Data-centric Security Market
Data-centric Security Market - By Component, By Deployment Type, By Organization Size, By Industry Verticals & Global Region - Market Size, Trends, Opportunity, Forecast 2021-2026Request Sample Request Discount
Data-centric security is a method of information cybersecurity which mainly emphasizes the security of data itself rather than the security of networks or applications. In this type of security framework, security protocols as well as policies are defined and enforced at the data layer, instead of deferred to a server, network, or application. The data centric security solutions in the market are helping enterprises to protect sensitive data rather than protecting IT infrastructure which comprises of less important data to the enterprise.
These solutions cut downs threats posed by hackers, inside threats, and other malicious attacks in the enterprise. In addition, it offers several benefits such as securing data transmissions, ensuring compliance, maintaining data integrity & privacy, and protecting unauthorized access.
Covid Impact Analysis
The COVID-19 epidemic has significantly pushed demand for the Data-centric Security. This is attributed to the significant boost in security investments by the organizations in response to an increases cyberattacks. In addition, the organisations are actively implementing data-centric approach to protect their information. For instance, according to the Making Your Business Cyber-Resilient In 2021, the study by Capgemini, the data-centric approach has enabled the organizations to reduce cyber risk as well as to remove internal business growth barriers during the year 2020.
Various countries around the globe have imposed a complete lockdown for more than two months as a result of the COVID-19 epidemic, which has had an impact on most of the industry verticals. However, the impact on the technology sector has been comparatively low. For instance, the manufacturing plants all across the world have been shut down, and automobile sales have plummeted. On the contrary, despite the downturn, the emerging need to reduce or eliminate the cybersecurity risk boosted growth of the data-centric security market. Enterprise IT teams are adopting data-centric security solutions to protect organization’s data from cyberattacks as well as accidental breaches.
On the other hand, several market players are incorporating their data-centric security solutions with other software solutions to enhance their data security capabilities during the pandemic, further boosting growth of the market. For instance, in January 2021, Seclore, provider of the open data-centric security platform announced the incorporation with Microsoft Teams. This will enable the organizations with a remote workforce relying on Microsoft Teams to add Encryption and Rights Management to ensure automatic protection of sensitive data accessed and shared from Microsoft Teams.
Top Impacting Factors
The increasing risks faced by enterprise data due to trending technologies such as big data, artificial intelligence, machine learning primarily boosts demand for the data-centric security solutions among the enterprises. In addition, the strict compliances and regulations relating to data-centric security creates demand for the data-centric security solutions. For instance, the regulations such as federal information processing standards, as well as the payment card industry data security standards are encouraging enterprises to deploy data-centric security approaches. In addition to this, growing adoption of digitalization across developing and developed economies has pushed the need for data-centric security. Moreover, surge in demand for data-centric security solutions for cloud-based data security is projected to fuel growth of the market during the forecast period.
However, the factors such as financial concerns of organizations as well as lack of awareness about data-centric security may hamper growth of the market to some extent during the forecast period.
On the other hand, rising data breach cases is expected to create lucrative growth opportunities for the global data-centric security market. Also, huge investments by market players for innovation in data-centric security technology has been observed in the past few years. This is opportunistic for the market growth.
On the basis region, the Global Data-centric Security Market is segmented into North America, Asia Pacific, Europe, Latin America and Middle East and Africa. North America accounted for the largest share in the global data-centric security market. This is mainly attributed to extensive presence of large software providers as well as key market players in the region. In addition to this, the various factors such as government data protection regulations, creasing of cyber-attacks, and proliferation cloud-based platforms boosts North America data-centric security market.
However, the Asia-Pacific is expected to grow at the highest growth rate during the forecast period. Growth of this region is mainly driven by mobile workforce expansion caused by rising adoption of mobile devices. In addition to this, rapid adoption of encryption technologies as well as superior data-centric security approaches in emerging economies such as China, Japan, India, Singapore, and Australia fuels growth of the market. Moreover, SMEs in this region are actively making investments in data-centric security solutions to protect crucial and sensitive business data from cyber threats, misuse of data, and commercial espionage.
The cyberattacks are becoming more sophisticated each year, creating a rapid demand for data centric security solutions. For instance, according to the Cybersecurity Ventures, the global cybercrime costs to grow by 15% per year over the next five years, reaching $10.5 trillion annually by 2025.
In addition to this, more number of enterprises are actively moving their workloads in the cloud. However, the cloud adoption has caused data to grow at unprecedented rates, spiralling out of the control of security teams. Even though cloud providers provides advanced security measures, customers are eventually responsible for securing their own data in the cloud. Hence, the need to secure the data on cloud boosts adoption of data-centric security solutions.
Global data-centric security market segmentation is based on the component, deployment type, organization size, industry vertical, and region. Based on the component, the data-centric security market is segmented into solution and services. Based on the deployment type, it is segregated into on-premises and cloud. According to the organization size, the market is divided into small & medium-sized enterprises and large enterprises. According to the industry vertical, it is divided into BFSI, Government & Defense, Manufacturing, Telecom & IT, Retail, Healthcare, Energy & Utilities, Others. Based on the region, it is segregated into North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
The global Data-centric Security market is consolidated with the presence of major players in the market such as Informatica, NetApp, IBM, Varonis Systems, Talend, Broadcom, Microfocus, Orange Cyberdefense, PKWARE, Forcepoint, Imperva, Fasoo, Protegrity, HelpSystems, Nucleus Cyber, and other players.
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