U.S. and Southeast Asia Enterprise Data Service Platform Market Witnessing Significant Growth
- Published: October 2023
The U.S. enterprise data service platform market size is expected to advance at a CAGR of 8.4% during 2024–2030, to reach USD 35,053.4 million by 2030. Additionally, the Southeast Asian enterprise data service platform market size is expected to advance at a CAGR of 12.3% during 2024–2030, to reach USD 3,955.8 million by 2030.
This is ascribed to the increasing stringency of the regulations of governments for the protection of data and the rising adoption of big data analytics software by organizations of all sizes. Moreover, the rise in the adoption of IoT and the rampant digitalization of businesses drive the market in both the geographies. Additionally, the cost of the related networking systems, sensors, and other components is reducing, which is why even smaller organizations will be able to afford them.
Indonesia Contributes Highest Revenue to Southeast Asian Market
Indonesia contributes the highest revenue to the market in Southeast Asia because the country has the largest population using the internet in the region, of over 200 million. The growing population of internet users is necessitating solutions for managing, storing, collecting, and analyzing the data related to business operations and customers. In addition, enterprises across the country are widely adopting digital technologies, which include big data analytics, cloud computing, and artificial intelligence.
Further, the market in Singapore is expected to grow in the coming years, attributed to the rising number of cyberattacks and individuals’ increasing focus on digitalization. In 2021, around 3,100 cases of phishing were reported to the Singapore Cyber Emergency Response Team (SingCERT), and the number more than doubled in 2022, to approximately 8,500. Due to the increasing cases of cyberattacks, the focus on cybersecurity is rising, which, in turn, drives the demand for EDSP solutions in the country.
Rising Demand for Data Security amidst Growing Cyberthreat
In every kind of organization, the use of cloud applications and infrastructure has increased in this digital era. Organizations are at a higher risk of attack because of the expansion in their data footprint, swift cloud migration, and continuing digital transformation. Data breaches affect the revenue of organizations; hence, they need to understand all their data repositories, who should get access to them, where they reside, how information flows, what must be encrypted, and what misconfigurations exist.
As a result, despite organizations gaining efficiency and scale, they require security solutions for information on on-premises as well as software-as-a-service (SaaS) apps and cloud infrastructure. Moreover, companies demand security software that integrates with their enterprise security systems.
The fastest-growing form of fraud is identity fraud, with around 1.4 million cases reported to the Federal Trade Commission in 2023 in the U.S. In order to prevent such fraud and make systems more secure, financial institutions need to monitor customer spending patterns and identify unusual behaviors.
The most-significant U.S. and Southeast Asian enterprise data service platform market players are International Business Machines (IBM) Corporation, Actian Corporation, Zaloni Inc., MongoDB Inc., Splunk Inc., Volt Active Data Inc., SentinelOne Inc., Microsoft Corporation, Fujitsu Limited, and MicroStrategy Incorporated.