Services Segment is Expected to be the Fastest Growing During the Forecast Period for SAM Region
According to The Insight Partners market research study on “SAM Database Security Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Component, Organization Size, and Industry” is expected to reach US$ 375.93 million by 2028 from US$ 179.10 million in 2021. The market is estimated to grow at a CAGR of 11.2% from 2021 to 2028. The report provides trends prevailing in the SAM database security market along with the drivers and restraints pertaining to the market growth. Growth in volumes of business data is the major factor driving the growth of the SAM database security market. However, issues associated with the lack of awareness about multilayered security hinder the growth of SAM database security market.
The SAM database security market is segmented into component, organization size, industry, and country. Based on component, SAM market is divided into software and services. The solution segment dominated the market in 2020 and services segment is expected to be the fastest growing during the forecast period. By organization size, the SAM market is broadly classified into SMEs and large enterprise. The large enterprises segment dominated the market in 2020 and SMEs segment is expected to be the fastest growing during the forecast period. On the basis of industry, the market is segmented into BFSI, and IT and telecom, manufacturing, healthcare, government, retail, and others. The BFSI segment dominated the market in 2020 and others segment is expected to be the fastest growing during the forecast period. Based on country, the database security market is classified into Brazil, Argentina, and Rest of MEA.
Brazil has the most significant number of cases with COVID-19, followed by Ecuador, Chile, Peru, and Argentina, amongst others. In 2020, the covid-19 pandemic led to the closure of all economic activities across the region to combat the spread of the virus. The government of SAM has taken an array of actions to protect their citizens and contain COVID-19’s spread. The governments of various countries in SAM are taking several initiatives to protect people and to control COVID-19’s spread in the region through lockdowns, trade bans, and travel restrictions. The sharp decline in the business profits in the region due to lockdown measures is expected to directly impact the adoption of the database security market in this region. The sharp decline in business earnings and limited potential to adopt new technology is expected to directly affect the growth rate of the database security market in this region for the next few months. However, the countries in the region are significantly seeking for FDI to implement advanced technologies, which in turn lead to increased demand for solutions that ease the management operations with security. The increasing demand for high-level security to secure critical data further provide opportunities for the database security market players who operate globally to gain the advantage of the growing demand for security platform solutions in this region. As a result, the market for database security is anticipated to grow in the coming years.
Fortinet,Inc.; IBM Corporation; McAfee, LLC; Micro Focus; Oracle Corporation; SAP SE; Thales Group; and Trustwave Holdings, Inc. are among the leading companies in the SAM database security market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, Panopta Holdings LLC ("Panopta"), a privately held SaaS company that provides a platform for monitoring the health and performance of network and information technology ("IT") infrastructure, was acquired by Fortinet. The integration of Panopta technology into the Fortinet Fabric Security platform via FortiMonitor will provide a comprehensive network and security operations management solution for enterprises or service providers as a result of this acquisition.
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