Safe-T Group (NASDAQ:SFET) Ltd has announced that its enterprise privacy business unit has received a purchase order for a project led by an Israel-based global data services company that intends to utilize its recently announced web Data Collection-as-a-Service (DCaaS) solution in the analysis of online leading social media sites.
The cyber security and privacy solutions company noted that the initial value of the high margin project is $180,000 and the potential value from the specific customer is estimated at $500,000 a year.
The DCaaS solution was chosen following an intensive testing and evaluation period focused on determining performance metrics including system stability, and the diversity and the scalability of the data collection platform versus existing solutions on the market, it added.
READ: Safe-T Group primes investors for record 3Q revenues, supported by CyberKick acquisition
“We are pleased to have been selected by this established data services organization following extensive comparison testing of our new DCaaS product against several leading solutions in the market and look forward to expanding this contract,” Safe-T co-founder and CEO Shachar Daniel said in a statement.
“This project is the latest milestone for Safe-T and validates our capabilities in the data collection market, one of several large global opportunities we are now targeting with our portfolio of cyber security and privacy technologies.
“Based upon customer feedback and growing interest in our DCaaS, we expect to continue to show growth in this segment and to announce additional contracts and partnerships in the near future.”
Safe-T said the web data collection solution, created by its enterprise privacy business unit, was launched in September 2021 to provide customers with the ability to collect and analyze online, public, web-based data.
The solution is delivered as a DCaaS and powered by the company's unique hybrid enterprise privacy network, which is utilized by hundreds of business customers around the world. The web data collector solution will allow enterprises to gather information at any scale from any public-facing website.
The new data collector addresses key needs for data-driven decision making based upon publicly available web information across numerous use-cases including e-commerce, price comparison, brand protection, Search Engine Online (SEO), and market research, the company added. This will allow enterprises to achieve competitive advantages in their industry without having to invest significantly in their infrastructure, saving time and reducing workload.
Safe-T noted that, according to a report from Grand View Research, the global data collection market is estimated to grow from around $1.6 billion in 2021 to $8.21 billion in 2028. This represents a compound annual growth rate (CAGR) of 25.6%.
Safe-T Group Ltd is a global provider of cyber security and privacy solutions and operates in three distinct segments - enterprise cyber-security solutions, enterprise privacy solutions, and consumer cyber-security and privacy solutions.
Contact the author at stephen.gunnion@proactiveinvestors.com