DIY Digital Privacy Market Size Estimated to Reach $3.9 Billion by 2026
The Global DIY Digital Privacy Market is estimated to reach $3.9 billion by 2026, growing at a CAGR of 16.1% from 2021 to 2026. DIY digital privacy helps the establishments to understand the primary threats that they usually deal with. Moreover, the growth of the industrial sectors in which the risk of data stealing is high, where the data is easily stolen and sold by the third party. Owing to these factors the DIY digital Privacy Market is expected to grow in the forecast period 2021-2026.
The growth of IT sector, rise in cyber-attacks and threats along with growth in privacy among the people with their devices for instance smartphones, laptops, tablets and others are boosting the growth of the market. Data Privacy, particularly DIY Cloud Storage using solutions such as Two Step Authentication is set to grow rapidly.
DIY Digital Privacy Market Segment Analysis – By Type
By Type DIY Digital Privacy Market is segmented as social privacy and data privacy. Data privacy is witnessing a significant growth of 18.4% in the market. DIY digital privacy decides what data should be shared from a computer system to the third party and allows an organization or individual to work accordingly. Some of the major companies for instance Microsoft, Google, Amazon, Facebook and Others have a wide range of data economy owing to which DIY cloud storage security based on two step authentication and password management is used in these organizations.
The stringent data privacy regulations built up by most of the organizations are also an important factor for the growth of DIY digital privacy. By using DIY digital privacy the employees or the organization itself decides what all data is required to share with the third party which thereby reduces the risk of illegal stealing of data or any unauthentic disturbances. These factors are fueling the growth of the market.
DIY Digital Privacy Market Segment Analysis – By End Users
By End Users the market is segmented into BFSI, Government, Retail, Medical, Entertainment, Enterprise, Consumer, Insurance, Education, Construction and Others. Enterprises are driving the growth of the market at 19.2% CAGR through 2026 owing to the great use of DIY digital privacy in cloud. The DIY digital privacy maintains data privacy at lower costs. DIY digital privacy are used in emerging serverless computing platforms to host private online applications. Furthermore, the DIY digital privacy is used in web applications for event processing or batch computation.
The DIY digital privacy offers full control to migrate applications to another provider, control geographic placement to avoid unfriendly surveillance laws and delete data. In addition, DIY Digital Privacy is also used in cloud based file transfer as it is used to create a file storage and transfer server with enhanced privacy. Owing to these factors the DIY digital privacy are adopted in the Enterprises thereby driving the market growth.
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DIY Digital Privacy Market Segment Analysis – By Geography
The Global DIY Digital Privacy Market is dominated by APAC region by a market share of 34.6% in 2020. In APAC region the growth of the digitization in the new enterprises have contributed towards the positive growth of the market. It is widely procured in the new enterprises owing to the cost effectiveness and privacy policy.
The DIY digital privacy offers stronger privacy as compared to centralized services that store and operate over plaintext data. DIY digital privacy has the benefit of running in the public cloud rather than the centralized cloud owing to which it provides narrow interface. These factors are impacting the market in a positive way, thereby boosting the growth of the market.
DIY Digital Privacy Market Drivers
Rise in the growth of cyber-attacks and illegal stealing of data:
The upsurge in cyber threats and cybercrime has increased the implementation of DIY digital privacy. Owing to the increase in these cybercrime and cyber threats hacktivists, disgruntled insiders and others have led to the adoption of the DIY digital privacy. Cyber threats generally include a social-engineering or pislishing attack. In this, the attacker installs a trojan and steals private information from mobile applications and laptops used in business purposes.
The DIY Cloud Storage digital privacy provides better security as compared to centralized service which has access to all plaintext data under the threat model. Furthermore, rise in risks of vulnerability like SQL injection, sensitive data theft and others have also driven the growth of the market based on Two Step Authentication, VPN, Password Managers and Spyware Removal Tools.
Growth due to the rising number of new enterprises along with growth of internet penetration:
The growth in new enterprises is also contributing the rise of DIY digital privacy as most of the employees prefer to bring their own devices and work with them rather than using company’s devices for business purposes. New enterprises are adopting the DIY digital privacy for their growth, DIY digital privacy provides enhanced data security. Improved retention, better employee engagement, availability, reliability and others are some of the features for the DIY platform owing to which it is used by enterprises. The penetration of high speed internet is one of the predominant factor effecting the growth of the market. Owing to the presence of high speed internet connectivity, cloud computing has witnessed a significant growth.
DIY Digital Privacy Market Challenges
Security related challenges
DIY digital privacy are used to protect the data from cyber criminals and digital hackers. One should use secure passwords to protect the data so that it couldn’t be easily stolen and sold to the third party. Strong password security along with awareness about digital footprint is required for protecting the data. In addition, updated operating system and activated antitheft in device are also required. The lack of updated operating system, lack of awareness among others are some of the factors hindering the growth of the market.
DIY Digital Privacy Market Landscape
DIY Digital Privacy Market is dominated by major companies such as Qnu Labs, DarkTrace Company, Behaviometrics AB, LookOut Company, AT&T Cybersecurity, DigitalShadows Ltd., Circle Internet Financial, Trait Perception, Inc., Enigmedia, ADT INC among others.
Acquisitions/Technology Launches
In March 2020, Qnu Labs launched Quantum Random Number Generator (QRNG) basically called Tropos and Quantum Key Distribution System (QKDS) called Armos. These two product lines launched by the company is for providing data security and privacy.
In January 2020, ADT, INC., launched “Blue”. It is a home security DIY platform that the users can configure themselves for professional monitoring and storage. This product is a series of individual home security components.
Key Takeaways
Rise in adoption of DIY digital privacy in the new enterprises for keeping their data secure from hacking or malicious attacks along with digitization of the enterprises are driving the growth of the market.
The data privacy is dominating the market owing the surge in usage of Bring Your Own Device (BYO) in the organizations globally.
APAC is witnessing a significant growth in the market owing to the rise in cloud computing, growth of advanced infrastructure surging the growth of enterprises in which DIY digital privacy is adopted.
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