(EMAILWIRE.COM, September 16, 2022 ) Data-centric Security Market size is projected to grow from an estimated value of USD 4.2 billion in 2022 to USD 12.3 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 23.9% from 2022 to 2027. The need to secure most sensitive information (credit card numbers, intellectual property, or medical records), stringent compliances and regulations; the need to secure sensitive data on cloud, and growing data breach incidents is driving the growth of data-centric security market across the globe.
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The major Players in data-centric security market are Informatica (US), IBM (US), Broadcom (US), Micro Focus (US), Varonis Systems (US), Talend (US), Orange Cyberdefense (France), Forcepoint (US), Imperva (US), NetApp (US), Infogix (US), PKWARE (US), Seclore (US), Fasoo (South Korea), Protegrity (US), Egnyte (US), Netwrix (US), Digital Guardian (US), HelpSystems (US), BigID (US), Securiti (US), SecuPi (US), Concentric.AI (US), Lepide (US), NextLabs (US), SealPath (Spain), Nucleus Cyber (US), and Dathena (Singapore).
By component, the services segment to register the highest growth rate during the forecast period
Based on component, data-centric security services have witnessed a growing demand in recent years. The services segment includes various services that are required to deploy, execute, and maintain data-centric security platforms in organizations. Enterprises need support from service providers to enhance their data management, policy control, auditing & reporting, data protection, and for maintaining the governance over various silos. Professional service providers help enterprises in deploying data centric security software and solutions and managing all the queries in the product life cycle.
The professional services are offered through professionals, specialists, or experts to support the business. These services include consulting, designing and development and implementation, and support services. The latest techniques, strategies, and skills adopted by the professionals are said to be helping organizations in adopting data centric security features. They also offer customized implementation and risk assessment and assist with the deployment via industry-defined best practices.
With the increasing demand for data-centric security solutions in high-growth markets such as APAC and MEA, there is a significant demand for training and education services to spread awareness about various data-centric security solutions.
Based on organization size, the SMEs segment to grow at the highest CAGR during the forecast period
By organization size, the data centric security market is sub-segmented into large enterprises and SMEs. SMEs use data centric security solutions to reduce data fraud while enhancing the customer experience. The growing usage of mobile devices has influenced the data transfer over business networks to personal devices, such as mobile phones and laptops. Hence, this helps in increasing the fraudulent data, cyberattacks, data losses, and threat of personal data thefts. These rising security issues have made way for SMEs to focus their concerns on data centric security. Although, SMEs have to consider their limited budget, the comprehension of corporate information being an important consideration, makes them use data discovery and classification, data protection, and data governance solutions. Moreover, these solutions are available at economical pricing in the cloud deployment type. In the coming years, data centric security solutions are expected to witness high adoption among SMEs, all over the region.
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North America to hold the largest market share in 2022
North America is estimated to account for the highest market share in the data-centric security market in 2022. The region comprises some of the key vendors that offer data-centric security solutions and services; some of them are Informatica, IBM, Broadcom, Micro Focus, Varonis Systems, Forcepoint, among others. By country, the US is expected to hold the largest market share owing to the growing data breach incidents. Implementing these technologies enables large amounts of data to be operated upon, which has resulted in widespread adoption of cloud-based solutions and investments in the data-centric security market. North America 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. All these factors contribute to the high market share.