Secure Data Destruction Solutions Market: Industry Outlook, Growth Prospects and Key Opportunities

In businesses, all critical information including financials, customer contacts, internal procedures, and proprietary information comes in the form of data. Destroying data in paper records is much easier. However, if the data is stored on an electronic device or across any network device including laptops, hard drives, servers, DLTs, CDs, PCs, LTOs, DVDs, data destruction becomes a complex process. If data is destroyed incorrectly, some of the data would remain, which would result in data breach or data leak. As the volume of data has continued to rise, data security has become a major area of concern among enterprises.

As per a recent study conducted by National Association for Information Destruction (NAID) device, 40% of the used electronic devices sold in the second-hand marketplace contain a lot of critical information including tax details, contacts, company and personal data, usernames and passwords, credit card information, etc. Therefore, when an IT device is withdrawn from the existing systems, it needs to be destroyed and made non recoverable as soon as possible in order to prevent thefts or data breaches. This has led to demand for secure data destruction solutions worldwide.

Major drivers of the secure data destruction solutions market include stringent government regulations, such as HIPPA, NIST SP 800 – 88, (DOD) 5220.22 – M, CESG, NIAP and FACTA, in order to prevent loss of customer data in enterprises and growing adoption of cloud-based solutions. However, high operational costs involved and low availability of skilled workforce are major restraints of the secure data destruction solutions market.

However, rapid digitization in industries and rise in the adoption of cloud-based solutions are creating lucrative opportunities for the market. On the other hand, Interoperability issues related to integration of secure data destruction solutions with the existing systems and within the enterprise is hampering the market. The secure data destruction solutions help in the cost reduction, data security within the enterprises.

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The global secure data destruction solutions market can be segmented in terms of component, type, deployment, end-use industry, enterprise, and region. Based on component, the market can be categorized into software and services. The services segment can be sub segmented into the professional services and managed services. The professional services sub segment can be sub-divided into consulting services, integration & implementation services, and support services.

Based on type, the secure data destruction solutions market can be categorized into Windows, Linux, and iOS. In terms of application, the secure data destruction solutions market can be bifurcated into physical destruction & software data elimination and others. In terms of deployment, the secure data destruction solutions market can be bifurcated into on premise solutions and cloud based solutions.

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In terms of end-use industry, the global secure data destruction solutions market can be classified into telecom & IT, data centers, health care, banking, finance and insurance (BFSI), hospitality, education, government, retail & e-commerce, travel & hospitality, transportation, and others. In terms of enterprise size, the secure data destruction solutions market can be segmented into small & medium enterprises (SMEs) and large enterprises. Based on region, the global secure data destruction solutions market can be segregated into North America, Europe, Asia Pacific, Middle East & Africa, and South America.

Key players operating in the global secure data destruction solutions market include Avnet, Inc., Blancco Technology Group, Avnet, Inc., Xperien (Pty) Ltd, IBM Corporation, Microsoft Corporation, SAP SE, SEAM, WISETEK, Guardian Data Destruction, Electronic Recyclers International, and CIMELIA Resource Recovery. These companies invest considerably in research and development activities to incorporate new technologies in their solutions and develop new products. Additionally, these players engage in strategic partnerships with other players to expand their presence and gain market share in regions across the globe.

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