Data Security As A Service (DSaaS) Market worth $55.3 billion by 2027 - Exclusive Report by MarketsandMarkets

CHICAGO, Jan. 27, 2023 /PRNewswire/ -- The Global Data Security As A Service (DSaaS) Market is expected to grow from an estimated USD 31.0 billion in 2022 to USD 55.3 billion by 2027 at a CAGR of 12.3% from 2022 to 2027, according to a new report by MarketsandMarkets. Factors driving market growth include data evolution and associated security problems, adherence to strict regulatory guidelines, and increased usage of cloud technology and IoT devices in enterprises.

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By type, Data Governance & Compliance as a Service segment to grow at the highest CAGR during the forecast period

Data governance empowers organizations to extend access governance to unstructured data and structured data in the enterprise workstations and cloud environment. More than 80% of the enterprise data is unstructured and expected to be doubling exponentially. Managing and securing this unstructured data poses significant challenges, which legacy methods fail to address. Data governance provides an automated, scalable, and interoperable platform to govern this unstructured data. Furthermore, governing access to such enormous volumes of data is a critical challenge for enterprises. It is complex to identify where the data resides, who in the business has ownership of the data, and who is entitled to access the data. With the help of a data governance solution, these issues can be resolved easily.

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By organization size, the SMEs segment to grow at the highest CAGR during the forecast period

The prevailing usage of mobile technology and the adoption of BYOD trends and cloud-based services has enhanced the profits of SMEs. This has helped SMEs in improving their overall business structure. The growing usage of mobile devices has influenced data transfer over business networks to personal devices, such as mobile phones and laptops. This helps increase the fraudulent data, cyberattacks, data losses, and threat of personal data thefts. The rising security issues have made way for SMEs to focus their concerns on data security as a service solution. Although SMEs must consider their limited budgets, comprehending corporate information is essential, making them use data discovery and classification, data protection, and data governance solutions. In the coming years, data security as a service solution is expected to witness high adoption among SMEs.