Data-Centric Security Market Scope and Overview
The Data-Centric Security Market is expected to be valued at USD 5.29 billion in 2023 and is projected to reach USD 28.9 billion by 2031, growing at a compound annual growth rate (CAGR) of 23.7% during the forecast period. This growth is driven by the increasing need for organizations to prioritize the security of their data itself, rather than solely focusing on perimeter defenses. Traditional security measures often prove inadequate against the increasing number of cyberattacks that target data directly. Data-Centric Security solutions offer a more comprehensive approach by encrypting, masking, and controlling access to data at its core, minimizing the risk of unauthorized access and data breaches.
Data-centric security marks a revolutionary shift in the cybersecurity landscape. Unlike traditional perimeter-based defenses, it prioritizes the security of data itself. This comprehensive approach utilizes encryption, data masking, and granular access controls to safeguard sensitive information at its core. Recent advancements like AI-powered Data Loss Prevention (DLP) solutions empower organizations to identify and secure sensitive data more effectively. Additionally, the rise of cloud-based data-centric security platforms streamlines deployment and offers a unified solution for data encryption, access control, and user activity monitoring. This innovative approach is gaining traction as organizations grapple with escalating cyberattacks, stricter data privacy regulations, and the ever-growing challenge of securing data sprawl across cloud environments.
Major Key Players Studied in this Report
- Broadcom
- Forcepoint
- IBM Corporation
- Imperva
- Informatica
- Micro Focus
- NetApp
- Orange Cyberdefense
- Talend S.A.
- Varonis
- Other Players
Data-Centric Security Market Segmentation Analysis
By Component
Dominating Segment: Software
Data-centric security software, encompassing data encryption, access control, and data loss prevention solutions, holds the largest market share due to its critical role in data protection strategies. Modern data-centric security software seamlessly integrates with existing security infrastructure like Security Information and Event Management (SIEM) and Security Orchestration, Automation, and Response (SOAR) platforms. This allows for centralized data collection, analysis, and automated incident response workflows, maximizing the efficiency and effectiveness of security operations.
By Deployment
Dominating and Growing Segment: Cloud
Cloud-based Data-Centric Security solutions are gaining significant traction due to their scalability, ease of deployment, and cost-effectiveness for organizations of all sizes. The shift towards cloud-based data storage necessitates agile and scalable software solutions. Cloud deployment offers several advantages, including subscription-based pricing models, easier deployment and management, and automatic updates. These factors contribute to its growing popularity.
By Organization Size
Dominating Segment: Large Enterprises
Large enterprises, with their extensive data assets and stringent compliance requirements, are the major adopters of data-centric security solutions. Large enterprises often operate under a complex web of regulations that mandate strict data security practices. Data-centric security solutions enable them to comply with regulations like GDPR and CCPA, mitigating the risk of huge fines and reputational damage. The SME segment is anticipated to witness significant growth as cybersecurity awareness increases.
By Vertical
Dominating Segment: BFSI
Based on vertical, the Banking, Financial Services, and Insurance (BFSI) sector dominates the Data-Centric Security Market due to the high volume of sensitive data it handles and the stringent regulations it faces. The IT and Telecom vertical is expected to experience the fastest growth rate during the forecast period of 2024-2031, due to the increasing adoption of cloud technologies and the growing need for securing data access.
Market Segmentation and Sub-Segmentation
By Component
- Software
- Solution
- Professional Services
By Deployment
- On-Premise
- Cloud
By Organization Size
- Large Enterprises
- SMEs
By Vertical
- BFSI
- Government and Defense
- Healthcare and Pharmaceuticals
- IT and Enterprise
- Telecommunication
- Retail
- Others
Regional Analysis
During the forecast period of 2024-2031, the Asia Pacific region is expected to be the fastest-growing market due to rapid digitalization, rising internet penetration, and government initiatives promoting data security awareness. Businesses across the Asia Pacific region are rapidly embracing digital transformation initiatives, leading to the creation and storage of vast amounts of data. This necessitates robust data security measures to safeguard sensitive information. Governments across the Asia Pacific region are actively implementing schemes and initiatives to raise data security awareness among businesses and citizens.
For example, India’s Information Technology Act (ITA) and Singapore’s Cybersecurity Act emphasize data protection best practices and incentivize the adoption of advanced data-centric security solutions. Cybersecurity solution providers like LOGON Software Asia and Lansweeper have announced new partnerships and offerings to cater to the growing demand for data protection and IT asset management in Asia.
Key Measures to Enhance Cybersecurity in the Asia-Pacific (APAC) Region
- Asian countries adopted the ASEAN Data Management Framework (DMF) and Model Contractual Clauses (MCC) in 2021 to coordinate data management and cross-border data transfer standards.
- 70% of APAC organizations are focused on upskilling their workforce to enhance in-house cybersecurity capabilities and reduce reliance on external vendors.
- Cybersecurity experts recommend that Asian nations improve liaison between organizations and national cyber incident response centers, support cybersecurity training programs, and promote international ties and data exchange.
Key Takeaways
- Data-Centric Security goes beyond just meeting regulatory requirements. By ensuring data privacy and integrity, it gains trust with customers and partners, strengthening brand reputation.
- Seamless integration with existing Security Information and Event Management (SIEM) and Security Orchestration, Automation, and Response (SOAR) platforms is important in the Data-Centric Security Market.
- Artificial intelligence and machine learning are revolutionizing data-centric security. AI-powered solutions can automate data discovery and classification, detect anomalous user behavior, and enable faster and more accurate threat response.
Table of Contents
- Introduction
- Industry Flowchart
- Research Methodology
- Market Dynamics
- Impact Analysis
- Impact of Ukraine-Russia war
- Impact of Economic Slowdown on Major Economies
- Value Chain Analysis
- Porter’s 5 Forces Model
- PEST Analysis
- Data-Centric Security Market Segmentation, by Component
- Data-Centric Security Market Segmentation, by Deployment
- Data-Centric Security Market Segmentation, by Organization Size
- Data-Centric Security Market Segmentation, by Vertical
- Regional Analysis
- Company Profile
- Competitive Landscape
- USE Cases and Best Practices
- Conclusion
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