According to a recent report published by Allied Market Research, titled, “Data centric Security Market by Component, Deployment Mode, Organization Size, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global Data centric security market size was valued at $2.73 billion in 2020, and is projected to reach $39.34 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 by applying the principle of least privilege to determine user access. Zero trust reduces cyber risk, as the user requests privileged access only when needed.
Data centric security solutions help organizations in protecting most focused sensitive data instead of protecting IT infrastructure, which includes less important data.
In 2020, the global Data centric security market share was dominated by the solutions, 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.
Within the Data centric security market analysis, the professional service segment is estimated to emerge as fastest growing segment, owing to effective cost of 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 services, thus contributing toward the growth of the data centric security industry.
Post COVID-19, the size of the global Data centric security market forecast is estimated to be $3,568 million in 2021, and is projected to reach $39,344 million by 2030. Key players of the Data centric security market adopted strategies to help sectors that were being overwhelmed with the global pandemic during the year. For instance, Netwrix Corporation offered its Netwrix Data Security Platform to the healthcare sector that was being affected by ransomware attacks in the early stages of the pandemic. These attacks were affecting the healthcare organization’s ability to inform the public regarding COVID-19-related information. The pandemic presented a positive relation for data centric security industry, primarily backed by drastic shift toward the adoption of online systems and work-from-home policy, which have resulted in increased threat of cyberattacks. With such scenario, the need for surveillance and real-time risk analysis for breaches at both physical and digital entry points has increased considerably. Thus, with growth in the number of cyberattacks, 70% of organizations are seeing the value of increasing their investments in cybersecurity solutions. Worldwide cybersecurity spending is estimated to grow by 3-6%, and reached $41.9 billion in 2020.
Key Findings Of The Study
- By component, the solutions segment is estimated to be the major shareholder of data centric security market size. However, the services segment is expected to witness highest growth rate during the forecast period.
- On the basis of solutions, the data protection segment accounted for the highest revenue in 2020, however, the others segment is expected to witness highest growth rate during the forecast period.
- By deployment mode, the on-premise segment accounted for the highest revenue of data centric security market in 2020, however, the cloud segment is expected to witness highest growth rate during the forecast period.
- As per organization size, the SME segment accounted for the highest revenue in 2020, however, the large enterprise is expected to witness highest growth rate during the forecast period.
- According to industry vertical, the BFSI sector accounted for the highest revenue in 2020, however, the retail sector is expected to witness highest growth rate during the forecast period.
- Region wise, the was dominated by North America. However, Asia Pacific is expected to witness significant growth in the upcoming years.
Some of the key companies mentioned within the report are Informatica, IBM, Broadcom, Micro focus, Varonis systems, Talend, Orange Cyberdefense, Forcepoint, Imperva, and Netapp.