Knowledge Sourcing Intelligence announces the publication of a new report on “Data Center Logical Security Market - Forecasts from 2020 to 2025" to their offering.
Data center logical security, as the term suggests, is security which includes user identification and access management, password management and other parameters. The market is defined on the basis of revenue generated by market players through the sales of solutions and services which offer logical security to data centers.
According to the report, the Data Center Logical Security Market is projected to increase at a CAGR of 6.57% over the forecast period 2019-2025.
The data center logical security market growth is majorly being driven by continuous expansion of data centers across the globe. Rapid growth of communication and technology industry worldwide is one of the major factors contributing to this continuously expanding network of data centers. Increasing digitization of business functions across all major industries spanning across all key regions worldwide is increasing the volume of data generated per day. Huge volumes of data running through networks are increasing the demand for more storage space, thus increasing the demand for data centers. Facebook, for instance, has more than 300 PB of data in its data centers which is increasing continuously. This growing data volume has been pushing the social media giant to pour investments into data centers. Similarly, many enterprises across the globe are making investments into data centers in order to support business function digitization and business growth. Continuously evolving attacks like SQL Injection attacks, phishing attacks and many others pose a continuous risk to the data being stored at the data centers. This is increasing the demand for logical security solutions and services across data centers, thus fuelling the market growth. Rapidly shifting trends towards cloud have further elevated the risk of data loss through these attacks.
According to Knowledge Sourcing Intelligence estimates, the global cloud storage market was valued at US$25.171 billion in 2017 and is expected to grow at an impressive CAGR of 29.73% till 2022. Recent outbreak of COVID-19 pandemic is expected to catalyse the market growth further thus driving up the growth rate. Any occurrence of security breach can lead to significant monetary loss for the enterprise besides loss of customer confidence and loss of productivity as a result of legal actions. For instance, in August, 2013, sensitive data of nearly 3 billion user accounts on Yahoo got exposed as a result of a security breach which cost Yahoo nearly $350 million besides loss of customer trust. Many other companies like eBay, JP Morgan, Sony and many others have suffered security breach which significantly hit their business. These concerns are further increasing the adoption of robust logical security solutions and services for data centers by end users, thus augmenting the market growth.
Stringent regulations regarding the security of data stored at data centers is also increasing the demand for logical security solutions and services for data centers. For instance, European General Data Protection Regulation applies to all the companies anywhere in the world which collect information about European customers. The law makes it necessary for the companies to protect the data from any kind of breach and even requires the companies to manage the data in a way that any personal data concerning any individual can be removed when asked to do so. Failing to comply with this regulation can cost the companies a fine of €20 million or 4% of their annual global revenue, whichever is higher. This is also contributing in increasing adoption of reliable logical security solutions and services for data centers, thus propelling the market growth.
North America and Europe held a considerable market share in 2019 and the market in these regions is expected to witness a good growth over the forecast period
Geographically, North America and Europe hold a significant market share and the market growth in these regions is expected to remain good over the forecast period. The market growth in these regions is majorly attributed to strict enforcement of data security regulations in countries across them. The Asia Pacific data center logical security market is poised to grow at a high CAGR over the projected period. This growth will mostly be driven by rapid growth of industries in this region. Huge investments by players across industries into this region, in order to tap the immense growth potential held by this region will continue to increase the flow of investments into data centers, thus driving the adoption of logical security solutions and services across them.
The major players covered as part of the report Bosch Security Systems, Inc., Check Point Software Technologies Ltd., Trend Micro Incorporated, Italtel S.p.A., Juniper Networks, Inc. and VMware, Inc. among others.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/data-center-logical-security-market
This report has segmented the Data Center Logical Security marketon the basis of following terms:
By Data Center Type
By Service Type
By Solution Type
By End User