Due to increase in the frequency of cybercrime and data hacking activities, enterprises have started focusing on the adoption of better security solutions for securing the information deployed on the cloud as well as on-premises, and to strengthen internal security structures.
Increasing awareness about the adoption of data centre security solutions is thus among the primary factors boosting the adoption of data centres across the globe, and this is contributing to the growth of the global data centre security market in terms of value.
Moreover, increase in the number of initiatives undertaken by the governments of various developed and developing countries for the same has also boosted the global data centre security market in terms of value.
The increasing penetration of the internet and the ease of data storage & management over the internet has led to the virtualization of workplaces and enterprises, especially in economies that are highly developed in terms of infrastructure. Enterprises are thus adopting enhanced data security solutions and cybersecurity solutions such as data center security solutions and services.
Future Market Insights has segmented the global data center security market on the basis of offering, data centre type, end use, and region.
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Based on offering, the data center security market is segmented into logical security solutionsphysical security solutions, and services. Among all the aforementioned segments of the global data centre security market, the services segment is expected to exhibit the highest growth rate during the forecast period
With the increasing virtualisation of enterprises, the virtual security solutions segment is also expected to exhibit a considerably high CAGR during the forecast period. In terms of value, the virtual appliances segment is expected to witness an incremental opportunity of over USD 4 billion between 2018 and 2028.
This segment is also expected to exhibit a higher growth rate during the forecast period in the global data center security market. On the basis of services, the global data center security market has been sub-segmented into consulting and managed services.
The global data center security market is expected to exhibit a CAGR of 11.1% from 2018 to 2028. However, lack of infrastructural development for the adoption and penetration of data centers among underdeveloped countries, and the high cost associated with the adoption of data center security solutions & services are some of the factors restraining the growth of the global data centre security market in terms of value.
On the basis of data center size, FMI has segmented the global data center security market into large data centers, small data centers, and medium-sized data centers. The large data centres segment is expected to dominate the global data center security market in terms of value throughout the forecast period.
On the basis of use case, FMI has segmented the global data center security market into BFSI, IT & telecom, government & defence, healthcare, and others. In terms of value, the IT & telecom segment is expected to dominate the global data center security market due to the highest adoption of data centres across this segment. This segment is also expected to witness an incremental opportunity of more than USD 10 billion through 2028.
However, with increasing cyber threats & attacks and the adoption of virtualized solutions, a sudden increase in the adoption of data center security solutions across the BFSI segment is witnessed in the global data center security market. The BFSI segment is thus expected to exhibit a significantly high CAGR during the forecast period in the global data center security market.
Hence, it is recommended for data center security solution and service providers to focus on collaborating with BFSI enterprises, especially in emerging countries such as China, India, Mexico, and Indonesia.
Increasing focus of the prominent players in data center security market on collaborating with channel partners and establishing their sales & operational offices across the globe will remain the primary develomental strategy throughout the next nine years.
The growth outlook for the data centre security market is predicted to advance at a CAGR of 14.91% from 2022 to 2032.
The North American regions hold the maximum growth potential in the data centre security market during the forecast period.
The data centre security market is likely to hold a valuation of USD 53.31 billion by 2032.
The government & defence and healthcare sectors are the key contributors in the data centre security market.
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