Dublin, Aug. 04, 2022 (GLOBE NEWSWIRE) -- The "Data-centric Security Market by Component (Software and Solutions and Professional Services), Deployment Mode (Cloud and On-premises), Organization Size, Vertical (Government and Defense, Healthcare, Telecommunications) Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global data-centric security market size is projected to grow from an estimated value of USD 4.2 Billion in 2022 to USD 12.3 Billion by 2027, at a Compound Annual Growth Rate (CAGR) of 23.9% from 2022 to 2027. Stringent compliances and regulations; the need to secure sensitive data on the cloud, and growing data breach incidents is driving the growth of data-centric security market across the globe.
Based on component, the software and solutions segment to hold the largest market share during the forecast period
The data-centric security market by component is bifurcated into software & solutions and services. The need for securing highly confidential and sensitive data and an emphasis on stringent regulatory norms are fueling the adoption of data-centric security solutions. Some of the prominent solution vendors in the data-centric security market are Informatica, IBM, Broadcom, Micro Focus, Varonis Systems, among others. Key players in the data-centric security market continuously invest in new product launches/ enhancements and inorganic growth strategies to expand their footprint and improve their data-centric security portfolio in the market to attract more end-users.
By deployment mode, the on-premises segment to hold the largest market size during the forecast period
Based on the deployment type, the data-centric security market has been divided into on-premises and cloud deployment types. The on-premises deployment type allows organizations to control all the systems and data. On-premises deployment is currently leading the market. On-premises databases are considered more secure because organizations have complete access to a database and its security. The government and defense and BFSI verticals mostly prefer on-premises security because they cannot afford to lose their sensitive data, financial records, accounting information, and data pertaining to financial transactions.
Based on vertical, the BFSI segment to hold the largest market size during the forecast period
The overall market for the data-centric security technology is categorized into several applications, based on its end-user usages, such as BFSI, government, military & defense, travel & immigration, commercial security, healthcare, IT, telecom, media & entertainment, and others. The BFSI vertical is expected to hold the largest market size among other end-users.
Asia Pacific to register the highest growth rate during the forecast period
Asia Pacific is expected to record the highest CAGR in the data-centric security market during the forecast period. The region is expected to hold a significant share in the market owing to the increasing number of data breaches and stringent government regulations. Asia Pacific countries such as Australia, China, and Japan have widely adopted encryption technologies to protect data from being stolen. Governments in the Asia Pacific are increasingly tightening the requirements around data storage. Data center demand in the Asia Pacific is being driven by data security and sovereignty concerns.
Market Dynamics
Drivers
- Rise in Demand for Data-Centric Security Solutions
- Stringent Regulations Driving the Adoption of Data-Centric Security Solutions
- Increasing Risk on Enterprise Data Driving Adoption of Data-Centric Security Solutions
Restraints
- Organization's Tolerance for Security Breaches due to Internal Vulnerabilities
Opportunities
- Rise in Data Breaches to Provide Opportunities to Data-Centric Security Vendors
- Widespread Adoption of Industrial Revolution
Challenges
- Budgetary Concerns of Enterprises
- Lack of Awareness of Data-Centric Security Solutions
Premium Insights
- Growing Instances of Data Breaches, Adoption of Industrial Revolution, and Stringent Regulations to Drive Data-Centric Security Market Growth
- Software & Solutions Segment to Hold Larger Market Size During Forecast Period
- Europe to Hold Largest Market Size During Forecast Period
- BFSI Vertical to Hold Largest Market Size During Forecast Period
- Asia-Pacific to Emerge as Best Market for Investments in Next Five Years
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview and Industry Trends
6 Data Centric Security Market, by Component
7 Data Centric Security Market, by Deployment Mode
8 Data Centric Security Market, by Organization Size
9 Data Centric Security Market, by Vertical
10 Data-Centric Security Market, by Region
11 Competitive Landscape
12 Company Profiles
13 Appendix
Companies Mentioned
- Bigid
- Broadcom
- Concentric.AI
- Dathena
- Digital Guardian
- Egnyte
- Fasoo
- Forcepoint
- Helpsystems
- IBM
- Imperva
- Infogix
- Informatica
- Lepide
- Micro Focus
- Netapp
- Netwrix
- Nextlabs
- Nucleus Cyber
- Orange Cyberdefense
- Pkware
- Protegrity
- Sealpath
- Seclore
- Secupi
- Securiti
- Talend
- Varonis Systems
For more information about this report visit https://www.researchandmarkets.com/r/psmgce
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