Sensitive Data Discovery Market worth $ 12.4 billion by 2026
The report " Sensitive Data Discovery Market by Component , Organization Size , Deployment Mode , Application ( Security and Risk Management , Compliance Management , Asset Management ), Vertical ( BFSI , Healthcare and Life Sciences ), and Region - Global Forecast to 2026 " The global sensitive data discovery market size to grow from USD 5.1 billion in 2020 to USD 12.4 billion by 2026 , at a Compound Annual Growth Rate ( CAGR ) of 16.1 % during the forecast period . Various factors such as the growing need to discover sensitive structured and unstructured data , increasing investments in data privacy with evolving regulations , and rise in remote workers and real-time data access are expected to drive the adoption of the sensitive data discovery solutions and services .
Businesses providing sensitive data discovery solutions and services are expected to witness a minor decline in their growth for a short span of time . However , the focus on vaccine development , adoption work from home initiatives , and eHealth are leading to explosion of structured and unstructured data , which needs to be discovered and managed efficiently to derive insights . The market would witness a minimal slowdown in 2020 , followed by positive growth during the forecast period . The global spread of COVID-19 has led to numerous privacy , data protection , security , and compliance questions . The increasing challenge of companies to maintain Personally Identifiable Information ( PII ) privacy violations and derive actionable insights and changes during COVID-19 would provide opportunities for the market growth .
The cloud segment to grow at a higher CAGR during the forecast period
The sensitive data discovery market by deployment mode has been segmented into on-premises and cloud . Cloud is further segmented by type in a public cloud , private cloud , and hybrid cloud . The cloud segment is expected to grow at a rapid pace during the forecast period . The high CAGR of the cloud segment can be attributed to the availability of easy deployment options and minimal requirements of capital and time . These factors are supporting the current lockdown scenario of COVID-19 as social distancing , and lack of workforce hit the industry and are expected to drive the adoption of cloud-based sensitive data discovery solutions . Highly secure data encryption and complete data visibility and control feature are responsible for the higher adoption of on-premisesbased sensitive data discovery solutions .
The services segment to grow at a higher CAGR during the forecast period
The sensitive data discovery market is segmented on the basis of components into solutions and services . Services are further segmented into professional and managed services . Professional services include consulting , deployment and integration , and support and maintenance services . The demand for professional services is expected to rise due to a rise in tailored demand for customers . Customers are coming up with customization requirements in the already installed sensitive data discovery solutions to enhance the overall performance .
Among verticals , the healthcare and life sciences segment to grow at the highest CAGR during the forecast period
The sensitive data discovery market is segmented on verticals into BFSI , government , healthcare , and life sciences , retail , manufacturing , telecommunications and IT , and other verticals ( education , and travel and hospitality ). The BFSI vertical is expected to account for the largest market size during the forecast period . Moreover , the