Data-Centric Security Market Overview and Forecast by 2031
The data-centric security market size is projected to reach US$ 31.77 billion by 2031 from US$ 5.60 billion in 2023. The market is expected to register a CAGR of 24.2% during 2023–2031. The rise in government initiatives to protect consumer data, are likely to remain key trends in the market.
Data-Centric Security Market Analysis
In recent years, the market for data-centric security has grown and transformed significantly. Protecting sensitive data from cyber threats and illegal access has become a primary responsibility as firms create and keep more of it.
Data-Centric Security Market Overview
Data-centric security prioritizes data protection above perimeter-based defenses. This approach understands that data is the most precious asset and should always be safeguarded, regardless of where it is or how it is accessed. Hackers, hostile insiders, and other cybercriminals pose continual dangers to organizations, attempting to exploit weaknesses and obtain unauthorized access to important information. This has resulted in a greater demand for sophisticated security solutions that can protect data throughout its lifespan. Encryption is critical for data security because it ensures that unauthorized people cannot read it even if it is intercepted or stolen. Access controls, authentication techniques, and identity management systems enable to enforce stringent permissions and limits, enabling only authorized users to access and edit data.
Furthermore, data-centric security employs techniques like data masking, tokenization, and anonymization, which serve to reduce the exposure of sensitive information by replacing it with fictitious or non-sensitive data. Data loss prevention (DLP) systems may also help avoid accidental or purposeful data breaches by monitoring and managing data flows inside an organization. The data-centric security market includes a variety of vendors and service providers who offer a wide range of solutions to meet the unique demands of enterprises. As enterprises increasingly rely on these technologies to store and analyze huge volumes of data, security has become critical.
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Data-Centric Security Market: Strategic Insights
Market Size Value in US$ 4,510.6 Million in 2022 Market Size Value by US$ 16,518.1 Million by 2028 Growth rate CAGR of 24.2% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2022
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Data-Centric Security Market: Strategic Insights
| Market Size Value in | US$ 4,510.6 Million in 2022 |
| Market Size Value by | US$ 16,518.1 Million by 2028 |
| Growth rate | CAGR of 24.2% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
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Data-Centric Security Market Drivers and Opportunities
Increasing Awareness of Insider Threats to Favor Market
The growing awareness of insider threats is a significant factor driving the growth of the data-centric security industry. Organizations understand the possible dangers posed by workers, contractors, or partners who have authorized access to sensitive data. This awareness has raised the demand for data-centric security solutions that successfully reduce insider risks and protect sensitive information. Insider risks can come from a variety of sources, including personnel with malevolent intent, inadvertent errors or neglect, and hacked user accounts. Data breaches, intellectual property theft, financial losses, and reputational harm are all potential outcomes of such attacks. As a result, companies are taking proactive steps to address the issue and safeguard their important data assets. Data-centric security solutions offer a wide variety of features to combat insider threats.
Increased Adoption of Data-Centric Security Solutions
Enterprises realize the importance of having access to their consumers' personal information. This data enables them to establish more personal relationships with their customers, leveraging what they know about them to provide personalized experiences and suggestions. The internet has acted as a catalyst, allowing connected customers to benefit from today's most transformative advances in areas such as entertainment, education, information, social sharing, and commerce. Data-centric solutions give complete insight into current user entitlements throughout the whole data estate, allowing users to easily review and successfully simplify privileged user policies, as many applications require. The system also uses vulnerability assessment to build a personal data and PII risk profile, as well as continuous scanning to ensure correct settings and up-to-date CVE patches.
Data-Centric Security Market Report Segmentation Analysis
Key segments that contributed to the derivation of the data-centric security market analysis are component, deployment mode, organization size, and verticals.
- Based on component, the market is segmented by solution and service. The solution segment dominated the market share in 2023.
- Based on deployment mode, the market is segmented into on-premises and cloud. The on-premises segment held a larger market share in 2023.
- Based on organization size, the market is segmented into SMEs and large enterprises. The large enterprises segment held a larger market share in 2023.
- Based on verticals, the market is segmented into IT and telecommunication, BFSI, government and defense, healthcare and pharmaceutical, and others. The IT and telecommunication segment held the largest share of the market in 2023.
Data-Centric Security Market Share Analysis by Geography
The geographic scope of the data-centric security market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America dominated the data-centric security market in 2023. Additionally, North America has been at the forefront of technological advancements, with significant adoption of cloud computing, big data analytics, and IoT technologies. These technologies generate and process vast amounts of data, requiring robust security measures. Data-centric security solutions that protect data in these advanced environments have experienced high demand in North America. Moreover, North America has faced several high-profile data breaches and cyber-attacks, which have raised awareness about the importance of data security. These incidents have prompted regional organizations to prioritize data protection and invest in robust security solutions. The need to comply with data privacy regulations, such as the Health Insurance Portability and Accountability Act (HIPAA) and the Payment Card Industry Data Security Standard (PCI DSS), has also contributed to adopting data-centric security solutions in North America. Furthermore, North America has a strong presence of major data-centric security solution providers, established companies, and startups. These vendors offer a wide range of solutions tailored to the precise requirements of organizations in the region, further driving the market dominance of North America.
Data-Centric Security Market Report Scope
Data-Centric Security Market News and Recent Developments
The data-centric security market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the Data-Centric Security market are listed below:
- Informatica, a leader in enterprise cloud data management, has released the industry's only free cloud data loading, integration, and ETL/ELT service, Informatica Cloud Data Integration-Free and PayGo. The new solution enables data practitioners and non-technical users in marketing, sales, and revenue operations organizations to create data pipelines in minutes. For example, it enables operations teams to import, integrate, and analyze high-quality campaign, pipeline, forecast, and revenue data quickly, easily, and without friction. Furthermore, data analysts and engineers gain from higher productivity and faster development. (Source: Informatica, Press Release, February 2023)
- IBM introduced the new IBM Storage Scale System 6000, a cloud-scale global data platform designed to meet today's data-intensive and AI workload demands, and the latest offering in the IBM Storage for Data and AI portfolio. (Source: IBM, Press Release, October 2023)
Data-Centric Security Market Report Coverage and Deliverables
The “Data-Centric Security Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Data-Centric Security market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Data-Centric Security market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Data-Centric Security market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the Data-Centric Security market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component, Deployment Mode, Organization Size, and Verticals
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The market is expected to grow at a CAGR of 24.2% over the forecast period.
The estimated value of the data-centric security market is expected to reach US$ 310.49 billion by 2031.
IBM Corporation, Broadcom Inc., Informatica, Micro Focus International plc, and NetApp, Inc. are among the leading data-centric security market.
The rise in government initiatives to protect consumer data, are likely to remain key trends in the market.
The data-centric security market has experienced significant growth and transformation in recent years. With the increasing volume of sensitive data generated and stored by organizations, protecting this information from cyber threats and unauthorized access has become a top priority.
North America dominated the data-centric security market in 2023.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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