Data Erasure Solution Market By Component (Software, Service), By Device Type (PCs, Laptop, Data Center Equipment, Mobile Device, Others), By Application (Home Solutions, Enterprise, ITADs, Data Centers) - Growth, Future Prospects And Competitive Analysis, 2019 - 2027
The Increasing Threat of Data Loss is Driving the Growth of the Data Erasure Solution Market
Globally, the data erasure solution market is expected to grow with a CAGR of 19.2% during the forecast period from 2019 to 2027. The market is driven by the rising threat of data losses among organizations. As organizations are shifting toward digitalization, the risk of data breaches and cyber-attacks is also rising. The loss of data such as intellectual property, customers, and personally identifiable information could put customers, consumers, and employees at risk of identity theft. In addition, these data losses could also result in financial losses. Therefore, organizations are shifting toward data erasure solutions to address these issues.
The supportive government initiatives across the globe for the protection and safety of the data are also acting as a major factor driving the market growth. Furthermore, the technological advancement in data erasure solutions and increasing applications in the end-use industries is further accelerating the market growth. However, a lack of awareness about the benefits of data erasure solutions is inhibiting the market's growth.
Market Synopsis
Services are Estimated to Grow Significantly During the Forecast Period
The data erasure solution market is categorized based on the component of software and services. The software segment was estimated to account for more than 72% share in the revenue in 2018. The growth of the market is credited to the wide-scale adoption of cloud-based software across organizations. On the other hand, the services market is anticipated to gain traction over the projected timeline. The rising demand for professional and managed services across organizations drives the service market.
North America Led the Data Erasure Solution Market
North America led the global data erasure solution market in 2018, with a market share of more than 40%. The market is driven by the increasing incidences of data breaches and leakage activities among organizations in the region. In addition, the rising demand for cloud computing services in the region is further accelerating the market's growth. Furthermore, the stringent government regulations for data safety and security across the region support market growth.
The major data erasure solution market vendors are Arrow Electronics Inc, Certus Software Ltd, Blancco Technology Group, IBM Corporation, ITRenew Inc, Iron Mountain Incorporated, Kroll Ontrack LLC, Stellar Information Technology Pvt Ltd, MTI Technology Limited, and WhiteCanyon Software Inc.
Historical & Forecast Period
This research report presents the analysis of each segment from 2017 to 2027, considering 2018 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segment was calculated for the forecast period from 2019 to 2027.
Report Scope by Segments
The data erasure solution market report provides market size and estimates based on market dynamics and key trends observed in the industry. The report provides a holistic view of the global data erasure solution market based on component, device type, application, and geography. Key segments covered in the report are as follows.
Asia Pacific (China, Japan, India, Rest of Asia Pacific)
Rest of the World (the Middle East & Africa, Latin America)
Frequently Asked Questions
The market for Data Erasure Solution is expected to reach US$ XX Bn in 2028.
The Data Erasure Solution market is expected to see significant CAGR growth over the coming years, at 19.2%.
The report is forecasted from 2019-2027.
The base year of this report is 2021.
Arrow Electronics Inc., Blancco Technology Group, Certus Software Ltd., IBM Corporation, Iron Mountain, ITRenew Inc., Kroll Ontrack LLC, MTI Technology Limited, Stellar Information Technology PVT LTD are some of the major players in the global market.
