The secure data destruction global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Secure Data Destruction Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The secure data destruction market size has grown rapidly in recent years. It will grow from $3.02 billion in 2023 to $3.35 billion in 2024 at a compound annual growth rate (CAGR) of 11.0%. The growth in the historic period can be attributed to increasing focus on corporate responsibility, governance demands, and competitive pressures compel companies to adopt best practices, supply chain security, healthcare data protection, and the explosion of big data.
The secure data destruction market size is expected to see rapid growth in the next few years. It will grow to $5.09 billion in 2028 at a compound annual growth rate (CAGR) of 11.1%. The growth in the forecast period can be attributed to the rising volume of e-waste necessitates growth in outsourcing data destruction services, exponential growth in data generation across industries, investments in technological infrastructure and enhanced data encryption standards. Major trends in the forecast period include secure data destruction as part of comprehensive e-waste management solutions, microwave destruction, advanced algorithms for secure data wiping are becoming more prevalent, and expansion in IT and telecommunications.
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Scope Of Secure Data Destruction Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Secure Data Destruction Market Overview
Market Drivers –
The increasing data security concerns are expected to propel the growth of the secure data destruction market going forward. Data security concerns refer to various issues related to the protection of data from unauthorized access, breaches, corruption, or theft. Data security concerns are growing due to increasing cyber threats, regulatory requirements, and the proliferation of digital devices and platforms. Secure data destruction helps alleviate data security concerns by permanently removing sensitive information from storage media, reducing the risk of unauthorized access and data breaches. For instance, in January 2022, the Identity Theft Resource Center, a US-based non-profit organization, revealed that the total number of compromised data in 2021 reached 1,862 incidents, marking a 68% increase from 2020. Therefore, the increasing data security concerns are driving the growth of the secure data destruction market.
Market Trends –
Major companies operating in the secure data destruction market are creating infrastructure data erasure services to address environmental concerns and improve data security. Infrastructure data erasure services refer to various solutions and processes designed to securely and permanently delete data from information technology (IT) infrastructure components such as servers, storage devices, networking equipment, and cloud environments. For instance, in March 2024, International Business Machines Corporation, a US-based technology company, launched Infrastructure Data Erasure, designed to securely and sustainably erase data from end-of-life devices. This service utilizes advanced data erasure techniques to ensure that sensitive information is completely removed from storage devices, helping organizations comply with data protection regulations and reduce their environmental footprint. IBM’s Infrastructure Data Erasure Services offer a reliable and efficient solution for securely managing data at the end of its lifecycle, supporting organizations in their efforts to protect sensitive information and promote sustainability.
The secure data destruction market covered in this report is segmented –
1) By Component: Software, Service
2) By Application: Optical Media, Universal Serial Bus (USB) Storage Flash, Hard Drives, Floppy Disks, Mobile Phones, Mass Storage, Tape Storage, Cloud Storage
3) By End-User: Telecommunication (Telecom) And Information Technology (IT), Data Centres, Healthcare, Banking, Financial Services, And Insurance (BFSI), Hospitality, Education, Government, Travel And Hospitality, Transportation, Other End-Users
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Regional Insights –
North America was the largest region in the secure data destruction market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the secure data destruction market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the secure data destruction market are Microsoft Corporation, The Hewlett-Packard Company, International Business Machines Corporation, Iron Mountain Inc., Stericycle Inc., Electronic Recyclers International, Shred-Tech, Vecoplan LLC, WISETEK, Blancco Technology Group, Intimus International Group, PROSHRED, Avnet Inc., Xperien (Pty) Ltd., Computer Disposals Ltd., Whitaker Brothers, Security Engineered Machinery, Allegheny Shredders, Ameri-Shred Corp., Guardian Data Destruction, Garner Products Inc., Secure e-Cycle, Greenchip Inc., CyberCrunch, Data Destruction Corporation
Table of Contents
- Executive Summary
- Secure Data Destruction Market Characteristics
- Secure Data Destruction Market Trends And Strategies
- Secure Data Destruction Market – Macro Economic Scenario
- Global Secure Data Destruction Market Size and Growth
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- Key Mergers And Acquisitions In The Secure Data Destruction Market
- Secure Data Destruction Market Future Outlook and Potential Analysis
- Appendix
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