Global data destruction services market
DUBLIN, March 15, 2024 (GLOBE NEWSWIRE) — 'World's Data Destruction Services' by Format (Physical Destruction, Software Data Erasure), Method (Degaussing, Hidden Data, Overwriting), Type, Service Site, Industry Market – 2023 Forecast – “2030” report added ResearchAndMarkets.com Recruitment.
The data destruction services market size is estimated to be USD 8.15 billion in 2022 and USD 9.23 billion in 2023, and is expected to grow at a CAGR of 14.59% and reach USD 24.24 billion by 2030.
Data destruction services are professional solutions that primarily focus on completely and irrevocably erasing data present on various types of storage devices such as magnetic tapes, hard drives, and solid state drives (SSDs) .
These services are an essential part of managing and protecting sensitive business, customer, or personal information, ensuring that this information cannot be recovered or misused by unauthorized individuals. The data destruction services market consists of various underlying entities that are engaged in effectively terminating and destroying data stored in multiple formats.
With rapid growth in internet usage, increasing incidence of data breaches, and strict data privacy regulations, demand for these services is skyrocketing across sectors such as IT, banking, healthcare, defense, manufacturing, and government. Factors driving market growth include increased data generation and increased regulatory focus on data privacy, powered by emerging trends such as cloud services and remote work. However, inadequate data destruction policies and data privacy laws in some regions are hindering the market growth. However, the future scope of the market lies in innovation and research, with the main prospects being the incorporation of blockchain for software-based data destruction and increased transparency.
regional insights
Data destruction services in the Americas are experiencing significant growth due to increasingly stringent data privacy regulations and the proliferation of advanced technologies such as cloud and IoT devices. The United States in particular is a major contributor, with the presence of data destruction service providers and high awareness of data privacy accounting for a large part of this growth.
However, Latin America is seeing increased potential for growth driven by rapid digital advances across the region.
The EMEA region is witnessing significant progress in the data destruction services market, driven primarily by the existence of the General Data Protection Regulation (GDPR), which provides for the deletion of data once its purpose has been achieved. Additionally, companies in the region are aligning their liability policies with strict privacy standards, increasing the demand for data destruction services. Although the Middle East and Africa are at an early stage compared to Europe, expanding digital economies and evolving data protection legislation offer significant growth opportunities.
Asia Pacific has become a hotspot for the data destruction services market due to the rapidly evolving data regulatory environment, growth of the digital economy, and investments in technology infrastructure. China, Japan, India and Australia are major contributors to this growing demand due to fast-paced digital transformation.
Market segmentation and coverage
This research report categorizes the Data Destruction Services market to predict revenue and analyze trends for each of the following submarkets:
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shape
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Method
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Demagnetization
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hidden data
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overwrite
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shredder
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type
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Service site
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industry
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aerospace and defense
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cars and transportation
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Banking, financial services and insurance
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architecture, construction, real estate
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consumer goods and retail
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education
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energy and utilities
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Government and public sector
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Healthcare and life sciences
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information technology
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manufacturing industry
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media and entertainment
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Telecommunications
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travel and hospitality
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For more information on this report, please visit https://www.researchandmarkets.com/r/zc8eyr.
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