Data Security as a Service Market Is Predicted to Grow At More Than 12% CAGR From 2023 To 2032

As per a recent research report, Data Security as a Service Market to surpass USD 75 Bn by 2032.

The expanding use of digital technology as well as the internet has led to an increase in data volume. The demand for dependable and scalable backup as well as recovery solutions has increased as a result. Data backup is essential for an organization's productivity in the rapid digital business environment. It also combines strategies and solutions for successful and affordable backup.

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Furthermore, the data security as a service market is also expanding due to the widespread use of cloud-based solutions and preference for technologically advanced systems. For the record, Nokia introduced two innovative Software-as-a-Service (SaaS) solutions in the regions of security as well as analytics. The initiative forms a part of its goal to provide communication service providers (CSPs) and organizations with a cost-effective and more flexible means of servicing their customers, running, and monetizing their infrastructure as innovative 5G services are rolled out.

The data security as a service market has been divided in terms of type, deployment mode, organization size, end users, and business.

Based on type, the data backup and recovery as a service segment is slated to grow considerably over the review timeline. The segmental growth can be driven by the extensive usage of cloud-based services and technology. Several firms are shifting to cloud to save operational costs and provide real-time access to employees. But as cloud computing has gained popularity, the threat of theft, data loss, and unauthorized access to personal data has grown. Data backup and recovery as a service is in high demand as a result.

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With respect to deployment mode, the private cloud segment is speculated to grow at more than 10% CAGR from 2023 to 2032 driven by the fact that private cloud infrastructure is maintained and secured by users themselves, making it more vulnerable to performance problems, insufficient capacity, non-compliance, as well as other security issues.

In terms of region, the Europe data security as a service industry is estimated to hold more than 25% market share by 2032. European governments are making major investments in the region's cyber security network, which is luring data security companies to create new security solutions and services and take advantage of the escalating demand.

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