Forecast: Global Data Center Security Market to Exceed 11% Growth Rate
A new report suggests increasing cybersecurity concerns and monitoring needs are among factors driving data center security adoption.
DALLAS – The global data center security market is forecast to grow annually 11.4% from 2015 to 2020, according to a report published by research firm Markets and Markets.
Although the mature markets such as the United States and the United Kingdom hold larger shares in the data center security market, the Asia-Pacific region is expected to grow at the highest compound annual growth rate (CAGR) of 16.6% during the forecast period.
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The growth of the data center security market is driven by factors such as high usage of cloud computing, virtualization and increasing security concern of curtail business and personal data. However, factors such as availability of low cost, substitute software solutions and, low awareness of solutions and its benefits, are the factors that are restraining the growth of the market, according to the report. Moreover, emerging economies such as India, Brazil, Singapore and China are creating growth opportunities for the data center security market in these regions.
The report classifies the global data center security market into solutions (logical and physical) and services (consulting, managed and professional) segments. The market has been broadly classified by types of data centers. The midsize data centers market segment is estimated to grow at the high CAGR from 2015 to 2020. Factors such as high technological adoption rate, increasing data security concern, and efficient data access, control and monitoring needs are driving the growth of this market.
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Geographically, North America is estimated to command the largest share of 37.05 % of the global data center security market in 2015, followed by Asia Pacific. The data center security market in North America is primarily driven by factors such as increasing governmental initiative of data privacy and security, high technological advancements in data centers, and high numbers in usage of cloud and virtualization. However, high availability of low cost, substitute software solutions, low awareness, and budgetary constraints are some of the main issues which are hampering the growth of the data center security market in this region.
The Asia-Pacific region is estimated to grow at the highest CAGR of 16.6% from 2015 to 2020. Factors such as increasing numbers of new data center, high technological adoption rates, and increasing requirement and needs of data security in various business verticals are propelling the growth of the data center security market in the Asia-Pacific region.
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