Data-Centric Security Market Technology Need and Global Analysis

Data-centric security includes all technologies that focus on protecting the actual data an organization is entrusted with throughout its data lifecycle, rather than focusing primarily on infrastructure risks, approach, and policy. A data-centric security framework consists of multiple solution layers designed to understand, manage, and protect sensitive data, whether on-premises or in the cloud. In recent years, there has been an increasing reliance on digital and cloud computing trends and enterprises to cloud networks for various applications, from data storage and payments to enterprise-wide execution from cloud paths. The business operations are becoming more and more dependent. Hence, the growing reliance on the cloud in the business world led many small businesses to secure data stored/exchanged in the cloud. As a result, investment in data-centric security solutions and services is anticipated to increase in the coming years. Additionally, the rise of cyberattacks made data-centric security solutions essential for organizations to protect their mission-critical data. The global data-centric security market is growing as end-user concerns about data security grow.

IBM Corporation; Broadcom Inc.; Informatica; Micro Focus International plc; and NetApp, Inc.  – Prominent Market Participants in Data-Centric Security Market

In 2020, organizations had to navigate a wave of IT architectural change and move to a remote work environment. The employee’s sudden and unexpected move to home offices has accelerated enterprises’ need to move to the cloud to keep their business running. Integrating meeting solutions, cloud servers, and security quickly became commonplace. Furthermore, according to a McAfee Enterprise and FireEye report, 81% of global businesses experienced an increase in cyber threats during the pandemic, and 79% experienced downtime due to cyber incidents during the peak season, thereby increasing the demand for cybersecurity solutions. In addition, several medium- and large-sized enterprises increased their annual data security spending. CSO’s 2021 Security Priorities Report shows that 44% of security leaders expect their budgets to increase in the next 12 months. There is a slight increase from the 41% budget increase in 2021 compared to 2020. Similarly, the government’s growing emphasis on the data center security model is also pushing the market growth. Furthermore, the COVID-19 pandemic positively impacted the data-centric security industry as there was a significant shift in digital platform usage and work-from-home policies, increasing digital data generation and potentially increasing cyber-attacks.

The outbreak of COVID-19 pandemic has resulted in severe consequences for the security service providers. As increased remote work led to more cyber risk exposure, several companies focused on cybersecurity. Due to the pandemic, cyber attackers saw an opportunity to step up their criminal activities, exploiting the vulnerability of employees working from home. However, adopting a work-from-home policy has raised awareness among enterprises about data security and cyberattacks, which led to the demand for cloud-based security solutions. Thus, it is determined that the COVID-19 pandemic has changed the management approaches of several companies toward cybersecurity and has favorably affected the market for data-centric security.

The top five companies in the market include IBM Corporation; Broadcom Inc.; Informatica; Micro Focus International plc; and NetApp, Inc. The above listing of key players is derived by considering multiple factors such as overall revenue, current well-completion equipment, and services portfolio, new product launches, market initiatives, investment in technology up-gradation, mergers & acquisitions, and other joint activities. A few of the important market initiatives and product developments from the industry are mentioned below: