Global Data-centric Security Market - 2022-2029
The global data-centric security market size was worth US$ XX million in 2021 and is estimated to reach US$ XX million by 2029, growing at a CAGR of XX % during the forecast period (2022-2029).
Data-centric security is a type of security that focuses on data reliability rather than network, server or application security. Data-centric security is rapidly expanding as organizations become increasingly reliant on digital information to carry out their operations and significant data corporations become more widespread. Data-centric security helps organizations overcome the mismatch between IT security technology and business strategy objectives by quickly tying security services to safeguard data implicitly. The image of security normally disguises the relationship as an end in itself.
Concerning the sensitive data that the firm collects, stores, and manages. Financial or payment information, intellectual property and sensitive personal information about employees and customers are all treasured by pirates. Data security, which refers to the processes and technology used to protect data, is important for safeguarding any company's reputation and financial health. Data security includes authentication, access control, backups & recovery, encryption, data masking, omission of tokenization and erasure.
Increased demand for data-centric security solutions for cloud-based data security, stringent compliances & regulations and increased risk on enterprise data due to exploitation of big data analytics, Machine Learning (ML) and Artificial Intelligence (AI) technology are the major factors driving the data-centric security market. Organizations' tolerance for discomfort and security breaches as a result of internal weaknesses, on the other hand, is impeding the global expansion of the data-centric security industry.
The advancements in data-centric security solutions
Several companies have made significant investments in data-centric security innovation, which concentrate on data security based on the context, value and compliance rules surrounding the protected data. With the debut of a comprehensive agent-less data-centric security solution in 2018, Seclore, a solution provider for safeguarding and auditing enterprise data, set a new standard in ease of use.
Similarly, Ericsson has created industrialized data-centric security, which offers customers a one-of-a-kind approach to cyber security by ensuring system, network and data integrity in real-time. QuoLab Technologies is launching a collaborative, data-centric security operations platform in 2020. As a result, these advances are scrutinized to propel the market forward.
Rapidly growing IoT
The rapid rise of urbanization worldwide is altering how people use devices and objects in the technological environment. Some of the primary elements expected to contribute to the positive growth of data-centric security globally include the expanding trend of internet-enabled gadgets and the rising necessity for internet access. Furthermore, technological improvements in devices are far smarter and lighter than traditional and cumbersome technologies.
Consumers are becoming more aware of rapid improvements in the manufacturing, electronics and IT sectors worldwide, which has increased demand for the internet of things (IoT). One of the primary elements driving this industry's favorable growth is the increasing use of the internet and the increasing prevalence of smartphone users globally.
The rising traffic in mobile devices
Even though data-centric security is increasing quickly, enterprise workers' lack of technical expertise is a major challenge to the market's growth over the projection period. Furthermore, the availability of open-source data protection software stifles the growth of security service providers that offer security as a service to end-users. As a result, these obstacles will limit market expansion throughout the projection period.
COVID-19 Impact Analysis
The COVID-19 pandemic has changed the way people use digital technology and work from home. Almost every business today uses remote networking to collaborate remotely. During the pandemic, this "new normal" working environment makes it critical for businesses to shift their assets to cloud and use digital platforms while implementing adequate security measures such as network and perimeter protection, increasing the number of data breaches.
According to NBC, "a data security breach from the Pandemic Jobless Assistance program revealed 33,000 unemployment applications in May 2020," and according to Atlasvpn, "Americans lost more than US$ 97.39 million to COVID-19 and stimulus check scams." These figures suggest that securing data from outside players, such as perimeter or network security, is insufficient. During and after a pandemic, software and solutions that can secure data regardless of location are in high demand.
The data-centric security market is segmented into on-premises and cloud by deployment type.
Operational flexibility and real-time cloud deployment
Cloud deployment is expected to increase faster than on-premises deployment, with a CAGR of 25.5 percent over the forecast period. It is due to its operational flexibility and simplicity of deployment in real-time. It also has several advantages, including lower operational expenses, a straightforward setup process, and greater scalability in connected resources. Furthermore, when compared to on-premises solutions, cloud-based solutions are more cost-effective.
Cloud deployments, which provide the highest data security and reliability, are expected to grow in popularity throughout the projected period. Furthermore, with data-centric security, cloud deployment focuses on the security of the data rather than the security of networks, servers or applications. Furthermore, data-centric security in cloud deployment is fast expanding as businesses increasingly rely on digital data to conduct their operations and big data initiatives become commonplace. As a result, these advantages are examined to propel market expansion during the projection period.
The increasing cyber-attacks and concern for government data protection in North America
Because of the rise in cyber-attacks, government data protection legislation and the widespread adoption of cloud-based platforms, North America held the largest part of the global market and is anticipated to continue to do so in the coming years. Furthermore, corporations have invested in data-centric security solutions to obtain a competitive advantage and improve business processes.
In 2018, RFA and Seclore formed a strategic partnership to provide hedge funds with data-centric security. Similarly, the BlueTalon Data-Centric Security technology, situated in U.S., has enabled top companies to establish accurate, consistent and dynamic user access controls across Hadoop, RDBMS and Big Data systems, on-premises and in the cloud in 2019. As a result, these developments are examined to propel the market forward during the projection period.
Players in the data-centric security industry use various methods, including technology launches, acquisitions, collaborations and R&D. Several businesses have fragmented the market for a data-centric security industry outlook. With the debut of a comprehensive agent-less data-centric security solution in 2018, Seclore, a solution provider for safeguarding and auditing enterprise data, set a new standard in ease of use.
Major global data-centric security market companies include IBM Corporation, AvePoint, Bluetalon, Dataguise, Informatica, Imperva, Micro Focus, Varonis Systems, Oracle Corporation and Syntizen technologies Pvt. Ltd.
Overview: IBM, or International Business Machines Corporation, is a major American computer manufacturer with a significant domestic and international market share. IBM is headquartered in Armonk, New York. In 1911, three smaller companies that developed punch-card tabulators and other office equipment merged to form the Computing-Tabulating-Recording Company. The corporation now has over 40,000 active patents, which bring in a lot of money in royalties.
Product Portfolio: Cloud & Cognitive Software, Global Business Services (GBS), Systems and Global Financing are the company's segments. Clients can find integrated and secure cloud, data, and artificial intelligence (AI) solutions under the Cloud & Cognitive Software Solutions area. The three business categories covered are cognitive apps, cloud & data platforms and transaction processing platforms.
IBM Hyper Protect Data Controller provides a data-centric security approach for data protection. Data-Centric Audit and Protection (DCAP) departs from the norm that most businesses have grown accustomed. It is packed into a certain object before data is transported around the company in the data-centric paradigm. It is referred to as an Encrypted Data Object in IBM Hyper Protect Data Controller (EDO). The security is done at the field level by the IBM Hyper Protect Data Controller, which means it has a level of granularity that can't be achieved by using more broad encryption techniques.
Key Development: IBM Corporation developed the industry's first cloud solution to perform key management across hybrid, multicloud systems in 2022, assisting businesses in mitigating the risk of cyberattacks and insider threats to important data.
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Target Audience 2022
Data-centric Security Providers/ Buyers
Industry Investors/Investment Bankers
Education & Research Institutes
Data-centric Security Manufacturers
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