Data-centric Security Market Size, Share & Trends 2030
With a compound annual growth rate (CAGR) of nearly 16.99% between 2023 and 2030, the global data-centric security market estimated to be worth around USD 4.30 billion in 2022, is expected to reach roughly USD 15.48 billion by 2030.The drivers, obstacles, and challenges of the worldwide data-centric security market are examined in this study along with their impact on demand throughout the forecast period. The research also examines recently developed prospects in the data-centric security sector.
Global Data-centric Security Market: Overview
A radically new strategy for preventing sensitive data from being misused or stolen is data-centric security. In contrast to the perimeter-centric or traditional network security approach, which primarily focuses on providing protection where the data is stored or accessed, including devices, applications, networks, and servers, data-centric security has the crucial feature of applying protection to the data itself, regardless of its location.
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Global Data-centric Security Market: Growth Factors
The market for data-centric security is expanding quickly on a worldwide scale. Some of the key drivers propelling the growth of the global market include the rise in cyberattacks, the growing number of data breaches, and the growing adoption of cloud-based solutions for data storage. Sensitive data can be stored or transferred through systems that are outside of the conventional perimeter due to the expanding use of cloud computing. Since the cloud has no boundaries, data can flow wherever and whenever it is needed, which is why a sizable portion of the mobile workforce needs effective data protection.
Furthermore, there is a marked increase in both the severity and frequency of data breaches. Over 4.1 billion records were exposed as a result of about 4000 different events in the first two quarters of 2019. As a result, a change in cybersecurity approach is required to maintain a safe perimeter around the systems and applications and safeguard the data from unauthorized access. Data-centric security can be extremely important in these kinds of situations because it keeps sensitive data safe from misuse both inside and outside the company, protects against financial loss and reputational harm from data breaches, increases security awareness initiatives to reduce cyberthreats, complies with privacy laws and data protection regulations, and segregates potentially targeted information from less valuable information.
The increasing acceptance of data-centric security as a result of all these reasons has fueled the expansion of the worldwide data-centric security market. Additionally, one of the main factors boosting the global market’s growth is the government’s increasing demand for data-centric security to secure sensitive data, as well as the rapid generation of big data. Furthermore, during the course of the forecast period, there may be multiple chances for the growth of the worldwide data-centric security market due to the increasing use of cutting-edge technologies like artificial intelligence and machine learning for data analysis. Nonetheless, the proliferation of open-source data protection software and a scarcity of skilled labor may impede the expansion of the worldwide data-centric security industry.
The majority of companies have put in place a policy allowing their staff to work remotely in order to comply with the severe guidelines of total lockdown and movement restrictions during the COVID-19 epidemic. Over 80% of the firms’ workforces work remotely from home. The concepts of remote work were totally transformed by this. For more efficient working procedures, cloud-based solutions were even used by small businesses. However, throughout the epidemic, there was a rise in the frequency of data breaches and cyberattacks. As a result, there was a significant increase in the requirement for data-centric security, which in turn encouraged the worldwide data-centric security market to develop during the pandemic and is predicted to continue growing at a healthy rate in the years to come.
Global Data-centric Security Market: Segmentation
Based on factors including sector, geography, organization size, deployment mode, and component, the global data-centric security market is divided. The global data-centric security market is divided into major organizations and small and medium-sized enterprises (SMEs) based on the size of the organization. On-premise and on-cloud deployment modes make up the deployment mode category. The global market is divided into two segments based on the component: software & solutions and professional services. Retail, telecommunication, IT & enterprises, healthcare & pharmaceuticals, government & defense, BFSI, and other industries make up the vertical category.
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Global Data-centric Security Market: Regional Analysis
The global data-centric security market is expected to be dominated by North America, which is expected to continue its trend throughout the forecast period. The market in this region is expanding as a result of factors such the rise in cyberattacks, the usage of cloud-based solutions, and the growing demand from the well-established military sector for data-centric security solutions. Due to the rapidly rising mobile workforce and the increasing need to protect sensitive data to prevent financial losses, Asia Pacific is predicted to develop at the fastest rate.
Global Data-centric Security Market: Competitive Players
Some of the key participants that are operating in the global data-centric security market are
- Lepide
- Forcepoint
- OrangeCyberdefense
- Talend
- Varonis Systems
- Microfocus
- Broadcom
- IBM
- NetApp
- Informatica among others.
The Data-centric Security market is segmented as follows:
By Organization Size
- Small & Medium-Sized Enterprises (SMEs)
By Deployment Mode
- On-Premise and On-Cloud
By Component
- Professional Services
- Software & Solutions
By Vertical
- Retail
- Telecommunication
- It & Enterprises
- Healthcare & Pharmaceuticals
- Government & Defense
- Bfsi
- And Others
Global Data-centric Security Market: Regional Segment Analysis
- North AmericaThe U.S.Canada
- EuropeFranceThe UKSpainGermanyItalyRest of Europe
- Asia PacificChinaJapanIndiaSouth KoreaSoutheast AsiaRest of Asia Pacific
- Latin AmericaBrazilMexicoRest of Latin America
- Middle East & AfricaGCCSouth AfricaRest of the Middle East & Africa
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