Sensitive Data Discovery Market worth $12.4 billion by 2026, growing at a CAGR of 16.1% Report by MarketsandMarkets™

Chicago, July 31, 2023 (GLOBE NEWSWIRE) -- The global Sensitive Data Discovery Market size to grow from USD 5.1 billion in 2020 to USD 12.4 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 16.1% during the forecast period, according to a new report by MarketsandMarkets™. Various factors such as the growing need to discover sensitive structured and unstructured data, increasing investments in data privacy with evolving regulations, and rise in remote workers and real-time data access are expected to drive the adoption of the sensitive data discovery solutions and services. 

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185 - Tables
66 - Figures
295 - Pages

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Scope of the Report

The sensitive data discovery market has witnessed several advancements in terms of solutions offered by the industry players. Sensitive data discovery solutions have evolved over the years and are used to automatically identify and protect sensitive data stored across the organization. The increasing demand to integrate data in business processes and derive actionable insights and changes during COVID-19 led in work dynamics increasing need for data utilization across verticals would provide opportunities for market growth. 

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The sensitive data discovery market, by component, is segmented into solutions and services. The services segment is expected to grow at the highest CAGR during the forecast period. The sensitive data discovery services include professional and managed services. The growth of services can be attributed to the increasing demand for deployment and integration services by end user to effectively integrate sensitive data discovery tools for gathering structured and unstructured data from multiple sources. Consulting services are expected to have a higher CAGR during the forecast period. The growth can be attributed as its adoption help businesses create the right sensitive data discovery strategy for moving toward the digital transformation initiative or finding the best-fit approach. 

The compliance management application is expected to grow at the highest CAGR during the forecast period. This growth is attributed to the need of security teams to eliminate the risk of data breaches and maintain compliance with global regulatory mandates regarding data security, workplace security, and privacy. With the growing concern over security, every organization needs to comply with regulatory and legal reporting requirements to secure their data. Organizations must implement sensitive data discovery solutions to manage data and ensure compliance tasks are completed. 

The BFSI vertical is expected to account for the largest market size during the forecast period. Moreover, the healthcare and life sciences vertical is expected to grow at the highest CAGR during the forecast period. During the COVID-19 pandemic, healthcare researchers and hospitals are dealing with enormous data, which has created a massive need for efficient sensitive data discovery and management. Sensitive data discovery solutions enable healthcare researchers to identify data sets that were traditionally impossible to handle. 

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North America is expected to account for the largest market size during the forecast period. The region is witnessing significant technological advancements in the sensitive data discovery space due to the presence of prominent sensitive data discovery vendors. The growth of the region can also be attributed to the growing focus of companies on investments for cloud-based sensitive data discovery solutions which support real-time analytics. APAC is projected to grow at the highest CAGR during the forecast period. The growth can be attributed to increased take-up of digital technologies among consumers as well as businesses in key countries, such as China, India, and Japan.  

Top Trends in Global Sensitive Data Discovery Market

• Increasing Concerns about Data Breaches: Organisations are now more diligent about safeguarding sensitive data due to the rise in data breaches and cyberattacks. As they aid in locating and protecting crucial data before it falls into the wrong hands, sensitive data discovery solutions have grown in importance.
• Stringent Data Protection Regulations: Businesses have been forced to invest in sensitive data discovery technologies as a result of the implementation of data protection laws like the CCPA and the GDPR (General Data Protection Regulation). A thorough awareness of the sensitive data an organisation has on hand and how it is being managed is necessary for compliance with these rules.
• Adoption of Cloud-based Solutions: For scalability and financial reasons, several organisations have moved their data to cloud environments. The need for cloud-based sensitive data discovery systems that can scan and safeguard data across different cloud platforms has increased as a result.
• Integration of AI and Machine Learning: Tools for sensitive data finding are being enhanced with artificial intelligence (AI) and machine learning (ML) technology to increase their precision and effectiveness. These tools can spot patterns and irregularities in data that conventional approaches might miss.
• Focus on Unstructured Data: The discovery of unstructured data, such as emails, papers, and multimedia files, is a difficult task. Vendors are creating more and more solutions that can efficiently search through unstructured data sources to locate and safeguard critical data.

Key Industry Development

• Integration of Artificial Intelligence and Machine Learning: In order to enhance their capabilities, sensitive data finding systems have started embracing AI and ML technology. By examining patterns, context, and user behaviour, these technologies assist in effectively recognising and classifying sensitive material, even in unstructured formats. Sensitive information may be found more quickly and precisely thanks to AI-driven data discovery, which also helps to reduce false positives and false negatives.
• Cloud-based Sensitive Data Discovery: Vendors have been concentrating on building cloud-based sensitive data discovery solutions due to the increased adoption of cloud computing. These scalable, adaptable, and centralised management cloud-native technologies make it simpler for businesses to scan and safeguard sensitive data across a range of cloud platforms and on-premises systems.
• Contextual Analysis: Sensitive data discovery tools now include contextual analysis in addition to predefined patterns and regular expressions to better understand the context in which data is used. This makes it possible to classify data, discover the true sensitivity of the data, and prevent false positives more accurately.
• Data Privacy Regulations and Compliance: Sensitive data discovery solutions that meet particular compliance needs have been developed as a result of the global data privacy standards' increasing complexity. In order to satisfy the requirements of organisations in various industries, vendors are concentrated on making sure their products comply with the GDPR, CCPA, HIPAA, and other data protection rules.
• Data-Centric Security Approach: As opposed to just relying on perimeter defences, the industry has been moving towards a data-centric security approach that emphasises protecting the data itself. By assisting organisations in identifying and protecting their most important data assets, sensitive data discovery plays a significant part in this strategy.

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