Data-Centric Security Market worth $9.8 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, April 22, 2021 /PRNewswire/ -- According to a new market research report "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", published by MarketsandMarkets™, the global Data-centric Security Market size is expected to grow from USD 3.5 billion in 2020 to USD 9.8 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 23.1% during the forecast period.
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Informatica (US), NetApp (US), IBM (US), Broadcom (US), Microfocus (US), Varonis Systems (US), Talend (US), OrangeCyberdefense (France), Forcepoint (US), Imperva (US), PKWARE (US), Seclore (US), Fasoo (South Korea), Protegrity (US), Egnyte (US), Netwrix (US), Digital Guardian (US), Securiti (US), HelpSystems (US), BIGID (US), Lepide (US), NextLabs (US), SealPath (Spain), Nucleus Cyber (archTis) (US), Secupi (US), Dathena (Singapore), Infogix (US), and Concentric.ai (US) are some of the key players considered in the Data-centric Security Market. Companies offering Data-centric Security currently focus on inorganic strategies, such as partnerships, collaborations, acquisitions, and mergers, to be competitive in the market.
Data-centric security provides numerous benefits, such as maintaining data integrity and privacy, securing data transmissions, ensuring compliance, and protecting unauthorized access. Additionally, stringent regulatory compliances, such as the Health Insurance Portability and Accountability Act (HIPAA), Federal Information Processing Standards (FIPS), and Payment Card Industry Data Security Standard (PCI DSS), are encouraging enterprises to adopt data-centric security solutions and services to attain complete security of data. Furthermore, the growing trends of Bring Your Own Device (BYOD) and cloud adoption are also making enterprise data susceptible to attacks, as employees are able to access their data from remote locations on multiple devices. Due to these benefits, established players in the developed nations are seeking expansion opportunities in the developing regions by spreading awareness about data-centric security.
MarketsandMarkets™ has segmented the global Data-centric Security Market into components (software and solutions, and professional services), organization size, deployment mode, verticals, and regions. The software and solutions segment is further categorized into data discovery and classification, data protection, data governance and compliance and other software and solutions. By deployment mode, the market is segmented into on-premises and on-cloud deployments. By organization size, the report covers large enterprises and small and medium enterprises (SMEs). The report also focuses on verticals of the Data-centric Security Market, which includes banking, financial services, and insurance (BFSI), government and defense, healthcare and pharmaceuticals, telecommunications, IT and enterprises, retail, and other verticals. The other verticals include energy, media, gaming and gambling, manufacturing, and education. This market study has been further segmented based on regions into North America, Europe, APAC, MEA, and Latin America.
By Component, software and solutions segment to have the highest market share during the forecast period
Currently, the software and solutions segment is leading the market, and it is expected to remain dominant throughout the forecast period. With the constant evolution of virtualization, mobility, regulatory mandates, and advanced threats, enterprises across the globe are embracing data-centric approaches to protect their sensitive and mission-critical business information. 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.
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By verticals, BFSI segment to have the highest market share during the forecast period
The BFSI is a diversified vertical that requires extensive data protection solutions and thus has expansively adopted BYOD for real-time data access. However, real-time access to data opens the door for data loss and leaves scope for increased cyberattacks, thereby demanding data-centric security to encrypt the data at rest, as well as data in transit. BFSI is the leading market in the adoption of data-centric security solutions and it is expected to be a dominant segment throughout the forecast period.
North America to have the highest market share during the forecast period
The presence of key data-centric security providers in North America is a major factor responsible for the growth. It is a highly regulated region in the world with numerous regulations and compliances, such as the Federal Energy Regulatory Commission (FERC), HIPAA, PCI DSS, and SOX, across verticals. North American companies are quite advanced when it comes to deploying security and vulnerability management solutions and best practices for their everyday business processes. The other drivers for the increasing demand for data-centric security solutions include the need for regulatory compliance, growing security concerns, and evolving cyberattacks.
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