Investors Eye Lucrative Opportunities in Booming Sensitive Data Discovery Market | Share to Reach $34.53 Billion by 2030

The UK and Germany are top contributors to growth of the sensitive data discovery solutions in Europe. Increase in investments in data security measures, rise in acceptance of data security solutions, and a growth in businesses regarding data security are critical factors that propel growth of the market in this region.

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The sensitive data discovery market is looking at various growth opportunities by focus on data security, IoT, and real-time data analysis. Growth in demand for embedding data with business processes and creating actionable insights and the need for data usage across all domains due to the COVID-19 epidemic, is expected to provide lucrative opportunities for major market players.

According to a recent report published by Allied Market Research, the global sensitive data discovery market size was valued at $4.9 billion in 2020, and is projected to reach $34.53 billion by 2030, registering a CAGR of 21.6% from 2021 to 2030.

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Sensitive data discovery refers to the process of identifying, locating, and categorizing sensitive information within an organization's data repositories. This sensitive data can include personally identifiable information (PII) such as names, addresses, social security numbers, financial information, healthcare records, and more.

The goal of sensitive data discovery is to ensure that organizations can effectively manage and protect their sensitive information, in compliance with relevant regulations and to mitigate the risk of data breaches or unauthorized access. Discovery tools and techniques often involve scanning data sources, applying algorithms to recognize patterns indicative of sensitive data, and flagging or classifying the identified information for further action, such as encryption, access control, or deletion.

Emerging regulations such as the California Consumer Privacy Act (CCPA) and the General Data Protection Regulation (GDPR) and increase in investments in data privacy and end-user security are the factors that propel growth of the sensitive data discovery solutions across the globe. Moreover, increase in number of security breach cases due to cloud misconfiguration and need to reduce infrastructure security and risk of breaches are expected to boost the sensitive data discovery market analysis during the forecast period.

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New privacy laws have been enacted in the U.S. and around the world and changes have been made to existing laws, with businesses facing an uphill battle to stand up to ever-changing data privacy. In North America, legislators are focused on enforcing regulations that are in line with advances in data privacy (e.g., GDPR in the European Union). The number of laws introduced at the state and federal levels has increased. CCPA increases the control bar to disclose personal information collected by companies and the information they use. It also allows customers not to share their personal information. These privacy regulations fuel the growth of the sensitive data discovery market size.

The sensitive data discovery market has seen a surge in key players aiming to address the growing concerns around data privacy and security. Among the prominent contenders in this space are DataGuise, Varonis Systems, Informatica, BigID, IBM, Micro Focus, Spirion, Datiphy, PKWARE, and Amazon Web Services (AWS). These players offer a range of solutions leveraging advanced technologies like machine learning and artificial intelligence to detect, classify, and protect sensitive data across various repositories and platforms. With the increasing regulatory scrutiny and the rise in data breaches, the competition among these market leaders continues to intensify, driving innovation and enhancing the capabilities of sensitive data discovery solutions.

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