Chicago, Oct. 10, 2023 (GLOBE NEWSWIRE) -- The global Data-centric Security Market size is projected to grow from $4.2 billion in 2022 to $12.3 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 23.9% during the forecast period, according to a new report by MarketsandMarkets™.
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The rising incidents of data breaches both in cost and number; stringent compliances and regulations; the need to secure sensitive data on cloud and increasing risk on enterprise data due to exploitation of big data analytics, ML, and AI is driving the growth of data-centric security market across the globe.
Data-centric Security Market Dynamics:
Drivers:
- Rise in demand for data-centric security solutions
- Stringent regulations driving the adoption of data-centric security solutions.
- Increasing risk on enterprise data driving adoption of data-centric security solutions
Opportunities:
- Rise in data breaches to provide opportunities to data-centric security vendors.
- Widespread adoption of industrial revolution
Restraints:
- Organizations tolerance for security breaches due to internal vulnerabilities
List of Key Players in Data-centric Security Market:
- Informatica (US),
- IBM (US),
- Broadcom (US),
- Micro Focus (US),
- Varonis Systems (US),
- Talend (US),
- Orange Cyberdefense (France),
- Forcepoint (US),
- Imperva (US),
- NetApp (US),
- Infogix (US),
- PKWARE (US)
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The COVID-19 pandemic has had a positive impact on the data-centric security market. The increasing cyber threats and incidents and increasing trends of BYOD and WFH globally has intensified the need data-centric security has increased. During the COVID-19 pandemic, access to sensitive government information through unsecured platforms has increased the risk of cyberattacks. These cyberattacks include data thefts, are expected to drive the adoption of data-centric security in the government vertical.
Based on components, the data centric security market is segmented into software & solutions and professional services. The software & solutions segment by component is projected to have the larger market size. With the voluminous explosion of sensitive data in the cloud and mobile environments, data lakes, and other big data repositories, adopting data security has become the top priority for both the governments and businesses worldwide. Data centric security software and solutions audit and protect the data at rest, data in transit, and data in use through various standards and protocols. Therefore, to reduce the risk posed by hackers, insider threats, and other malicious attacks, and constantly monitor the activity of sensitive data, enterprises must utilize software and solutions. The solutions protect mission-critical data in disparate silos, such as databases, files, and the cloud.
The Software & Solutions include data discovery and classification, data protection, data governance and compliance, and others. By Software & Solutions, the data discovery and classification segment is expected to hold the largest market share during the forecast period. The pace at which the data is gathered and stored has increased rapidly. However, most of this data lies dormant, and only 0.5% of it has been analyzed, which means that big data analytics can retain a high potential to deliver a wide range of benefits to specific industries. Data discovery and classification is a critical phase of data centric security. In this phase, sensitive data is discovered and classified from the set of scattered data sets on multiple enterprise locations. Data discovery and classification tools help end users gain visibility into the location, volume, context, and risk associated with sensitive unstructured data. With data discovery and classification, proper security and control measures can be applied, to protect organizations from internal and external threats.
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Data centric infrastructure makes it easy to share and transit the data. It supports federated queries across multiple repositories. It delivers high quality, availability, and reliability. It ensures the organization can access the data in need and in real time. In addition, a data-centric infrastructure helps organizations to share and deliver their data when and where it is needed. It provides the necessary performance, capacity, scalability, and security. The infrastructure can develop to meet changing workload requirements and adopt modern technologies. With an increase in cybercrimes, every data breach attack leads to a decrease in customer trust, hampering a company's revenues in this competitive market. Customers are more aware of data privacy, so organizations always look for a secure solution to safeguard customers' data.
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