Data-Centric Security Market (Component, Deployment Mode) - Reach $16.51Bn by 2028 at 24.2% CAGR with Artificial Intelligence (AI) and Multi-Cloud Strategy Driving Growth During 2022–2028 | The Insight Partners

The incremental growth of the data-centric security market is $12007.53 during 2022 to 2028 with a CAGR of 24.2%. The market growth driven by the growing emphasis on data-centric security model by enterprises and standardization of data protection rules. The IT and Telecommunication segment is holding larger market share during 2022 to 2028.

Pune, India., May 22, 2023 (GLOBE NEWSWIRE) -- According to our latest study on "Data-Centric Security Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Deployment Mode, Organization Size, Industry Vertical, and Geography,” the market is projected to grow from US$ 3,752.84 million in 2021 to US$ 16,518.13 million by 2028; it is estimated to record a CAGR of 24.2% from 2022 to 2028.

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Global Data-Centric Security Market: Competitive Landscape and Key Developments
Informatica, NetApp, IBM, Broadcom Corporation, Microfocus, Varonis Systems, Talend, Orange Cyberdefense, Forcepoint, and Imperva are among the leading market players profiled in the data-centric security market report. Several other essential market players were analyzed for a holistic view of the market and its ecosystem. The report provides detailed market insights, which help the key players strategize their market growth. A few developments are mentioned below:

In November 2022, Varonis and Palo Alto Networks announced integration between the Varonis Data Security Platform and Palo Alto Networks Cortex XSOAR. This integration aims to help security teams better respond to evolving cyber threats and help curtail data breaches.

In August 2022, CyberRes, a Micro Focus business line, announced a partnership with Google Cloud to support the release of BigQuery remote functions. Under this partnership, CyberRes adds voltage data-centric security for BigQuery customers worldwide to address data privacy regulations.

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Increasing Trend of Bring Your Own Device (BYOD) to Provide Lucrative Opportunities for Data-Centric Security Market Growth During Forecast Period:
Bring Your Own Device (BYOD) is a workplace trend where employees use their desktops, tablets, and smartphones instead of employer-provided devices. Amid the pandemic, many organizations were forced to adopt a BYOD strategy to migrate to hybrid work environments. Nowadays, employees and corporations expect greater flexibility and mobility; in such a scenario, BYODs are an important element in the successful planning and execution of the hybrid workplace. Bring Your Own Device (BYOD) is gaining significant importance and is commonly adopted in modern work scenarios for providing flexibility, reducing IT costs, and enhancing productivity. For instance, according to a survey by Cybersecurity Insiders, 70% of organizations have employees bring their own devices into the workplace. Such a BYOD scenario increases data security concerns as employees use their own devices for office work. Risks such as data leaks, malware, and other threats require greater concern when implementing BYOD in an organization. Implementing a BYOD policy in an organization involves considering the security risks, and developing a secure security architecture is crucial, thereby creating a need to adopt data-centric security solutions. Thus, increasing the Bring Your Own Device (BYOD) trend amongst organizations will provide lucrative growth opportunities for the data-centric security market growth in the coming years.

Global Data-Centric Security Market: Industry Overview
The data-centric security market is segmented based on component, deployment mode, organization size, and industry vertical. Based on component, the market is bifurcated into solutions and services. The data-centric security market is bifurcated by deployment mode into on-premises and cloud-based. Regarding organization size, the data-centric security market is bifurcated into large enterprises and small & medium enterprises (SMEs). Based on industry vertical, the market is segmented into IT and telecommunication, BFSI, government and defense, healthcare and pharmaceutical, and others. The data-centric security market is segmented by region into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

The data-centric security market in North America is projected to witness significant market growth from 2022 to 2028. The increasing number of investments in data security majorly drives North America market growth. In addition, organizations and companies operating in North America generate enormous amounts of data due to the rising adoption of new technologies, which fuels the adoption of data-centric security solutions. Moreover, the presence of leading market players in the region, including Imperva; IBM Corporation; Forcepoint; Broadcom Inc.; Informatica Corporation; NetApp, Inc.; Talend; Varonis, among others, is anticipated to propel the market growth during the forecast period.

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The North American data-centric security market players adopt organic and inorganic growth strategies to sustain the growing competition. In April 2023, IBM announced the launch of a new security suite designed to unify and accelerate the security analyst experience. The new IBM Security QRadar Suite represents a major evolution and expansion of the QRadar brand, spanning all core threat detection, investigation, and response technologies, with significant investment in innovations across the portfolio. All such factors contribute to the growth of the data-centric security market in North America.

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