Data Erasure Solutions Market Poised to Expand at a Robust Pace by 2030 | TMR
October 13, 2021
Rising significance of the ITAD industry and increasing use of cloud infrastructure across the world are driving the global data erasure solutions market.
ALBANY , NY, US, October 13, 2021 /EINPresswire.com/ -- Data erasure solutions play a vital role not only in clearing or erasing sensitive business data but in preventing the data from being infected by cyber malware and malicious software. Data erasure solutions have grown to become a necessity for nearly all companies dealing with data management with increasing applications in most end-use industries, from governments to education, healthcare, manufacturing, aerospace to defense.In terms of revenue, the global data erasure solutions market is estimated to expand at a CAGR of ~29% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in its report on the global data erasure solutions market.
Technical advancements, increased digitization, and presence of a large number of data erasure software and services providers are anticipated to drive the data erasure solutions market during the forecast period. As a result, the market is anticipated to witness healthy growth rate during the forecast period.
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Data Erasure Solutions Market: Dynamics
Rising significance of the ITAD industry and increasing use of cloud infrastructure across the world are driving the global data erasure solutions market. Increasing adoption of cloud infrastructure in different organizations and expansion of the electronics industry are projected to boost the data erasure solutions market in the upcoming years. Moreover, rising threat of data loss from old assets such as PCs, mobile devices, and servers has offered data erasure solution manufacturers opportunities to develop certified data erasure solutions in order to minimize the risk of data leakage. Presence of a large number of data erasure solution providers and post-sale service providers across regions have led to a subsequent rise in the demand for data erasure solutions. This is likely to propel the market during the forecast period. The increase in the scope of applications of data erasure solutions in ITADs and data centers broadens the scope of the data erasure solutions market across the globe. The rise in the use of cloud infrastructure and awareness about data erasure solutions & systems among large and small & medium enterprises is likely to drive the market in the near future. Additionally, high demand for digitalized products that offer better and cost effective results boosts the application of data erasure solutions.
Data destruction has slowed down across all industries, as several businesses have shifted to work-from-home models and moved e-media shredding priorities into the forthcoming months/years. However, numerous businesses still have onsite data destruction needs due to security concerns. Furthermore, during the COVID-19 pandemic, IT asset disposal and secure data destruction have been included as an essential service due to the industry, and national security and privacy concerns.
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Data Erasure Solutions Market: Prominent Regions
Both North America and Europe are mature regions for the market, owing to high awareness about data erasure solutions among users and technological developments. However, the market in Asia Pacific is estimated to expand at a robust pace during the forecast period. The market in Asia Pacific is predominantly driven by rapid expansion of the IT & telecom industry and the BFSI industry, experiencing advanced and dynamic adoption of new technologies across the region. Rise in penetration of technology as well as significant investment in optimal utilization of data erasure solutions across countries such as the U.S., the U.K., Germany, France, China, India, and Brazil is anticipated to offer lucrative opportunities for the providers of data erasure solutions in the near future.
Data Erasure Solutions Market: Key Players
Key players operating in the global data erasure solutions market are Arrow Electronics, Inc., Blancco Technology Group, Certus Software Ltd., CHG-Meridian, Dell, Inc., Extreme Protocol Solutions, Hewlett Packard Enterprise Development LP, IBM Corporation, Ingram Micro ITAD, Iron Mountain Incorporated, ITRenew Inc., Kroll Ontrack, LLC, LifeSpan International Inc., MTI Technology Limited, Sims Recycling Solutions, Inc., Stellar Information Technology Pvt. Ltd., TES (Singapore) Pte Ltd., WhiteCanyon Software Inc., and WipeOS LLC.
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Key Takeways -
In the current scenario, cyber-attacks and hacking are increasing at a high pace across the globe. The number of cyber-attacks is the highest in the U.S., China, and Russia.
End users are looking for data erasure solutions and technologies due to these cyber-attacks, which can save the data and prevent the misuse of data. Data erasure solutions ensure protection of sensitive data in case the devices are lost. The software remotely destroys the data, if the password is incorrectly entered, or in case the device is being used by an unauthorized person.
Therefore, increased cyber-attacks and hacking is a crucial factor driving the demand for data erasure solutions. On the other hand, there is a growing demand to prevent data loss from old assets and devices. This is also expected to fuel the data erasure solutions market during the forecast period.
The threat of data loss has multiple repercussions. Devices that have not been wiped could include data such as valuable trade secrets or IP, and the loss of personally identifiable information could put consumers, customers, or staff at risk of identity theft.
Data breaches can be costly in terms of the expense to remedy, as well as the damage to an organization's reputation. At present, data breaches are a major risk to organizations. Many big and small industries use large volume of digital data in many of their applications. In order to prevent data breaches, the demand for data erasure solutions is expected to increase during the forecast period.
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