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Data Security Market to Grow by USD 3.87 Billion from 2023-2027, AI and Strict Data Protection Regulations Drive Transformation – Technavio Report

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NEW YORK, Sept. 6, 2024 /PRNewswire/ — Report with the AI impact on market trends- The global data security market size is estimated to grow by USD 3.86 billion from 2023-2027, according to Technavio. The market is estimated to grow at a CAGR of over 14.8% during the forecast period. Stringent regulations regarding data protection is driving market growth, with a trend towards Increasing focus toward data security automation. However, system integration and interoperability issues poses a challenge. Key market players include Amazon.com Inc., Broadcom Inc., Centrify Corp., Cisco Systems Inc., Cloudera Inc., Fortinet Inc., Hewlett Packard Enterprise Co., Imperva Inc., International Business Machines Corp., McAfee LLC, Microsoft Corp., NetApp Inc., Oracle Corp., Palo Alto Networks Inc., Proofpoint Inc., Sirius Computer Solutions Inc., Sophos Ltd., Thales Group, Varonis Systems Inc., and Zscaler Inc..

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Data Security Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017 – 2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 14.8%

Market growth 2023-2027

USD 3866.29 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

14.56

Regional analysis

North America, Europe, APAC, South America, and Middle East and Africa

Performing market contribution

North America at 33%

Key countries

US, China, Japan, Germany, and UK

Key companies profiled

Amazon.com Inc., Broadcom Inc., Centrify Corp., Cisco Systems Inc., Cloudera Inc., Fortinet Inc., Hewlett Packard Enterprise Co., Imperva Inc., International Business Machines Corp., McAfee LLC, Microsoft Corp., NetApp Inc., Oracle Corp., Palo Alto Networks Inc., Proofpoint Inc., Sirius Computer Solutions Inc., Sophos Ltd., Thales Group, Varonis Systems Inc., and Zscaler Inc.

Market Driver

Data automation is revolutionizing the tech sector, including data security. Automation in data security refers to the use of technology to perform repetitive data security tasks. This trend is gaining popularity due to the increasing complexity of cyberattacks and the understaffed data security teams in organizations. Data security automation tools and platforms can assist in managing hardware and software assets, conducting vulnerability assessments, monitoring data, maintaining asset conditions, and patching systems. By automating these tasks, organizations can improve efficiency, reduce workload, and focus on the business impact of data security solutions. The adoption of data security automation is expected to drive the growth of the global data security market. 

The Data Security Market is experiencing significant growth due to the increasing volumes of digital data and the expanding use of information applications. Cybercrimes, including money theft, lost property, and intellectual property theft, pose a major threat to businesses and individuals. Digitalization trends, such as the proliferation of digital devices, the Internet of Things, and cloud computing, add to the complexity of data security. Data auditing, real-time alerts, risk assessment, and minimization are essential practices to mitigate data breaches. CSIS reports reveal an exponential trend in cyberattacks, with viruses, phishing attempts, and endpoint protection being key concerns. IoT devices, SPDI rules, mobile technology, social media, and Simple Storage Service are also areas of focus. Industry associations, national statistical offices, security organizations, and government entities are collaborating to enhance cybersecurity. Forecasting techniques, including internet penetration and forecasting techniques like exponential trend smoothing, are used to anticipate cyber threats. VPN, AI, and ML are emerging technologies that offer enhanced security solutions. B2C, B2B, and B2G sectors are investing in security testing, Mobile Device Management, and VAT to safeguard their financial statements. Cybersecurity is a critical business priority in today’s digital world. 

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Market Challenges

The integration of data security solutions into various industry verticals, such as BFSI, telecom, transportation, and public- sector firms, is on the rise. However, this trend brings about system integration and interoperability challenges. Organizations often face difficulties in integrating multiple data security systems with their existing IT infrastructure. Technical issues during operations can lead to significant costs and reduced operational efficiencies. Vendors must address these concerns by providing unified data security solutions that can easily integrate with existing systems. Customization of data security solutions can be costly, making it difficult for vendors to cater to individual organization’s unique requirements. Seamless integration of multiple data security systems is crucial to avoid cross-platform issues and ensure the market’s continued growth. Vendors must conduct thorough trials before introducing new solutions to mitigate technical glitches and hacking risks.The Data Security market is expanding rapidly due to increasing challenges in safeguarding sensitive information for Business-to-Consumer (B2C), Business-to-Business (B2B), and Business-to-Government (B2G) transactions. Cyberattacks, VAT fraud, and data thefts pose significant risks to financial statements and business continuity. Industry associations, national statistical offices, and security organizations work together to address these issues. Challenges include cyberattacks, VAT fraud, and data breaches affecting financial statements and business continuity. B2C, B2B, and B2G sectors face these risks. SMEs, PII, IT infrastructure, and Cloud solutions are primary concerns. Next-Generation Firewalls, Advanced Threat Protection, and Endpoint security are essential tools. Cyber hygiene practices, Targeted attacks, Business Continuity Plan, and Sensitive data protection are crucial. Global organizations, regulatory authorities, and emerging startups grapple with data ingestion, structured and unstructured data, Cloud deployment, and On-premises deployment. Financial loss, intellectual property loss, competitive advantages, and business disruption are potential consequences. Financial capabilities and IT security infrastructure are key factors. AI, ML, VPN, and Next-Generation Firewalls are essential technologies. Regulatory compliance and cybersecurity best practices are essential.

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Segment Overview

This data security market report extensively covers market segmentation by

Deployment1.1 On-premises1.2 Cloud-basedType2.1 Large enterprise2.2 SMEGeography3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa

 

1.1 On-premises- The Data Security Market is a significant business sector that focuses on safeguarding digital information from unauthorized access, use, disclosure, disruption, modification, or destruction. Companies invest in data security solutions to protect sensitive data, maintain customer trust, and comply with regulations. Growth in digital transformation and increasing cyber threats drive market expansion. Key players include IBM, Cisco, Microsoft, and Symantec.

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Research Analysis

The Data Security market is a critical segment of the technology industry, focusing on safeguarding digital information from cyberattacks for Business-to-Consumer (B2C), Business-to-Business (B2B), and Business-to-Government (B2G) sectors. With the increasing use of technology and the internet, the market’s significance continues to grow. Value-Added Tax (VAT) offices and national statistical offices are also key stakeholders in ensuring data security for financial statements. Cybercrimes, including Odinaff, Danabot, Camubot, Backswap, and others, pose significant threats to data security. Security organizations play a vital role in mitigating these risks through Next-Generation Firewalls, Advanced Threat Protection, Artificial Intelligence (AI), and Machine Learning (ML) solutions. Small and Medium-sized Enterprises (SMEs) are increasingly targeted, making it essential to secure PII and IT infrastructure. Cloud solutions and Information applications are also significant areas of focus, as data volumes continue to grow. Industry associations are crucial in setting standards and best practices for data security. Virtual Private Networks (VPNs) are also essential tools for secure data transmission.

Market Research Overview

The Data Security market is a dynamic and evolving industry that encompasses various sectors including B2C, B2B, B2G, and large enterprises. With the increasing use of technology and digitalization trends, the market is witnessing an exponential trend in cyberattacks, data thefts, identity thefts, and business disruptions. VAT, industry associations, national statistical offices, and security organizations play crucial roles in data security. Cybersecurity threats come in various forms, such as financial statements manipulation, targeted attacks, and data breaches. SMEs, PII, IT infrastructure, Cloud solutions, Endpoint security, and Cyber hygiene practices are key areas of focus. Next-Generation Firewalls, Advanced Threat Protection, and AI, ML are essential tools for securing data. Data volumes continue to grow, driven by digital data generation from various sources, including the Internet of Things, digital devices, and social media. Data Auditing, Data Real-time Alerts, and Data risk assessment are crucial for identifying and mitigating risks. Data minimization, Breaches, Capital loss, Intellectual property loss, and Business Continuity Plan are significant concerns for organizations. Regulatory authorities play a vital role in enforcing data security regulations and compliance. Digitalization trends, such as Cloud deployment and On-premises deployment, require robust IT security infrastructure. Cybercrimes, including money theft, lost property, and intellectual property theft, pose significant risks to organizations. VPN, SPDI Rules, Simple Storage Service, Syxsense, Mobile Device Management, and other security solutions are essential for securing data in various deployment models. Cybercrimes continue to evolve, necessitating the need for advanced security solutions and continuous security testing.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

DeploymentOn-premisesCloud-basedTypeLarge EnterpriseSMEGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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/C O R R E C T I O N from Source — Carbon Upcycling Technologies Inc./

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In the news release, Carbon Upcycling, Minnesota DOT and National Road Research Alliance Joint Study Shows High-Performance Low-Carbon Concrete is 30% Stronger than Existing Roadways, issued 12-Nov-2024 by Carbon Upcycling Technologies Inc. over CNW, we are advised by the company that corrections were made to the release. The complete, corected release follows:

Carbon Upcycling, Minnesota DOT and National Road Research Alliance Joint Study Shows High-Performance Low-Carbon Concrete is Stronger than Existing Roadways

Carbon Upcycling’s concrete mix demonstrated a 28% increase in strength at 28 days, while reducing cementitious content by 12.3%, setting a new standard for low-carbon sustainable infrastructure

CALGARY, AB, Nov. 12, 2024 /CNW/ – Carbon Upcycling Technologies, Inc. (Carbon Upcycling), a leader in decarbonization and carbon capture & utilization (CCU) for hard-to-abate industries, along with, the Minnesota Department of Transportation (MnDOT) and the National Road Research Alliance (NRRA) has successfully completed the construction phase of a multi-year study on the use of low-carbon cement in highways. The results highlight Carbon Upcycling’s ability to be a drop-in solution for reducing carbon-intensive cement in concrete.

The study, managed by Sutter Engineering LLC and sponsored by the National Road Research Alliance (NRRA), rigorously tested 16 unique concrete mixtures in real-world conditions on an active Minnesota highway to identify options that could reduce the carbon footprint of infrastructure without sacrificing strength or durability. Completed in early 2024, the study aimed to find materials that could significantly lower the carbon footprint of concrete paving without compromising durability. Carbon Upcycling’s CO2-enhanced mix achieved a 12.3% reduction in cement content while matching the workability of traditional concrete, allowing seamless handling, placement, and setting times for construction crews. These findings provide valuable data to guide future low-carbon infrastructure projects across North America, as the seamless integration into existing workflows offers a drop-in, low-carbon alternative without compromising ease of use or performance.

The study revealed significant performance and environmental benefits of Carbon Upcycling’s concrete mix:

Increased Strength: 28% stronger at 28 days compared to the advanced control concrete.Reduced Cement Use: The CCU process allowed a 12.3% reduction in cementitious material, effectively reducing both carbon emissions and material costs.Greater Resiliency to Natural Elements: 32% increase in chloride resistivity for more durable concrete.

“Infrastructure is the very foundation of a sustainable future, and at Carbon Upcycling we’re committed to creating materials that support this vision while establishing a secure, stable North American supply chain,” said Apoorv Sinha, CEO of Carbon Upcycling. “Our collaboration with the Minnesota Department of Transportation highlights how Carbon Upcycling can transform captured emissions into local materials that strengthen our infrastructure. By focusing on resilience and sustainability, we’re contributing to a vision where our essential structures are clean and built to last.”

Carbon Upcycling partnered with BURNCO to deploy and test 140 m³ of its CCU-enhanced concrete mix, monitored by Larry Sutter, Principal Engineer at Sutter Engineering LLC, for strength, workability, and environmental impact on a Minnesota highway.

“Carbon Upcycling submitted a very impressive mixture design to the trial,” said Larry Sutter, MnDOT’s Principal Engineer and the project’s technical manager. “Their material not only achieved the highest reduction in cementitious content among all submissions but also demonstrated remarkable strength. By embedding CO2 and reducing the reliance on portland cement, Carbon Upcycling’s technology addresses one of the concrete industry’s most pressing challenges—lowering its carbon footprint as global demand for cement is expected to double by 2050. This project data will be invaluable as the industry works toward its 2030 CO2 reduction targets.”

Since 2021, Carbon Upcycling has deployed over 3,000 tonnes of low-carbon cement and has attracted investment from some of the world’s largest cement industry players such as Cemex, CRH and Titan Cement.

About Carbon Upcycling Technologies:
Carbon Upcycling is a decarbonization and carbon capture & utilization technology provider for the world’s hardest-to-abate industries. The company’s commercial technology upcycles point-source industrial CO2 emissions and local industrial waste materials into high-performance, low-carbon cement alternatives. The company is currently commissioning its first-of-a-kind commercial system at Canada’s largest cement plant. Carbon Upcycling has received global recognition for its industry-leading innovation. Notably, Carbon Upcycling was named a 2023 and 2024 Global Cleantech 100, Reuter’s Top 100 Innovators Leading the Energy Transition, and a World Economic Forum 2024 Technology Pioneer.

For more information, visit www.carbonupcycling.com.

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SOURCE Carbon Upcycling Technologies Inc.

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Massachusetts Community Colleges Partner with AMSimpkins & Associates to Implement their S.A.F.E. Platform in Efforts to Combat Student Applicant Fraud

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This partnership marks a significant milestone for Massachusetts Community Colleges in their efforts to prevent fraud and ensure equitable access to education. The implementation of S.A.F.E. will provide the institutions with cutting-edge technology and reliable safeguards, solidifying their reputation as forward-thinking leaders in the fight against student application fraud.

ATLANTA, Nov. 15, 2024 /PRNewswire-PRWeb/ — AMSimpkins & Associates, a leader in cutting-edge cybersecurity solutions for educational institutions, is proud to announce that Massachusetts Community Colleges have selected the S.A.F.E. (Student Application Fraudulent Examination) platform to bolster their efforts in preventing and detecting student application fraud. This strategic move underscores Massachusetts’ commitment to maintaining the integrity of its admissions process and ensuring that valuable educational resources reach legitimate students.

“We’re excited to partner with Massachusetts Community Colleges and support their mission to provide quality education to genuine, eligible students.”

In recent years, fraudulent applications and financial aid scams have become increasingly pervasive issues, especially as institutions pivot towards more digital and remote application processes. By adopting the S.A.F.E. platform, Massachusetts Community Colleges are taking a proactive stance to safeguard their institutions against evolving fraud tactics.

S.A.F.E., developed by AMSimpkins & Associates, is a comprehensive fraud detection and prevention solution that leverages advanced data analytics, artificial intelligence (AI), machine learning algorithms, and real-time monitoring to identify potentially fraudulent activity within the student application and financial aid processes. With over 50 colleges and universities already utilizing the S.A.F.E. platform, Massachusetts Community Colleges now join a growing community of educational institutions committed to integrity, transparency, and security.

“S.A.F.E. is built from the ground up with the unique needs of higher education institutions in mind,” said Maurice Simpkins, President of AMSimpkins & Associates. “With our deep understanding of the higher education landscape, we’ve created a solution that not only detects and prevents fraud but also allows institutions to seamlessly integrate these checks into their admissions workflows. We’re excited to partner with Massachusetts Community Colleges and support their mission to provide quality education to genuine, eligible students.”

The S.A.F.E. platform offers a robust set of features to prevent and detect fraudulent applications, including:

Real-time Identity Verification: Through partnerships with industry-leading identity verification services, S.A.F.E. ensures that applicants are who they claim to be by cross-referencing multiple data points, including Social Security Number validation, address checks, and real-time ID verification.AI-Driven Anomaly Detection: S.A.F.E. continuously monitors and learns from application data patterns, enabling it to detect suspicious behaviors that could indicate fraudulent activity.Geo-Blocking and Risk Scoring: Institutions can customize geo-blocking settings to restrict access from high-risk regions and employ dynamic risk scoring based on user interactions, device profiling, and behavior analytics.Customizable Fraud Rules and Policies: The platform allows administrators to set specific fraud thresholds and responses, tailoring the system’s sensitivity to meet the unique needs of each college or university.Real-time Alerts and Data Sharing: S.A.F.E. sends real-time alerts to designated stakeholders if suspicious activities are detected, allowing for quick responses and preventative actions.Additionally, the platform facilitates data sharing across institutions to block repeated offenders system-wide.

In addition to its fraud prevention features, AMSimpkins & Associates also provides cybersecurity consulting and support through partnerships with Cybersecurity organizations, adding another layer of protection for Massachusetts Community Colleges. This comprehensive approach aligns perfectly with the state’s vision of creating a secure and resilient higher education environment.

About AMSimpkins & Associates

AMSimpkins & Associates is an industry-leading provider of cybersecurity solutions focused on safeguarding educational institutions. Their flagship product, S.A.F.E. (Student Application Fraudulent Examination), is specifically designed to address the complex challenges of fraud in higher education admissions and financial aid. By partnering with colleges, universities, and technology providers, AMSimpkins & Associates is committed to maintaining the integrity of education by keeping students and institutions safe from fraud.

For more information about AMSimpkins & Associates and the S.A.F.E. platform, please visit amsa-highered.com

Media Contact

LAQWACIA SIMPKINS, AMSimpkins and Associates, 1 6786824193, LSIMPKINS@AMSA-CONSULTING.COM, AMSimpkins and Associates

Twitter, Facebook, LinkedIn

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SOURCE AMSimpkins and Associates

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bswift Acquires Evive: Launches Integrated Personalized Engagement Platform

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bswift announces a fully integrated personalized engagement solution aimed at delivering better health care outcomes through data-driven personalization, predictive analytics, and behavioral science. 

CHICAGO, Nov. 15, 2024 /PRNewswire/ — bswift LLC, an industry leader in employee benefits technology and administration, announced today the launch of its fully-integrated personalization and engagement engine. This solution is a result of bswift’s recent acquisition of Evive Health, LLC, a pioneer in the field with a demonstrated track record of driving outcomes for employees, employers and health plans by optimizing benefit understanding and utilization, resources, and programs for millions of Americans. 

“By bringing bswift and Evive together, we have integrated a powerful engagement platform,” – bswift CEO, Ted Bloomberg.

With this exciting investment, bswift reinforces its mission to lead the benefits administration space and strengthens its role as a strategic ally for its clients – empowering them to deliver on their benefits strategies by motivating plan participants to manage their health and wellbeing proactively.

“Our clients and partners consistently tell us that member engagement, personalized experiences, and cost management are their top strategic priorities today and in the foreseeable future,” said bswift CEO, Ted Bloomberg. “By bringing bswift and Evive together, we have integrated a powerful engagement platform into our core benefits administration solution. That is a first, and we are delighted to immediately and directly support employers’ critical priorities with proven, industry-leading capabilities.” 

Using data-driven personalization and the power of predictive analytics and behavioral science, bswift’s personalization toolset is proven to increase benefits awareness, engagement, and utilization by delivering tailored and actionable messages about the right benefit at the right time. Demonstrated results include driving a 3X increase in health actions recommended by qualified providers, and a 12% increase in annual preventative care screening visits. 

“We’re thrilled to be the first in our market to deliver this supercharged engagement capability across all aspects of the user experience,” said bswift Executive Vice President of Product, Matt Waldrup. “bswift is completely reimagining the benefits experience with personalized, data-driven, multi-channel communications that engage employees across their physical, emotional, financial, and personal wellbeing, empowering people to make the most of their benefits.” 

bswift’s new personalization engine empowers employers and employees: 

Personalized, next-best-action journeysReward and incentive-based gamification to boost engagementOn-the-go access to benefits and incentive activities via mobile appRobust analytics and reporting for HR teams to track campaign ROI and engagement metrics

Employers can now leverage bswift’s expertise to systematically deliver smarter, more relevant communications to promote healthier habits, optimize benefit utilization – and maximize employee health outcomes. 

About bswift 
bswift LLC offers cloud-based technology and services that transform the way employees perceive and engage with their benefits. With adaptive technology, service excellence, and compassionate service, bswift serves millions worldwide. Their comprehensive suite of solutions provides intuitive, personalized online enrollment, interactive decision support, ACA compliance reporting, and employee engagement. Visit www.bswift.com to learn more. 

About Evive 

Evive is a digital communications and engagement platform that helps health plans and employers optimize the benefits, resources and programs they offer their employees. Using data-driven personalization, closed-loop engagement reporting and the power of predictive analytics and behavioral science, Evive increases benefits awareness, engagement and utilization to deliver the right message about the right benefit at the right time. Visit www.goevive.com to learn more.

Media Contact: 
Zoya Siddiqui 
Senior Director, Marketing 
zsiddiqui@bswift.com

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SOURCE bswift LLC

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