Data-centric Security Market Forecasts to 2030 – Global Analysis By Component (Software and Solution, Professional Services and Other Components), Deployment (On-Premise, On Cloud and Other Deployments), Organization Size (Large Enterprise, Small and Medi

Data-centric Security Market Forecasts to 2030 – Global Analysis By Component (Software and Solution, Professional Services and Other Components), Deployment (On-Premise, On Cloud and Other Deployments), Organization Size (Large Enterprise, Small and Medium-sized Enterprises (SME's) and Other Organization Sizes), End User (BFSI (Banking, Financial Services and Insurance), Government & Defense, Healthcare and Pharmaceuticals and IT and Enterprises and Other End Users) and By Geography

According to Stratistics MRC, the Global Data-centric Security Market is accounted for $5.11 billion in 2023 and is expected to reach $20.47 billion by 2030 growing at a CAGR of 21.9% during the forecast period. A novel method of preventing the theft or misuse of sensitive data is data-centric security. Global demand for data-centric security will increase due to a number of factors, including strict compliance and regulatory requirements and rising risks to enterprise data from the use of big data analytics, machine learning, and artificial intelligence.

According to Informatica, in 2019, the company noted over 5,000 data breaches with 8 billion records exposed.

Market Dynamics

Driver

Expanding demand for data-centric security options for cloud-based data security

The global Data-centric Security market expected to drive growth during the forecast period. In the cloud, data is expanding more quickly and is free to flow wherever it is needed by a workforce that is becoming more mobile. Businesses like IBM, Microsoft, and Google dominated the cloud market in 2020 and used cutting-edge technologies like AI and ML to analyze data. The market for data-centric security is anticipated to be driven by large and small businesses' growing need to protect data in the cloud. As an illustration, Informatica offers Intelligent Cloud ServicesSM, which include encryption at the operating system, database, and application levels, as well as failover data centers, user authentication, and access controls. However, the risk of data breaches has increased with the adoption of new devices, security and access patterns, and processes used to maintain cloud environments while working from home.

Restraint

Organization's tolerance for inconvenience and security breaches caused by internal weaknesses

The global Data-centric Security market expected to hinder growth during the forecast period. IT can be viewed as both the root of and the solution to data security issues. It is seductive to think that an organization can only be protected from threats by using high-tech security measures. By adopting this attitude, organizations are able to avoid the organizational culture and behavior that contribute to information security risk. Due to the difficulty of the task, many organizations have not adopted a data-centric security approach. Instead of understanding data security, many CISOs are unable to put it into practice because they are unaware of how their data is used throughout the company. They only safeguard data on disks, applications, and other technology areas as a result, and data that moves between layers could easily become corrupt.

Opportunity

Increased number of data breaches

The global Data-centric Security market expected to drive growth during the forecast period. Critical data is still at risk despite significant investments in infrastructure for privacy-related data protection. In 2019, over 5,000 data breaches were reported by Informatica, exposing 8 billion records. A quarter of all organizations experienced serious cyberattacks in the previous year, according to Trend Micro. 83% of respondents to their survey said they thought those attacks would be successful in the coming years. Cloud-based data is one of the main things businesses need to be concerned about. Data-centric security solutions will be adopted in the upcoming years as a result of the rise in data breaches within organizations.

Threat

Lack of knowledge regarding data-centric security solutions

The global Data-centric Security market expected to hamper growth during the forecast period. The majority of organizations around the world are either unaware of potential threats and data-centric security solutions or, even when aware, still attempt to avoid them for a variety of reasons. The FBI claimed that, as a result, data leakage and extortion have significantly increased. The FBI also disclosed a startling USD 12.5 billion loss in 2018 as a result of a lack of awareness within an organization. This has caused data leakage and potential data misuse.

Covid-19 Impact

The COVID-19 pandemic has altered digital technology usage and remote working practices. For the first time ever, millions of employees are working from home, and as a result, it is crucial for businesses to move their assets to the cloud and digital platforms while also taking the necessary security precautions, such as perimeter security and network security. Due to the rise in data breaches caused by the pandemic, businesses increased their security spending and adopted data-centric solutions to safeguard their data. Consequently, COVID-19 has a favorable effect on the market for data-centric security. In the near future, this is anticipated to indirectly drive the global market for data-centric security.

The On-Premises segment is expected to be the largest during the forecast period

The On-Premises segment is expected to be the largest share during the forecast period. When it comes to on-premises deployments, all platforms, applications, systems, and data that can be handled and maintained by an organization's own IT staff are entirely within their control. The standard procedure for implementing security solutions and data-centric technology within an organization is called on-premises deployment. Companies that place a high priority on authentication and authorization will prefer an on-premises deployment because it gives them more control over the system. Because they cannot take the chance of losing private information, financial documents, financial statements, or transactional data, the government, defense, and BFSI industries demand on-site security. The demand for on-premises security products is growing on a global scale as a result of these factors.

The healthcare & pharmaceutical segment is expected to have the highest CAGR during the forecast period

The healthcare & pharmaceutical segment is anticipated to witness the fastest CAGR growth during the forecast period. Data security is crucial to the healthcare vertical because it deals with sensitive patient information and personal health information that requires high security. Since most healthcare organizations place a greater emphasis on protecting customer data than internal data security, there is an increasing need to protect healthcare data within an organization. Implementing regulatory compliance, like HIPAA, aids in protecting databases and network gateways, as well as sensitive data security and identity protection through the use of digital signatures.

Region with largest share

In the market for data-centric security, North America will hold the largest share during the forecast period, contributing significantly to market expansion. This is caused by a number of things, such as the rising use of cloud-based services, an increase in cyberattacks, and the requirement to adhere to strict data protection laws. Due to the presence of significant market players and significant investments in cutting-edge technologies, the United States in particular is the largest market in North America for data-centric security. Due to the significant amounts of sensitive data they handle, the healthcare and financial sectors are two of the main industries in North America driving the growth of the data-centric security market.

Region with highest CAGR

During the forecast period, Asia-Pacific is anticipated to have the highest CAGR. Due to the increasing adoption of mobile devices in the region, APAC has been one of the regions with the fastest growth rates for the expansion of the mobile workforce. In order to prevent data theft, nations in the Asia-Pacific region like Australia, China, and Japan have widely adopted encryption technologies. Popular APAC nations like Singapore and India are moving forward with the adoption of superior data-centric security solutions. Businesses and SMEs in APAC are willing to implement specialized data-centric security solutions to safeguard their sensitive and important business data from cyberthreats, commercial espionage, and data misuse for financial gain by computer hackers. They are also acknowledging the significance of data-centric security.

Key players in the market

Some of the key players in Data-centric Security market include Broadcom Inc., Concentric.AI, Digital Guardian, Forcepoint Corporation, HelpSystem, IBM Corporation, Imperva Inc., Informatica Corporation, International Business Machines Corporation, Micro Focus International PLC, Netwrix Corporation, Nucleus Cyber, Orange Cyberdefense Inc., SealPath, Seclore Inc., Talend S.A. and Varonis Systems.

Key Developments

In May 2022, Informatica announced a partnership with Oracle. Through this initiative, Oracle and Informatica have integrated Informatica’s Intelligent Data Management Cloud with Oracle autonomous database, Oracle Exadata Database Service, and Oracle Object Storage. This new partnership will allow simplified migrations to OCI and increased data governance facility on OCI and IDMC.

In April 2022, Snowflake, a data cloud company, announced a partnership with Informatica leading to integration between the data cloud and Informatica’s Intelligent Data Management Cloud (IDMC).

In April 2021, Google Cloud and Broadcom announce a strategic collaboration to increase innovation and broaden cloud services integration within the software franchises of Broadcom. The benefits of this partnership would be Broadcom being able to provide its suite of security and enterprise operations software on Google Cloud and Google Cloud’s data and analytics services will support Broadcom’s business decisions and its customers.

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

Deployments Covered
• On-Premise
• On Cloud
• Other Deployments

Organization Sizes Covered
• Large Enterprise
• Small and Medium-sized Enterprises (SME's)
• Other Organization Sizes

End Users Covered
• BFSI (Banking, Financial Services and Insurance)
• Government & Defense
• Healthcare and Pharmaceuticals
• IT and Enterprises
• Manufacturing
• Energy & Utilities
• Packaging
• Telecommunication
• Retail & Consumer Goods
• 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

Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances