As modern businesses increasingly deal with the sea of information that affirms their growing reliance on databases, it becomes imperative to assure safety, and security of all the vital information. Increasing demand for effective, dependable security solutions to protect sensitive organisational databases from any potential unauthorised access, and manipulation is expected to drive the growth of database security market worldwide. Growing stringency of the regulatory compliance related to safeguarding of sensitive company records, as well as systems will further fuel market growth according to a new upcoming study of Fairfield Market Research. Broadening availability of high-end technologies designed for storage, and retrieval of information is further likely to complement market expansion. High implementation costs will however remain the prime factor limiting rapid market expansion.
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Demand for Database Security Soars as Regulatory Framework Grows Stringent
Industries, with proliferation of databases, ought to comply with a range of regulatory guidelines related to information security, which remain one of the major factors working to the advantage of database security market. Gramm–Leach–Bliley Act (GLBA), Health Insurance Portability and Accountability Act (HIPAA), Federal Financial Institutions Examination Council (FFIEC), Sarbanes–Oxley Act (SOX), and Payment Card Industry Data Security Standard (PCI-DSS) constitute some of the most recognised regulations industries seek to comply with. Growing concerns around data privacy among a majority of end-use sectors like healthcare, retail, financial services, e-commerce, insurance, and telecom will also remain the prime factor pushing expansion of database security market.
SMEs to Register Ascending Demand for Database Security Solutions
Small and medium-sized businesses (SMEs) represent the backbone of the global economy and account for a whopping 60% of employment worldwide. Over 70% of businesses in many countries across the globe fall under the SME category and tend to contribute more than half of the GDP in most of the major economies. While these statistics reveal the significance of SMEs, it has been observed that these businesses often lag in terms of adopting the best practices, which also include effective database security measures. Database security is highly critical to SMEs as cybercriminals, and hackers typically look at smaller-sized businesses as their easier targets than larger organisations. Moreover, a data breach can potentially be more devastating for smaller businesses given their size, and financial limitations. With growing awareness regarding the same, a greater number of SMEs have been considering amplification of their budget specifically for data security. Increasing adoption of best security practices is thus likely to benefit the growth of database security market.
Dominance of North America in Data Security Market Prevails
Spearheaded by the US, an increasing number of businesses across North America have been considering augmented expenditure on effective security solutions to ensure data protection. While this is expected to favour database security market in the region, more companies preferring deployment of innovative solutions for improved data protection will uphold the top position of North America in global data security market. Canada, with the briskly expanding business domain, also remains a major market for database security market participants. An alarming rise in the number of cybercriminals, and massive spending on database and overall IT security infrastructure will remain the key factors responsible for North America’s continued dominance through the foreseeable future.
Key Companies in Global Database Security Market
IBM, Oracle, Cisco Systems, Inc., Fireeye, Inc., Symantec Corporation and Trend Micro, Inc., Trustwave, Hewlett Packard Enterprise Development LP, Fortinet, Intel Corporation, and McAfee are some of the prominent players driving competition in global database security market space. The report intends to cover some of these market leaders under the competition analysis section.
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