromised credentials, and dangers from push payment capabilities.  

The database security market is segmented on the bases of component, organization size, industry, and geography. Based on component, the market is divided into software and services. By organization size, the database security market is bifurcated into SMEs and large enterprise. On the basis of industry, the market is further segmented into BFSI, IT and telecom, manufacturing, healthcare, government, retail, and others.

IMPACT OF COVID-19 PANDEMIC ON DATABASE SECURITY MARKET

According to the latest report from the World Health Organization (WHO), the US, Spain, Italy, France, Germany, the UK, Russia, Turkey, Brazil, Iran, India, and China are among the worst-affected countries due to the COVID-19 pandemic. The fast adoption of remote working systems on a broad scale is projected to have a significant impact on both IT infrastructure and attack database Security teams may be redirected to support general IT operations, or they may be required to adapt tactics and technologies to quickly response to evolving risks. Thus, the demand essential and effective data security solutions is increasing in organizations amid the COVID-19 crisis.

A few of the key players operating in the global database security market are IBM CORPORATION, Oracle, Mcafee, Trustwave, HEXATIER, Fortinet, CA Technologies, Symantec, Protegrity and Thales E-Security. Several other market players have been analyzed to understand the market.

Database Security Market — by Region, 2021 and 2028 (%)