DUBLIN–(BUSINESS WIRE)–The “Data-centric Security Market by Component (Software and Solutions and Professional Services), Deployment Mode (Cloud and On-premises), Organization Size, Vertical (Government and Defense, Healthcare, Telecommunications), Region – Global Forecast to 2026” report has been added to ResearchAndMarkets.com’s offering.
The global data-centric security market size is expected to grow from an estimated value of USD 3.5 billion in 2020 to USD 9.8 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 23.1% from 2020 to 2026.
The data-centric security market is driven by various factors such as stringent compliances and regulations, increasing risk on enterprise data due to exploitation of big data analytics, machine learning, and artificial intelligence to boost the growth of data-centric security market across the globe during the forecast period. However, organization’s tolerance for inconvenience and security breaches due to internal vulnerabilities can hinder the growth.
Software and Solutions segment to grow at a higher CAGR during the forecast period
With the voluminous explosion of sensitive data in the cloud and mobile environments, data lakes, and other big data repositories, enforcing data security has become the top priority for both governments and businesses worldwide. Data-centric security software and solutions audit and protect the data at rest, data in motion, and data in use through various standards and protocols. Therefore, to reduce the risk posed by hackers, insider threats, and other malicious attacks, and constantly monitor the activity of sensitive data, enterprises must utilize software and solutions. The solutions protect mission-critical data in disparate silos, such as databases, files, and the cloud. Furthermore, the legislation in many countries has set new standards for protecting customer information. There are standards for the security of medical records, such as HIPAA, and standards for the financial industry, such as PCI-DSS, regarding the privacy and security of customers’ personal financial information. A few capabilities that data-centric security software and solution must include data classification and discovery, data protection, and data governance, and compliance.
On premise segment to account for a higher market share during the forecast period
The on-premises deployment type provides organizations with full control over all the platforms, applications, systems, and data, which can be handled and managed by their own IT staff. The on-premises deployment type is the traditional approach to implement data-centric security software and solutions across enterprises. An organization where the user credentials are critical for business operations would prefer the on-premises deployment, as the systems are controlled by the organization. The government and defense and BFSI verticals prefer on-premises security because they cannot afford to lose their sensitive data, financial records, accounting information, and data pertaining to financial transactions.
Asia Pacific to grow at the highest rate during the forecast period
APAC has specifically been one of the fastest-growing markets in terms of mobile workforce expansion, propagated with the rising adoption of mobile devices in this region. Enterprises and SMEs in the APAC countries are admitting the significance of data-centric security and are receptive to adopting dedicated data-centric security solutions to protect their critical and sensitive business data from commercial espionage, cyber threats, and misuse of data for monetary gains of the computer hackers. APAC countries such as Australia, China, and Japan have widely adopted encryption technologies to protect data from being stolen. The popular APAC countries, such as Singapore and India, are now gradually advancing toward adopting superior data-centric security solutions.
Market Dynamics
Drivers
Increasing Demand for Data-Centric Security Solutions for Cloud-Based Data Security Stringent Compliances and Regulations Driving the Adoption of Data-Centric Security Solutions Increasing Risk on Enterprise Data Due to Exploitation of Big Data Analytics, Machine Learning, and Artificial Intelligence Driving the Adoption of Data-Centric Security Solutions Restraint
Organization’s Tolerance for Inconvenience and Security Breaches Due to Internal Vulnerabilities Opportunities
Increase in Data Breaches Provide More Opportunities to Data-Centric Security Vendors Widespread Adoption of the Industrial Revolution Challenges
Enterprise Budgetary Concerns Lack of Awareness Toward Data-Centric Security Solutions Companies Mentioned
Bigid Broadcom Concentric.Ai Dathena Digital Guardian Egnyte Fasoo Forcepoint Helpsystems IBM Imperva Infogix Informatica Lepide Micro FocUS Netapp Netwrix Nextlabs Nucleus Cyber Orange Cyberdefense Pkware Protegrity Sealpath Seclore Secupi Securiti Talend Varonis Systems For more information about this report visit https://www.researchandmarkets.com/r/m1sjul