Enterprise Data Management Market Size

Enterprise Data Management Market size was valued at USD 99.38 billion in 2023 and is projected to exceed USD 443.82 billion by 2036, expanding at over 12.2% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of enterprise data management is evaluated at USD 109.08 billion. The growth of the market can be attributed to factors, such as, growing digitalization in every sector and increasing regulations for data protection. Growing cybercrimes are estimated to propel the market growth. For instance, approximately 3,500 data breaches were reported in early 2019, exposing around 4 billion records worldwide. Additionally, the average duration to figure out the data breach within an enterprise is projected to be about 200 days. A single data breach incident can cost an enterprise millions of dollars. Hence, enterprise data management system has become a vital part of a business organization. As of 2021, the global average cost of a data breach was anticipated to be about USD 4 million. Furthermore, various alternatives to deployment methods, excellent control over quality, and other advantages of data management can be major growth drivers for the market during the forecast period. Moreover, the growing demand to manage data traffic is estimated to hike the growth of the market. In 2021, the global cloud data IP traffic is anticipated to be more than 15,000 exabytes. All these factors are projected to influence the growth of the market positively during the forecast period.