Data Protection Market Trends

Growth Driver

• Increasing Use of Mobile Devices – With the help of stable internet connectivity every day large amount of data is transferred stored, and shared all across the globe enabling wide enhancement in computing and communication potential. The increasing penetration of mobile phones has increased social, economic, and financial activity in emerging nations. As social and commercial activities grow the demand for better data protection and prevention systems rises as a result driving the growth of this market. In India, the smartphone penetration rate was 71 percent in 2023 and was predicted to be 96 percent in 2040.
• Increasing Prevalence of Data Breaches – The number of data breaches is increasing day by day rapidly all across the globe. Thus, this has become a major concern for businesses as it can lead to financial losses, reputational damage, and regulatory fines. It is very important to protect company data from any kind of cyberattacks and threats as a result of driving market expansion in the forecast period. More than 6 million records were exposed throughout the world through a data breach in the first quarter of 2023.
• Growing Integration of Cloud Computing – Cloud computing is becoming increasingly famous as it provides businesses with a range of advantages and benefits such as scalability, flexibility, and cost savings. Anyhow, cloud computing also introduces new security limitations as data is stored and processed in remote data centers.

Challenges

• High Cost of Data Protection Solution – The data protection solutions are expensive to purchase which can act as a limitation for small business owners with less budget to adopt this solution. Therefore, this might hamper the market expansion in the future times.
• Complexities Associated with Data Protection
• Lack of Skilled Labor