Research Nester released a report titled “Data Destructive Service Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global data destructive service market in terms of market segmentation by OS type, component, application, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global data destructive service market is projected to grow with a moderate CAGR during the forecast period, i.e., 2022-2030; owing to the rising adoption of cloud technologies, along with the increasing safety problems and complications associated with cloud computing and other digital technologies. The cloud systems are the vulnerable as it exposes customer’s personally identifiable information (PII) and valuable corporate secrets, data, and proprietary information. To avoid data theft and other cybercrimes, the large and crucial data set is stored on the devices and then after the usage of the data these devices are shredded. This is the major growth driver for the market.
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The market is segmented by component into physical destruction, software data elimination, and others. The software data elimination segment is anticipated to hold the largest share by the end of 2030. The software-based method of overwriting the data aims to destroy all electronic data residing on a hard disk drive or other digital media by using zeros and overwrite data onto all device sectors. By overwriting the data on the storage device, the information becomes unrecoverable and achieves data sanitization. Software-based overwriting uses a software application to write down a stream of zeros, ones, or meaningless pseudorandom data onto all sectors of a hard disk drive. Various data destruction solution provide multiple overwrites so that they may support recognized government and industry standards. However, a single-pass overwrite is widely considered to be sufficient for modern hard disk drives. This is estimated to boost the segment growth.
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, out of which, the data destructive service market in the Asia Pacific is projected to grow at the highest CAGR throughout the forecast period owing to the rapid digitalization and rise in technologies. Moreover, the market in North America holds the largest share currently, owing to the adoption of cloud-based solutions in the various industries, along with high population of tech-savvy generation.
Adoption of Advanced Technologies, such as AI, IoT, and Big Data, Across Industries to Drive Market Growth
According to the India Brand Equity Foundation, Artificial Intelligence (AI) is projected to boost India’s annual rate of growth by 1.3% by 2035, as per NITI Aayog.
Rising need for the storage of highly sensitive data, combined with rapid technological advancement, and shorter lifespan of IT assets, has driven the requirement for permanent data erasure of electronic devices when they are of no use. If data erasure does not occur once a disk is retired or lost, a company or user faces a possibility that the data will be stolen and compromised, resulting in fraud, loss of corporate reputation, threats to regulative compliance, and financial impacts. This is why, companies spend huge amounts of money to make sure their data is erased once they discard disks. This is estimated to boost the market growth.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
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However, high operational costs and availability of less skilled workforce are the factors estimated to hamper data destruction service market growth.
This report also provides the existing competitive scenario of some of the key players of the global data destruction service market which includes company profiling of Stellar Information Technology Pvt. Ltd., Data Eliminate Ltd., Electronix Redux Corp, EcoCentric, Kuusakoski, Supportive Recycling GmbH, Guardian Data Destruction, Simsre Cycling, and Umicore. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global data destruction service market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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Research Nester is a one-stop service provider with a client base in more than 50 countries, leading in strategic market research and consulting with an unbiased and unparalleled approach towards helping global industrial players, conglomerates and executives for their future investment while avoiding forthcoming uncertainties. With an out-of-the-box mindset to produce statistical and analytical market research reports, we provide strategic consulting so that our clients can make wise business decisions with clarity while strategizing and planning for their forthcoming needs and succeed in achieving their future endeavors. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds.
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