Sensitive Data Discovery Market Size, Share, Industry Trends and Forecast to 2030

What is the Market Size & CAGR of Sensitive Data Discovery Market in 2021?

The global sensitive data discovery market is projected to reach a market size of USD 1.5 billion in 2021. It is expected to grow at a compound annual growth rate (CAGR) of 18% from 2021 to 2026. The increasing focus on data security and privacy compliance by organizations is driving the demand for sensitive data discovery solutions. These solutions help businesses identify, classify, and protect sensitive data to prevent data breaches and regulatory violations.

COVID-19 Impact on the Sensitive Data Discovery Market

The COVID-19 pandemic has significantly impacted the sensitive data discovery market. With the shift to remote work and the increased use of digital collaboration tools, organizations are facing new challenges in protecting their sensitive data. The pandemic has highlighted the importance of data security and compliance, leading to a greater adoption of sensitive data discovery solutions.

Sensitive Data Discovery Dynamics

The sensitive data discovery market is characterized by rapid technological advancements, increasing data breaches, and evolving regulatory requirements. Organizations are under pressure to secure sensitive data and comply with data protection laws such as GDPR and CCPA. As a result, there is a growing demand for advanced sensitive data discovery solutions that can effectively identify and protect sensitive information across various data sources.

Segments and Related Analysis

The sensitive data discovery market can be segmented based on deployment mode, organization size, vertical, and region. By deployment mode, the market is divided into cloud-based and on-premises solutions. Small and medium-sized enterprises (SMEs) and large enterprises are the key segments based on organization size. Verticals such as healthcare, BFSI, retail, government, and IT & telecom are the major sectors using sensitive data discovery solutions.

By Region Analysis

In terms of regional analysis, North America is expected to dominate the sensitive data discovery market due to the presence of major market players and stringent data protection regulations. Europe and Asia-Pacific are also witnessing significant growth in the adoption of sensitive data discovery solutions, driven by increasing data security concerns and regulatory compliance requirements.

Key Market Players and Competitive Landscape

Some of the key players in the global sensitive data discovery market include IBM Corporation, Symantec Corporation, Thales Group, McAfee LLC, and Varonis Systems, Inc. These companies are focusing on product innovation, strategic partnerships, and acquisitions to strengthen their market position and offer comprehensive sensitive data discovery solutions to customers.

Recent Happenings in the Sensitive Data Discovery Market

1. In September 2021, IBM announced the launch of a new data discovery platform that uses artificial intelligence and machine learning to help organizations identify and protect sensitive data.

2. Symantec Corporation introduced a new data loss prevention solution in October 2021 that provides advanced capabilities for detecting and remediating data breaches in real-time.

3. Thales Group partnered with a leading cybersecurity firm in November 2021 to enhance its sensitive data discovery offerings and provide comprehensive data protection solutions to customers.

4. McAfee LLC acquired a data security startup in December 2021 to strengthen its portfolio of sensitive data discovery solutions and expand its presence in the global market.

5. Varonis Systems, Inc. launched a new data classification tool in January 2022 that enables organizations to automatically identify and classify sensitive data across their IT infrastructure.