Market Trends of Cloud-based Database Security Industry
Healthcare End-user Vertical is Expected to Hold Significant Market Share
- The healthcare industry has been a significant end-user segment in the cloud-based data security market. Healthcare organizations handle huge amounts of sensitive patient data, electronic health records (EHRs), and other critical medical information. As these organizations increasingly adopt cloud technologies to improve efficiency, collaboration, and accessibility, robust cloud-based database security solutions are needed.
- The healthcare industry is subjected to strict data privacy regulations, such as the Health Insurance Portability and Accountability Act (HIPAA) in the United States. The regulation requires healthcare organizations to implement stringent security measures to protect patient data, making cloud-based database security solutions essential.
- According to the U.S. Department of Health and Human Services, As of May 2023, Healthcare data breaches in the United States are a constantly increasing risk with the potential for significant damages to affected parties. The major recorded U.S. data breach in the healthcare sector at Anthem Inc. was in 2015, a health insurance provider in the United States, when criminal hackers stole personal data affecting 78.8 million individuals.
- Cloud-based solutions enable remote access to patient data, which is crucial for telemedicine and remote patient monitoring. Secure access controls and encryption are essential to establish the confidentiality and integrity of patient information.
- The healthcare industry has been a target for ransomware attacks owing to the critical nature of patient data. Cloud-based database security solutions play a role in preventing and mitigating such attacks. According to Identity Theft Resource, In 2022, in the United States, there were more than 340 incidents of data compromises in the healthcare sector. This indicates a significant growth since 2005 when the industry saw only 16 cases of data compromises in the country. In 2019, this number reached its all-time highest, 398 in total.
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Asia Pacific is Expected to Hold Significant Market Share
- The Asia-Pacific region was experiencing significant growth in the cloud-based database security market. Adopting cloud technologies across various industries in this region drives the demand for security solutions to protect cloud-based databases.
- Many countries in the region were undergoing rapid digital transformation, embracing cloud computing to modernize their IT infrastructure. This shift led to increased adoption of cloud-based databases and raised security concerns.
- Furthermore, in July 2023, Microsoft disclosed information about a Chinese actor's activities. Microsoft is tracking Strom-0558 as having access to email accounts impacting around 25 businesses, including government entities, and connected consumer accounts of persons possibly associated with these organizations.
- With the expansion of digital services, e-commerce, and online platforms, there was a substantial increase in the volume of data generated and stored. Cloud-based databases were preferred for their scalability to handle these large datasets, and ensuring their security became crucial.
- Asia Pacific is one of the largest home to global e-commerce and financial markets. These industries handle massive amounts of sensitive customer data, making them prime cyberattack targets. Secure cloud-based database to support secure remote data access.
- Cloud service providers were expanding their operations in the Asia-Pacific region, making it easier for organizations to access cloud-based solutions. This contributed to the adoption of cloud databases, accompanied by the need for security.
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