Data Security as a Service Market Size

Data Security as a Service Market Size

Data Security as a Service Market size surpassed USD 20 billion in 2022 and is projected to register more than 12% CAGR between 2023 and 2032, on account of the mounting cases of cyber-attacks.

Data security as a service becomes the fastest way to achieve consistent and next-generation data protection through the improvement of business flexibility and agility. With the growing cases of data breaches, the requirement for reliable data security services will increase. Based on statistics from the Identity Theft Resource Center, in the first quarter of 2022, data breaches rose by 14% as compared to a year earlier. Since the cost associated with cyber-attacks is high, businesses are opting for efficient DSaaS software to identify threats and reduce exposure to hackers

The high cost of cyber breaches and other such incidents may threaten business continuation, thereby encouraging governments to enforce strict cybersecurity norms and mitigate data security issues. For instance, the Cyber Security Agency of Singapore introduced a certification program to identify large businesses and SME that have implemented good cyber hygiene measures. Such initiatives will boost the adoption of holistic approaches to ensure data access monitoring, governance, and at-rest protection and create lucrative growth opportunities for DSaaS providers.