The Increasing Threat of Data Loss is Driving the Growth of 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 2023 to 2030. The market is driven by the rising threat of data losses among the organizations. As the organizations are shifting towards digitalization, the risk of data breaches and cyber-attacks are also rising. The loss of data such as intellectual property, customers, personally identifiable information could put the customers, consumers and employees at the risk of identity theft. These data losses could also result in the financial losses. Therefore, to address these issues, the organizations are shifting towards the data erasure solutions. 

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 the data erasure solutions and increasing applications in the end use industries is further accelerating the market growth. However, lack of awareness pertaining to the benefits of data erasure solution is inhibiting the growth of the market. 

Services is Estimated to Grow Significantly During the Forecast Period  

The data erasure solution market is categorized based on the component into software and services. The software segment was estimated to account for more than 72% share in the revenue in 2020.  The growth of the market is credited to the wide scale adoption of the cloud based software across the organizations. On the other hand, services market is anticipated to gain traction over the projected timeline. The service market is driven by the rising demand for professional and managed services across the organizations.

North America Led the Data Erasure Solution Market                                   

North America led the global data erasure solution market in 2021 with the market share of more than 40%.  The market is driven by the increasing incidences of the data breaches and leakage activities among the organizations in the region. The rising demand of the cloud computing services in the region is further accelerating the growth of the market. Furthermore, the stringent government regulations for the data safety and data security across the region are supporting the market growth.

The major vendors in the data erasure solution market 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 study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Data Erasure Solution market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Data Erasure Solution market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Data Erasure Solution market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Data Erasure Solution market?
• Which is the largest regional market for Data Erasure Solution market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Data Erasure Solution market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Data Erasure Solution market worldwide?