At 16.99% CAGR, Global Data-centric Security Market To Surpass US$ 15.48 Bn By 2030, Forecast Report By Zion Market Research

The global Data-Centric Security Market size was worth around USD 4.30 Billion in 2022 and is predicted to grow to around USD 15.48 Billion by 2030 with a compound annual growth rate (CAGR) of roughly 16.99% between 2023 and 2030.

This analysis looks at the global data-centric security market’s drivers, barriers, and challenges as well as how they will affect demand over the course of the forecast period. The study also looks at more recent developments in the field of data-centric security.

Global Data-centric Security Market: Overview

Data-centric security is a completely new approach to keeping sensitive data from being lost or exploited. Data-centric security has the critical feature of applying protection to the data itself, regardless of its location, in contrast to the perimeter-centric or traditional network security approach, which primarily focuses on providing protection where the data is stored or accessed, including devices, applications, networks, and servers.

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Global Data-centric Security Market: Growth Factors

Globally, the market for data-centric security is growing rapidly. A few of the major factors driving the global market’s expansion are the increase in cyberattacks, the amount of data breaches, and the growing use of cloud-based data storage solutions. The growing popularity of cloud computing has made it possible for sensitive data to be transferred or stored through systems that are not inside the traditional boundary. Data can move wherever and whenever it is needed in the cloud because it has no borders. For this reason, a significant section of the mobile workforce need efficient data protection.

Moreover, there is a discernible rise in the frequency and severity of data breaches. In the first two quarters of 2019, over 4000 distinct occurrences resulted in the exposure of over 4.1 billion records. Therefore, in order to keep a secure perimeter around the systems and applications and protect the data from unauthorized access, a shift in cybersecurity strategy is needed.

In circumstances like these, data-centric security can be crucial because it safeguards confidential information from misuse both inside and outside the organization, guards against monetary loss and damage to one’s reputation from data breaches, boosts security awareness campaigns to lessen cyberthreats, complies with privacy laws and data protection regulations, and separates potentially sensitive information from less important information.

All of these factors have contributed to the growing popularity of data-centric security, which has driven the growth of the global data-centric security market. In addition, the government’s growing demand for data-centric security to protect sensitive data and the big data industry’s quick development are major drivers of the global market’s growth.

Furthermore, the growing usage of cutting-edge technologies like artificial intelligence and machine learning for data analysis may present several opportunities for the expansion of the global data-centric security market throughout the course of the forecast period. However, the spread of open-source data security software and a lack of experienced labor could hinder the global data-centric security industry’s growth.

Most businesses have implemented a policy permitting employees to work from home in order to adhere to the rigorous standards of complete lockdown and restricted movement during the COVID-19 pandemic. More than eighty percent of the employees in these organizations work from home. This completely changed the way that people thought about working remotely. Even tiny organizations were using cloud-based solutions for more productive working methods. On the other hand, there was an increase in the number of data breaches and cyberattacks during the outbreak. The need for data-centric security thus increased significantly, which in turn fueled the growth of the global data-centric security market during the pandemic and is expected to continue at a healthy rate in the years to come.

Global Data-centric Security Market: Segmentation

The global market for data-centric security is segmented according to many variables such as deployment mode, component, organization size, vertical, geography, and deployment style. Depending on the size of the organization, the worldwide data-centric security market is split into major corporations and small and medium-sized enterprises (SMEs). The deployment mode category includes both on-premises and on-cloud deployment modes. Based on the component, the worldwide market is split into two segments: professional services and software & solutions. The vertical segment is composed of the following industries: retail, telecommunication, IT & enterprises, healthcare & pharmaceuticals, government & defense, BFSI, and others.

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Global Data-centric Security Market: Regional Analysis

The global data-centric security market is expected to be dominated by North America, which is expected to continue its trend throughout the forecast period. The market in this region is expanding as a result of factors such the rise in cyberattacks, the usage of cloud-based solutions, and the growing demand from the well-established military sector for data-centric security solutions. Due to the rapidly rising mobile workforce and the increasing need to protect sensitive data to prevent financial losses, Asia Pacific is predicted to develop at the fastest rate.