Database security breaches can occur in a variety of ways, leaving companies nervous that traditional methods won’t hold up.
The database security market will continue to grow thanks to renewed interest in data privacy tools and other related solutions. In addition, the adoption of IoT in multiple industries will help drive market share to $17.7 billion by 2031, according to Transparency Market Research. The market is estimated to expand at a compound annual growth rate (CAGR) of 17.7% from 2022 to 2031.
Companies are under increasing pressure to manage best practices in security for a wide range of data. The stakes are high, and failure to comply could mean steep penalties, as well as loss of consumer trust.
Database security breaches can occur in a variety of ways, leaving companies nervous that traditional methods won’t hold up. In addition, complex network environments have companies scrambling to rewrite database management and find a solution that caters to their specific instance.
See also: Five Biggest Cybersecurity Trends in 2022
What’s driving the database security market
Cloud adoption is one of the biggest drivers for the market currently. Companies are moving their databases to the cloud or a hybrid environment, so they need new ways to manage data. Database security solutions that effectively address complexity while offering flexibility and scalability could take the lion’s share of the market’s growth.
Regulatory compliance is an ever-changing mark, and companies need solutions that adapt quickly to new benchmarks. Without these, companies run the risk of losing both revenue and trust. One response is equipping database tools with artificial intelligence and machine learning capability.
Cybersecurity threats continue to evolve, and an evolved response is required. These new database security solutions can help keep new threats at bay and prevent or mitigate current threats. This represents a sizable revenue stream for companies with next-gen cybersecurity tools that integrate with database management.
Key players in the field comprise global firms, and the demand should reach across the world as well. It should be a steady but popular market for the next decade.