Data Centric Security Market Forecasts to 2030 – Global Analysis By Component (Software and Solutions, Professional Services and Other Components), Deployment Mode, Organization Size and By Geography

Data Centric Security Market Forecasts to 2030 – Global Analysis By Component (Software and Solutions, Professional Services and Other Components), Deployment Mode, Organization Size and By Geography

According to Stratistics MRC, the Global Data Centric Security Market is accounted for $5.4 billion in 2023 and is expected to reach $27.5 billion by 2030 growing at a CAGR of 26.2% during the forecast period. A security solution known as ""data-centric security"" focuses on the dependability of the data rather than the security of networks, servers, or applications. It is rapidly expanding as companies depend more heavily on digital information to carry out their operations and large data corporations become more widespread. It aids businesses in overcoming the mismatch between IT security technology and business strategy objectives, a relationship that is typically concealed by the perception of security as an end in itself, by instantaneously connecting security services to the data they implicitly safeguard.

According to Informatica, in 2019, the company noted over 5,000 data breaches with 8 billion records exposed. According to the IBM report in 2019, seven billion of the 8.5 billion data compromised in 2019 or more than 85% were the result of incorrectly configured cloud servers and other technologies.

Market Dynamics

Driver

Expanding use of cloud services

The increasing popularity of cloud services represents a substantial market opportunity. With its scalability, affordability, and flexibility, cloud computing has completely changed how businesses store, process, and retrieve their data. In order to secure data stored in the cloud, data-centric security solutions are also essential. Cloud service providers put security safeguards in place at the infrastructure level, but it is up to the company to protect the data itself. Data-centric security solutions provide additional protection for data hosted in the cloud by providing enhanced encryption capabilities, access controls, and authentication processes.

Restraint

Lack of awareness

The majority of organizations worldwide are either unaware of possible threats and data-centric security solutions, or even when they are, they still strive to avoid them for a variety of reasons. Employees at all levels, even those in the field of cybersecurity, may not have received sufficient training or education on the fundamentals of data-centric security. Without the right training, it's challenging for people and organizations to comprehend its importance and put best practices into practice. One of the biggest challenges in the field of cybersecurity is the lack of knowledge regarding data-centric security.

Opportunity

Data Encryption

Encryption is a crucial part of data-centric security. Data is encrypted both while it is at rest and while it is being sent, ensuring that even if it ends up in the wrong hands, it cannot be decrypted without the right decryption keys. Opportunities to improve data protection are presented by developments in encryption technologies like homomorphic encryption and secure multi-party computation. Data categorization, or grouping of data based on sensitivity, is a common component of data-centric security. By putting more resources into protecting the most important data, which is what is fueling market growth.

Threat

High Cost

Encryption, access restrictions, and data categorization are just a few examples of data-centric security measures that can be expensive to deploy. Allocating the appropriate resources is a challenge for small and medium-sized enterprises. Data-centric security implementation can be difficult and time-consuming. Organizations frequently need to deploy encryption, categorize and label data, and create rigorous access rules, all of which can be difficult to manage. These elements are limiting market expansion.

Covid-19 Impact

The pandemic has a number of effects on Data Centric Security, which has data protection at its center. Since then, the situation might have changed; therefore it's important to consult more recent sources for the most recent data. Data access and storage beyond the usual corporate network perimeter increased as a result of the shift to remote work during the epidemic. This increases the requirement for strong data-centric security solutions to safeguard critical. Which therefore increased the need for data security thus pandemic has positively impacted in the market growth.

The cloud segment is expected to be the largest during the forecast period

The cloud segment is expected to be the largest during the forecast period because of multiple benefits, including reduced operational costs, a simple deployment process, and higher scalability in terms of connected resources. In addition, compared to on-premises systems, cost-effective cloud-based solutions are simple to setup. Instead of offering security for servers, networks, or software programs, it offers security for the data itself. As businesses rely on digital information to conduct business and big data projects become easier, data-centric security in cloud deployment is assisting and driving market growth.

The healthcare and pharmaceuticals segment is expected to have the highest CAGR during the forecast period

The healthcare and pharmaceuticals segment is expected to have the highest CAGR during the forecast period owing to it covers personal health data and critical data regarding the patient that needs high security. There are more and more healthcare organizations that prioritize protecting client data at the expense of internal data security. The market expansion is being driven by the adoption rate of data-centric security solutions and services due to the rising medical record thefts and awareness of regulatory submissions.

Region with largest share

North America is projected to hold the largest market share during the forecast period. The need for data centric security has increased as a result of the rise in cyber risks and crimes in sectors including retail, BFSI, and healthcare, as well as the government's focus on enforcing strict data security standards. The growing amount of data thefts and illegal accesses is pushing businesses in the area across many industry verticals toward data-centric security systems, which is driving the growth of this market.

Region with highest CAGR

Asia Pacific is projected to hold the highest CAGR over the forecast period due to the increasing use of mobile devices. Businesses and SMEs in the countries acknowledge the significance of data-centric protection. They are open to implementing dedicated data-centric security measures to protect their sensitive and important corporate data from business espionage, cyber threats, and data misuse for financial gain by computer hackers. The increase of cyber attacks and the resulting necessity for data-centric security solutions are driving the market's growth.

Key players in the market

Some of the key players in Data Centric Security market include Broadcom, Inc., Talend S.A., Netwrix Corporation, Micro Focus International PLC, Infogix, Inc., NetApp, Inc., IBM Corporation, Informatica, LLC, Forcepoint LLC, Seclore, Orange S.A., Accenture, Security First Corp., Oracle Corporation, Varonis Systems, Impervia, NextLabs Inc. and Cisco Systems, Inc.

Key Developments

In March 2023, Cisco Systems, Inc. announced to launch new data center in Chennai with enhanced security especially for its telecommunication industry clients, creating a positive market outlook.

In May 2022, Informatica and Oracle established a strategic relationship that would enable Oracle Cloud Infrastructure to use Informatica's market-leading connectivity and governance technologies.

In April 2022, Snowflake and Informatica announced a strengthened partnership. To speed up clients' migration to the internet with expanded data management and information governance capabilities, the organizations want to integrate further the Data Cloud and Informatica's Intelligent Data Management Cloud (IDMC).

Components Covered
• Software and Solutions
• Professional Services
• Other Components

Deployment Modes Covered
• Cloud
• On-Premises

Organization Sizes Covered
• Small and Medium Sized Enterprises
• Large Enterprises

End Users Covered
• Healthcare and Pharmaceuticals
• IT and Enterprises
• Telecommunications
• Government and Defence
• Retail
• Banking, Financial Services and Insurance
• Other End Users

Regions Covered
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements