Enterprise Data Warehouse Market Grows–As Do Cyberattacks in 2022

Credit: Akela999

Data plays a central role in today’s business landscape and its relevance reflects recent projections on data warehousing. According to a report released by Technavio, the enterprise data warehouse market is seen to grow by $14.56 billion by 2026, at an annual rate of 20.6%. For 2022 alone, the growth is at a projected 18.38% year-over-year. This could mean that the digital acceleration that stemmed from the onset of COVID-19 would likely be sustained post-pandemic.

The massive use of data across global industries comes as a major driver of the market’s growth, and it is rapidly increasing, along with the digitalization of more industries. In fact, the volume of data consumed worldwide amounted to 79 zettabytes in 2021, which is set to reach over 180 zettabytes by 2025. After all, data is leveraged in nearly all business aspects, including sales, marketing, finance, accounting, content management, product development, and social media. Moreover, the continuing push for digitalization entails increased diversity and complexity in the data sets leveraged.

The United States, the world’s largest tech market, contributes the biggest growth among all world regions, as it accounts for 36%. This is due to the numerous digitalized industries and enterprises around the country, on top of being the headquarters of the biggest tech companies globally. Leveraging data is already ingrained in typical business scenarios, underscoring the demand for enterprise data warehousing.

However, the current data explosion and tremendous growth in the enterprise data warehousing market are not without risks. And the biggest one happens to be data security. It is important to note that a single data breach costs an enterprise $4.24 million on average.

A Data-Driven Hotbed of Cyberattacks

Any successful digitalized enterprise comes as a likely target of hackers and malware. According to the latest cybersecurity statistics, released by Kaspersky, the number of internet attacks increased from 32,500,000 in the first trimester of 2021 to 35,400,000 in the same period this year. Cybercriminals have also adapted to the prevalent remote work arrangement. The US attacks on Remote Desktop Protocol jumped from 47.5 million in the first trimester of 2021 to 51 million in 2022.

What’s alarming here is that 92% of data breaches in the first quarter of 2022 come from cyberattacks, based on a report by Security Magazine. The wide use of data and data warehousing globally, coupled with the limited security of remote work, has afforded hackers plenty of opportunities to strike. And if today’s security measures fail to receive enhancements, the cost of cybercrime worldwide could reach $10.5 trillion by 2025.

Momentum in the Cybersecurity Market

Thankfully, most enterprises have picked up on the need for better data security. In fact, the global cyber security market is expected to reach a staggering valuation of $500.7 billion by 2030, registering an annual growth of 12%. The projected gains are to be felt across the board, with the hardware segment growing by over 12%, the IDS/IPS segment by over 10%, and the managed services segment by more than 10%. In addition, the cloud security segment, which held the highest revenue share (over 25%) last year, is also poised to significantly grow this year and in the next few years.

The surging cybersecurity market could be a reason why the number of cyberattack victims dropped by 50% in the first quarter of 2022. year-over-year. Should it continue to grow, its complementary market, enterprise data warehousing, will flourish even further going into the next decade.