New York, United States, Dec. 14, 2023 (GLOBE NEWSWIRE) -- The Data-centric Security Market Size is to Grow from USD 5.3 Billion in 2022 to USD 36.9 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 21.4% during the projected period. A unique approach to preventing the theft or misuse of sensitive data is data-centric security. With several factors, including strict compliance and regulatory requirements, and increased dangers to enterprise data from the use of big data analytics, machine learning, and artificial intelligence, the need for data-centric security will increase globally.
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As the number of attacks increases, data-centric security solutions are becoming more important to enterprises' mission-critical data protection policies. Although the worldwide market for data-centric security is still in its early stages, it is anticipated that it will grow rapidly over the next few years as end users' worries about data security rise. Data-centric security firms also have more opportunities as data breaches increase, which is driving the market's growth throughout the forecast period. The increased demand for data protection in the cloud among both large and small enterprises is predicted to drive the market for data-centric security. An example is the Intelligent Cloud ServicesSM provided by Informatica, which provides encryption at the operating system, database, and application levels in addition to failover data centers, user authentication, and access controls. With the development of new technologies, security, access patterns, and methodologies needed to maintain cloud infrastructures while working from home, the risk of data breaches has increased. It can be considered the problem with data security as much as the solution. It can be tempting to believe that utilizing cutting-edge security measures is the only way to keep a business safe from threats.
COVID-19 Impact
The COVID-19 pandemic benefits the data-centric security sector because of a large movement toward the use of digital platforms and work-from-home regulations, which could lead to a rise in cyberattacks and more digital data being created. Strict data storage and leakage prevention regulations, constant risk monitoring for security breaches at both physical and digital access points, and the implementation of top-notch security solutions at massive data farms are all essential in such situations.
Browse key industry insights spread across 200 pages with 120 market data tables and figures & charts from the report on the "Global Data-centric Security Market Size, Share, and COVID-19 Impact Analysis, By Component (Software & Solutions, Professional Services), By Deployment (Cloud, On-premises), By Enterprise Size (SME, Large Enterprise), By End User (BFSI, Government & Defence, Healthcare & Pharmaceuticals, IT & Enterprises, Telecommunication, Retail, Others) and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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The software & solution segment dominates the market with the largest revenue share over the forecast period.
The global market for data-centric security is divided into two categories based on components: software & solutions and professional services. More than 65.5% of the market was accounted for by the software category. The solution category holds the largest market share for data-centric security due to its crucial role in delivering comprehensive security measures. Data-centric security solutions make use of a range of technologies and procedures to protect data while it is being used, transported, or stored. Data masking, tokenization, anonymization, encryption, access restrictions, and data loss prevention (DLP) are some of these solutions. The increasing number of data breaches and cyberattacks has raised interest in data-centric security technologies. With high-profile incidents, sectors like BFSI, IT & telecom, and retail must now employ these software solutions.
The on-premises segment is witnessing significant CAGR growth over the forecast period.
The global market for data-centric security is divided into cloud and on-premises deployment segments. Among them, the on-premises segment is expected to experience a significant CAGR increase. Complete control over their data assets is typically chosen by sectors or organizations with severe regulations. Businesses may maintain their data within their physical infrastructure while having complete control over data storage, access, and protection thanks to the on-premise data-centric security solution. During the forecast period, this is one of the factors that is projected to drive the market for on-premise data-centric security.
The large enterprise segment is expected to hold the largest share of the global data-centric security market during the forecast period.
The worldwide data-centric security market is divided into SME and big enterprise segments based on the size of the organization. During the forecast period, the big enterprise segment is anticipated to account for the highest share of the market for data-centric security. Demand for the data-centric security market has developed as a result of massive data storage sets and resource access on these storage units, both of which have contributed to an increase in attacks against major corporations. Owing to the complexity and integrity of cyberattacks, highly advanced cybersecurity techniques, such as data-centric security solutions, are increasingly required.
The BFSI segment accounted for the largest revenue share over the forecast period.
The BFSI, government & defense, healthcare & pharmaceuticals, IT & enterprises, communications, retail, and other end-use categories make up the worldwide data-centric security market. With the highest revenue share among these, the BFSI segment will rule the market over the projection period. The BFSI sector houses sensitive personal data, trade secrets, and financial information. The BFSI sector is now a prime target for cyberattacks as a result.
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North America dominates the market with the largest market share over the forecast period.
With a market share of more than 38.7% during the forecast period, North America is the industry leader. As a result of the rising number of attacks on governmental organizations, enterprises, crucial infrastructure projects, and the general public, data security solutions are anticipated to be in high demand. The dynamic and sophisticated cyber threat architecture in North America has given conception to the need for data-centric security. The existence of numerous companies in North America, such as Microsoft, IBM, McAfee, and others, is projected to support the expansion. Furthermore, the need for sophisticated cybersecurity solutions has increased as a result of strict laws like the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA), which aim to avert adverse legal and economic consequences. The CAGR growth rate for the Asia-Pacific market is anticipated to be the quickest over the forecast period. As digitalization, machine learning, AI, and the Internet of Things (IoT) become more widely used in parts of India, Australia, South Korea, and China, enormous data assets have been produced. These resources must be protected against harmful risks and hazards including malware, ransomware, breaches of data, and others.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Data-centric Security Market include Egnyte, Forcepoint, IBM, Imperva, Infogix, Informatica, McAfee, Micro Focus, Microsoft, NetApp, Netwrix, Orange Cyberdefense, Seclore, Symantec (now NortonLifeLock), Thales eSecurity and among others.
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Recent Developments
- In May 2022, Oracle, to take advantage of Informatica's industry-leading connectivity and governance solutions, Oracle Cloud Infrastructure and Informatica formed a strategic partnership. Oracle Exadata Cloud Customer, Oracle Automated Database, Oracle Exadata Database Service, and Oracle Object Storage have all been linked to Informatica's Intelligent Data Management Cloud (IDMC).
- In April 2022, Informatica, collaboration between the data cloud and Informatica's Intelligent Data Management Cloud (IDMC) was disclosed by Snowflake, a provider of data clouds.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2032. Spherical Insights has segmented the Global Data-centric Security Market based on the below-mentioned segments:
Data-centric Security Market, Component Analysis
- Software and Solutions
- Professional Services
Data-centric Security Market, Deployment Analysis
- Cloud
- On-premises
Data-centric Security Market, Enterprise Size Analysis
- SME
- Large Enterprise
Data-centric Security Market, End User Analysis
- BFSI
- Government & Defense
- Healthcare & Pharmaceuticals
- IT & Enterprises
- Telecommunication
- Retail
- Others
Data-centric Security Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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