Pune, India., July 28, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Data-Centric Security Market Size Report, Share, Revenue, Growth Strategy, Industry Trends and Forecast to 2028 - COVID-19 Impact and Global Analysis By Component, Deployment Mode, Organization Size, Verticals, and Geography”, the global data-centric security market size is projected to reach USD 16.51 billion by 2028, from USD 4.51 billion in 2022. it is expected to grow at a CAGR of 24.2% from 2022 to 2028. The increasing awareness of insider threats, and rapidly growing IoT is driving the demand of data-centric security industry.
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Global Data-Centric Security Market Report Scope, Segmentations, Regional & Country Scope:
| Report Coverage | Details |
| Market Size Value in | USD 4.51 Billion in 2022 |
| Market Size Value by | USD 16.51 Billion by 2028 |
| Growth rate | CAGR of 24.2% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 198 |
| No. of Tables | 115 |
| No. of Charts & Figures | 90 |
| Historical data available | Yes |
| Segments covered | Component, Deployment Mode, Organization Size, and Verticals |
Increasing Adoption of Cloud Services Provides Lucrative Opportunities for Global Data-Centric Security Market:
The increasing adoption of cloud services represents a significant opportunity for the data-centric security market. Cloud computing has transformed how organizations store, process, and access their data, offering scalability, cost-efficiency, and flexibility. However, it has also introduced new security challenges that must be addressed, creating a demand for data-centric security solutions tailored to the cloud environment. One key opportunity stem from the need to protect data in transit and at rest within cloud infrastructures. When data is transmitted between users and cloud service providers or between different cloud environments, it is vulnerable to interception or unauthorized access.
Data-centric security solutions that provide robust encryption algorithms and secure data transfer protocols help organizations ensure the confidentiality and integrity of their data throughout the transmission process. Furthermore, data-centric security solutions are crucial in securing data stored in the cloud. Cloud service providers implement security measures at the infrastructure level, but the responsibility for protecting the data itself lies with the organization. Data-centric security solutions offer advanced encryption capabilities, access controls, and authentication mechanisms that provide additional protection for data stored in the cloud. Another opportunity arises from managing access to data stored in the cloud. Organizations adopting cloud services need help managing user access, permissions, and data governance. Data-centric security solutions enable organizations to enforce granular access controls, ensuring only authorized individuals have the appropriate permissions to access and manipulate specific data. This helps organizations maintain data privacy and comply with regulatory requirements. Moreover, the multi-tenant nature of cloud environments poses additional security considerations.
Browse key market insights spread across 198 pages with 115 list of tables & 90 list of figures from the report, "Data-Centric Security Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component (Solution and Service), Deployment Mode (On Premise and Cloud based), Organization Size (Small and Medium Enterprises (SMEs) and Large Enterprises), and Verticals (IT and Telecommunication, BFSI, Government and Defense, Healthcare and Pharmaceutical, and Others)" in detail along with the table of contents: https://www.theinsightpartners.com/reports/data-centric-security-market
Data-centric security solutions that offer data isolation and segregation capabilities help organizations ensure that their data remains protected and isolated from other tenants in the cloud infrastructure. This is particularly important for organizations with strict compliance requirements or those dealing with highly sensitive data. Additionally, the dynamic nature of cloud environments, with frequent changes in infrastructure and configurations, requires continuous data monitoring and protection. Data-centric security solutions that offer real-time monitoring, anomaly detection, and automated incident response enable organizations to promptly identify and mitigate potential security threats, ensuring the security and availability of their data in the cloud.
Global Data-Centric Security Market Analysis: Competitive Landscape and Key Developments
IBM Corporation; Broadcom Inc.; Informatica; Micro Focus International plc; NetApp, Inc.; Imperva; Forcepoint; Orange Cyberdefense; Talend; and Varonis Systems are a few of the key companies operating in the data-centric security market. The market leaders focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.
In 2022: NetApp announced the up-gradation of the NetApp ONTAP data management software. Additionally, NetApp unveiled the most recent NetApp SolidFire Enterprise SDS solution and a flexible NetApp Keystone Flex Subscription service. NetApp helps businesses worldwide use the greatest aspects of the cloud through these improvements. Businesses can employ hybrid cloud infrastructure as a service to improve performance and safety, reduce costs, and expand data management from on-premises to the cloud.
In 2021: IBM and Palantir Technologies partnered to deliver AI for businesses. With Palantir's next-generation operations platform for developing applications, the companies have joined to provide AI for enterprises. The device is anticipated to make it easier for companies to develop and deploy IBM Watson-enhanced apps while also assisting users in accessing, analyzing, and acting on the enormous volumes of data dispersed across hybrid cloud settings.
Global Data-Centric Security Market: Segmental Overview
Data-centric security market analysis by component, the market is segmented into solution and service. The solution segment held the largest share of the market in 2020 and is anticipated to register the highest CAGR in the market during the forecast period. Data-centric security market analysis by deployment mode, the market is segmented into on premise and cloud based. The cloud-based segment held the largest share of the data-centric security market in 2020 and is anticipated to register the highest CAGR in the market during the forecast period. By organization size, the market is segmented into small and medium enterprises (SMEs) and large enterprises. The large enterprise segment held the largest share of the market in 2020, whereas into small and medium enterprises (SMEs) segment is estimated to register the highest CAGR in the market during the forecast period. Based on vertical, the data-centric security market is segmented into IT and telecommunication, BFSI, healthcare and pharmaceutical, government and defense, and others. The IT and Telecommunication segment held the largest share of the market in 2020 and is estimated to register the highest CAGR in the market during the forecast period.
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For several reasons, the United States has exerted significant dominance in the data-centric security market. The US has many major technology companies, including cybersecurity solution providers. These companies have played a pivotal role in developing and delivering innovative data-centric security solutions, driving market growth, and setting industry standards. Secondly, the US possesses a robust and advanced technological infrastructure, making it an ideal environment for adopting and implementing data-centric security measures. The country has witnessed widespread use of cloud computing, big data analytics, and IoT technologies, generating massive amounts of data that require robust protection.
The adoption of these technologies has further increased the demand for data-centric security solutions. Thirdly, the US is known for its stringent regulatory landscape and compliance requirements. Regulations like the Health Insurance Portability and Accountability Act (HIPAA), the Gramm-Leach-Bliley Act (GLBA), and various industry-specific standards have compelled organizations to implement robust data protection measures. This has created a strong market demand for data-centric security solutions to help organizations achieve compliance and avoid legal repercussions.
Moreover, the US has experienced high-profile data breaches and cyber-attacks targeting public and private entities. These incidents have heightened awareness about the importance of data security and the need for robust protection measures. Consequently, organizations in the US have increased their investments in data-centric security solutions to safeguard their sensitive information and prevent reputational damage. The US government has also taken proactive steps to enhance cybersecurity measures and promote data protection initiatives. The National Institute of Standards and Technology (NIST) provides guidelines and frameworks, such as the NIST Cybersecurity Framework, that assist organizations in implementing robust security practices. Government initiatives and collaborations with private sector entities have further fueled the US data-centric security market's growth.
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