Data Centric Security Market Statistics, 2030
The global data centric security market size was valued at $2.73 billion in 2020, and is projected to reach $39.344 billion by 2030, registering a CAGR of 30.6% from 2021 to 2030. Data-centric security prioritizes securing data where it is stored and processed, instead of focusing on security controls for hardware and network infrastructure. Data-centric models take a zero trust approach to determine user access. Zero trust reduces cyber risk, as the user requests privileged access only when needed.
Within the data centric security market analysis, the professional service segment is expected to emerge as the fastest growing segment. Cost savings is still an important consideration for using professional services. Companies are becoming much more strategic and seeking benefits such as value creation, operational flexibility, and competitive advantage. These benefits are driving the adoption of professional services, thereby contributing toward the growth of the data centric security market.
In 2020, the global data centric security market share was dominated by the software & solution, and is expected to maintain its dominance in the upcoming years. In 2020, companies such as IBM, Microsoft, and Google dominated the cloud market and implemented various advanced technologies, such as artificial intelligence and machine learning, to analyze data. The operation of these massive volume of data to get their insights in real time presents new challenges for future software and solutions.
Data centric security solutions provide a comprehensive way to protect enterprises data compliance and privacy. These solutions can be applied to data at rest, data in transit, and data in use, and can involve several processes, such as data classification and discovery, data protection via encryption, tokenization & masking, and data governance & compliance. These solutions are concerned about the privacy and security of data rather than the security of networks, endpoints, and applications. Furthermore, increase in instances of cyberattacks is making data centric security solutions an essential element in organizations to protect mission-critical data. The global data centric security market is in the growth stage, owing to rise in concerns of data security among end users.
The report focuses on the growth prospects, restraints, and data centric security market analysis. The study provides Porter’s five forces analysis of the data-centric security industry to understand impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the data-centric security market trends.
By Component
Professional Service segment is projected as one of the most lucrative segments.
Segment Review
The global data centric security industry segmented into component, deployment mode, organization size, and industry vertical. Depending on component, the market is categorized into software & solution and professional services. The software & solution subsegmented into data discovery and classification, data protection, data governance & compliance, and others (DLP, and data tagging & watermarking). On the basis of deployment mode, the market is bifurcated into on-premise and cloud. As per organization size, it is fragmented into small & medium enterprise and large enterprise. According to industry vertical, it is differentiated into BFSI, government & defense, healthcare & pharmaceuticals, IT & enterprises, telecommunication, retail, and others. Region wise, the data centric security market is analyzed across North America, Europe, Asia Pacific, and LAMEA.
By Region
APAC is projected as one of the most significant region.
Top Impacting Factors
Factors such as increase in digitization trends and digital data production coupled with rise in data privacy and security concerns post the COVID-19 pandemic are the major factors propelling the growth of the data centric security market. However, less enthusiasm for data-centric security approaches in mainstream applications and higher implementation cost restrain the market growth. Conversely, increase in security concerns coupled with rise in cyberattacks and growth in the cloud and digital media trends are expected to create lucrative opportunity for the overall market expansion.
Increase in digitization trends and digital data production
Digital data creation has increased significantly in the past few decades, and it is not likely to slow down in the near future. One of the primary drivers is the increased penetration of digital devices such as smartphones and personal (or work) computers in the daily lives of people. Moreover, with these data trends and increasing volume of data, the need for data-centric security solutions has increased considerably to protect corporate and consumer data. As a result, the market for data-centric security has grown significantly in recent years, and is anticipated to grow further during the period of forecast.
Growth in the cloud and digital media trends
The modern world is witnessing increasing dependency on digital and cloud computing trends as well as rising dependence of companies and their business operations on cloud networks for a variety of applications ranging from data storage and payments to operating the whole businesses through the cloud. This rising dependence on the cloud in the business world has been influencing many small and medium level enterprises to protect their data stored/exchanged through the cloud, and hence increasing their investments in the data-centric security solutions and services in the coming years.
Impact of COVID-19
The COVID-19 pandemic has a favorable effect on the data-centric security industry, owing to a significant shift toward the use of digital platforms and work-from-home policies, resulting in greater digital data creation and a potential increase in cyber-attacks. In such circumstances, stringent data storage and leakage prevention policies, regular risk monitoring for breaches at both physical and digital access points, and the deployment of high-quality security technologies at huge data farms are all critical. Global investments in data and information security are anticipated to grow by more than $170.4 billion by 2022. As user awareness of data privacy and security grows, it is likely that companies will tighten their security rules, allowing the worldwide data centric security market to expand further in the future years.
Key Benefits For Stakeholders
- The study provides an in-depth analysis of the data centric security market trends along with current trends and future estimations to elucidate imminent investment pockets.
- Information about key drivers, restraints, and opportunities and their impact analysis on the data centric security market size is provided in the report.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the data centric security industry.
- The quantitative analysis of data centric security market growth for the period 2020-2030 is provided to determine the market potential.
Data Centric Security Market Report Highlights
| Aspects | Details |
 By COMPONENT |
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 By DEPLOYMENT |
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 By ORGANIZATION SIZE |
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 By VERTICAL |
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 By Region |
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 Key Market Players | MICRO FOCUS, TALEND S.A., NETAPP, INC., VARONIS, INFORMATICA, IMPERVA, FORCEPOINT, BROADCOM INC., ORANGE CYBERDEFENSE, INTERNATIONAL BUSINESS MACHINES CORPORATION |
Analyst Review
The data-centric security market is experiencing a rapid growth, rapid increase in digitalization trends, and digital data production. Digital data creation has risen tremendously in the past few decades, and is to continue this trend in the near future. One of the primary drivers is the increased penetration of digital devices such as smartphones and personal (or work) computers in the daily lives. Moreover, with these data trends and their increasing volume of data, there is now a greater need for data-centric security solutions to protect corporate and consumer data. As a result, the market for data-centric security has grown significantly in recent years, and is anticipated to grow further during the period of forecast.
With the increasing pace of information created on a daily basis, enterprises generate massive volume of data in structured, semi-structured, and unstructured formats. As a result, they are increasingly traversing toward digitalization and are shifting their focus in the direction of data-centric security. Data-centric security solutions provide a comprehensive way to protect enterprises data compliance and privacy. These solutions can be applied to data at rest, data in transit, and data in use, and can involve several processes, such as data classification and discovery, data protection via encryption, tokenization & masking, and data governance & compliance.
The data centric security market is competitive and comprises a number of regional and global vendors competing based on factors such as cost of solutions & services, reliability, efficiency of products, and support services. The market is concentrated with major players consuming 40-45% of the share. The degree of concentration is expected to remain same during the forecast period. Additionally, the implementation of regulatory compliances, such as Health Insurance Portability and Accountability (HIPAA), helps secure sensitive data, protect the identities by providing a digital signature, and protect network gateways and databases.
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