PUBLISHER: The Business Research Company | PRODUCT CODE: 1527127
PUBLISHER: The Business Research Company | PRODUCT CODE: 1527127
Secure data destruction involves permanently eliminating data from storage media, ensuring it cannot be recovered or accessed by unauthorized individuals. This process employs specialized methods and technologies to destroy data on physical devices and electronic storage media, as well as securely erasing data stored in digital environments such as cloud services. It is essential for protecting sensitive information, complying with data protection regulations, and preventing data breaches.
The primary components of secure data destruction include software and services. The software comprises programs or applications designed to securely erase data from various devices, such as optical media, USB storage flash drives, hard drives, floppy disks, mobile phones, mass storage, tape storage, and cloud storage. These are utilized across various sectors including telecommunications (telecom) and information technology (IT), data centers, healthcare, banking, financial services, and insurance (BFSI), hospitality, education, government, travel and hospitality, transportation, and other end-users.
The secure data destruction market research report is one of a series of new reports from The Business Research Company that provides secure data destruction market statistics, including the secure data destruction industry global market size, regional shares, competitors with secure data destruction market share, detailed secure data destruction market segments, market trends, and opportunities, and any further data you may need to thrive in the secure data destruction industry. These secure data destruction market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The secure data destruction market size has grown rapidly in recent years. It will grow from $3.02 billion in 2023 to $3.35 billion in 2024 at a compound annual growth rate (CAGR) of 11.0%. The growth observed in the historical period is primarily due to the increasing emphasis on corporate responsibility and governance requirements, as well as competitive pressures that drive companies to adopt best practices. This encompasses supply chain security, healthcare data protection, and the proliferation of big data.
The secure data destruction market size is expected to see rapid growth in the next few years. It will grow to $5.09 billion in 2028 at a compound annual growth rate (CAGR) of 11.1%. The anticipated growth in the forecast period can be attributed to the escalating volume of e-waste, necessitating the expansion of outsourcing data destruction services. Furthermore, there is an exponential increase in data generation across various industries, prompting investments in technological infrastructure and the implementation of enhanced data encryption standards. Noteworthy trends expected in the forecast period include the integration of secure data destruction into comprehensive e-waste management solutions, the adoption of microwave destruction, the utilization of advanced algorithms for secure data wiping, and the expansion within the IT and telecommunications sectors.
The rising concern about data security is anticipated to drive the expansion of the secure data destruction market in the foreseeable future. Data security concerns encompass a range of issues pertaining to safeguarding data from unauthorized access, breaches, corruption, or theft. These concerns are on the rise due to the escalating menace of cyber threats, regulatory mandates, and the widespread adoption of digital devices and platforms. Secure data destruction serves to mitigate data security apprehensions by permanently eradicating sensitive information from storage media, thereby diminishing the likelihood of unauthorized access and data breaches. For instance, in January 2022, the Identity Theft Resource Center, a US-based non-profit organization, disclosed that the total number of compromised data incidents in 2021 reached 1,862 incidents, marking a 68% increase from 2020. Consequently, the mounting concerns regarding data security are propelling the expansion of the secure data destruction market.
Leading players in the secure data destruction market are innovating infrastructure data erasure services to tackle environmental concerns while enhancing data security. Infrastructure data erasure services encompass a range of solutions and processes aimed at securely and permanently erasing data from IT infrastructure components such as servers, storage devices, networking equipment, and cloud environments. For instance, in March 2024, International Business Machines Corporation launched Infrastructure Data Erasure, employing advanced techniques to securely and sustainably erase data from end-of-life devices. This service aids organizations in adhering to data protection regulations and minimizing their environmental impact by ensuring sensitive information is thoroughly removed from storage devices, thus promoting data security and sustainability.
In December 2023, Francisco Partners acquired Blancco Technology Group for $220.3 million, with the objective of leveraging its expertise in secure data erasure and mobile lifecycle solutions to expand globally and seize opportunities in sustainability and e-waste reduction. Blancco, a US-based software company specializing in secure data erasure solutions for enterprises, strengthens Francisco Partners' position in addressing evolving data security and sustainability challenges.
Major companies operating in the secure data destruction market are Microsoft Corporation, The Hewlett-Packard Company, International Business Machines Corporation, Iron Mountain Inc., Stericycle Inc., Electronic Recyclers International, Shred-Tech, Vecoplan LLC, WISETEK, Blancco Technology Group, Intimus International Group, PROSHRED, Avnet Inc., Xperien (Pty) Ltd., Computer Disposals Ltd., Whitaker Brothers, Security Engineered Machinery, Allegheny Shredders, Ameri-Shred Corp., Guardian Data Destruction, Garner Products Inc., Secure e-Cycle, Greenchip Inc., CyberCrunch, Data Destruction Corporation
North America was the largest region in the secure data destruction market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the secure data destruction market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the secure data destruction market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The secure data destruction market consists of revenues earned by entities by providing services such as secure data wiping, physical destruction, degaussing, and data shredding. The market value includes the value of related goods sold by the service provider or included within the service offering. The secure data destruction market also includes sales of hard drive shredders, degausser machines, solid-state drive (SSD) destroyers, data wiping devices, optical media shredders, mobile device shredders, and flash drive and memory card shredders. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Secure Data Destruction Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on secure data destruction market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for secure data destruction ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The secure data destruction market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.