Report : Asia Pacific Database Security Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Component (Solution and Service), Organization Size (SMEs and Large Enterprise), and Industry (BFSI, IT and Telecom, Manufacturing, Healthcare, Government, Retail, and Others)
BFSI Segment to Dominate APAC Database Security Market during 2021–2028
According to a new market research study on “APAC Database Security Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Component, Organization Size, and Industry” is expected to reach US$ 4649.43 million by 2028 from US$ 1588.24 million in 2021. The market is estimated to grow at a CAGR of 16.6% from 2021 to 2028. The report provides trends prevailing in the APAC database security market along with the drivers and restraints pertaining to the market growth. Proliferation of cloud-based applications and services is the major factor driving the growth of the APAC database security market. However, issues associated with the lack of awareness about multilayered security hinder the growth of APAC database security market.
The APAC database security market is segmented into component, organization size, industry, and country. Based on component, APAC market is divided into software and services. The solution segment dominated the market in 2020 and services segment is expected to be the fastest growing during the forecast period. By organization size, the APAC market is broadly classified into SMEs and large enterprise. The large enterprises segment dominated the market in 2020 and SMEs segment is expected to be the fastest growing during the forecast period. On the basis of industry, the market is segmented into BFSI, and IT and telecom, manufacturing, healthcare, government, retail, and others. The BFSI segment dominated the market in 2020 and others segment is expected to be the fastest growing during the forecast period. Based on country, the database security market is classified into China, Japan, South Korea, India, Australia, and Rest of APAC.
The APAC is characterized by the presence of a large number of developing countries, a positive economic outlook, a high industrial presence, and a huge population. The high growth rate of urbanization and industrialization in developing countries of the region is anticipated to offer ample growth opportunities to the market players operating in the database security market, as the investments in advanced technologies development are quite high in the region. According to the Organization for Economic Co-operation and Development (OECD), the other major economies outside of China have also been impacted by the pandemic, such as India, South Korea, Australia, and Japan, and are experiencing downward growth. China and India are among the worst-affected COVID-19 countries in the region, as well as in the world. The governments are taking drastic measures to reduce the effects of coronavirus outbreaks by announcing lockdowns, travel, and trade bans. The large enterprises are substantially seeking for funding to run their operations owing to shut down and limited capital to manage, therefore these end-users showcase less potential in adopting any new technologies by investing a certain amount in the present scenario. However, the governments of several countries in the region have taken significant initiatives to implement digitalization; thus, end users in the region are anticipated to emphasize on adopting paperless technologies, which would boost the demand for database security in the near future.
Fortinet,Inc.; IBM Corporation; McAfee, LLC; Micro Focus; Oracle Corporation; SAP SE; ScaleGrid; Thales Group; and Trustwave Holdings, Inc. are among the leading companies in the APAC database security market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, Fortinet had acquired OPAQ Networks, Inc. ("OPAQ"), a privately held Secure Access Service Edge ("SASE") cloud provider, which has further enhanced the Fortinet Security Fabric platform by assisting in the development of zero-trust network access SASE cloud solutions.
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