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Data-Centric Security Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component, Deployment Mode, Organization Size, and Verticals

Data-Centric Security Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component, Deployment Mode, Organization Size, and Verticals

  • August 2022
  • 198 pages
  • ID: 6321028
  • Format: PDF
  • The Insight Partners

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The Data-Centric Security market size is projected to reach US$ 16,518.1 million by 2028 from US$ 4,510.6 million in 2022. The data-centric security market share is expected to grow at a CAGR of 24.2% from 2022 to 2028.

Most big data experts agree that the generated data will grow exponentially during the forecast period.Based on research from Seagate’s Data Age 2025 report, the world’s data sphere will reach 175 zettabytes by 2025.

This growth is attributed to the enormous increase in people working, studying, and amusing themselves from home.Hence, securing these data will be the companies’ primary objective, as data-driven business models will be widely adopted in the future.

Hence, such a transition is anticipated to create lucrative opportunities for the data-centric security vendors over the forecast period (2022-2028).
Furthermore, the IT infrastructure is anticipated to become more complicated and heterogeneous due to the introduction of new platforms, bring your own device (BYOD) regulations, choose your own device (CYOD) trends, business apps, and other technologies.The BYOD and CYOD trends are becoming more and more common in business settings due to the quick improvements in mobile computing.

Through mobile devices, employees may access organizational data from anywhere, at any time, thanks to these developments, which also boost employee productivity to protect organizational data from potential hazards and maintain its confidentiality and integrity.Based on the Bitglass survey, 69% of respondents said their organizations allow employees to use personal devices for work while allowing contractors, partners, customers, and suppliers.

However, several companies fail to maintain security due to the unsuccessful incorporation of new devices into the existing security infrastructure.Based on the report by Software Guild, 72% of organizations have no plans to secure BYOD devices.

Hence, such factors will likely create mammoth opportunities for the data-centric- security market players.

The Europe data-centric security market is spread across Germany, France, Russia, the UK, Italy, and the rest of Europe.The adoption of data-centric security solutions is expected to increase as internet penetration increases in major European countries.

In addition, expanding wireless networks serving mobile devices has increased data vulnerability.Implementing EU legislation and actions rooted in the National Framework and the National Cybersecurity Plan is expected to facilitate the data-centric security market growth in the region.

Since the publication in 2018 of the EU- General Data Protection Regulation (GDPR), new regulations have emerged in different countries to protect the personal data that organizations collect from employees, partners, customers, and other sources.The GDPR sets a high standard for consent, which will hugely impact the marketing industry.

As part of its digital strategy, the Italian government plans to invest significantly in the protection of digital identities to increase the security level of digital transactions and, subsequently, to strengthen consumers’ trust by protecting citizens’ identities. In addition, telecommunication companies are increasing their investment in data-centric security to deal with rapidly increasing data threats. For instance, Telefonica came up with Telefonica Tech Ventures in 2020 to seek strategic start-ups and develop its investment capabilities to invest in markets for Telefonica in Germany and other European countries. Each of these factors is expected to impact the growth of the European data-centric security market in the coming years. The region is also seeing an increase in cybersecurity measures due to the COVID-19 outbreak. The UK National Cyber Security Centre (NCSC) has stated a public warning and new guidelines as many cybercriminals are targeting the potential of COVID-19 to obtain sensitive information from users who spend a lot of time accessing the internet due to the lockdown situation. The NCSC mentioned that it had seen an increase in the registrations of coronavirus websites. The NCSC has added new automation measures to identify and remove websites that use coronavirus as bait to deliver malware to unsuspecting visitors. Also, in September 2021, the Federal Cabinet adopted the 2021 Cyber Security Strategy for Germany, providing a framework for cyber security over the next five years. Additionally, cybercriminals have recorded an increase in online shopping and are targeting online shopping sites and retailers. In addition to the enormous amount of money generated in online retail, the sensitive personally-identifying information (PII) required for most transactions is also very common to cyber criminals. Names, addresses, birthdates, and credit card numbers can earn high prices on the Dark Web. As per VMware, Inc., up to 88% of UK companies have suffered breaches in the last 12 months. That is lower than Germany (92%), France (94%), and Italy (90%). This factor highlights the demand for robust data security solutions in the regional retail industry and further accelerates the data-centric security market growth.

The Data-Centric Security market is analyzed on the basis of component, deployment mode, organization size, verticals, and geography.The data-centric security market analysis by component, the market is segmented into solution and service.

The data-centric security market analysis by deployment mode, the market is segmented into on premise and cloud based.By organization size, the market is segmented into small and medium enterprises (SMEs) and large enterprises.

By vertical, the data-centric security market is segmented into IT and telecommunication, BFSI, healthcare and pharmaceutical, government and defense, and others. By geography, the data-centric security market is divided into 5 regions: North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America.

The overall Data-Centric Security market size has been derived using both primary and secondary sources.Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the Data-Centric Security market.

The process also serves the purpose of obtaining an overview and forecast for the Data-Centric Security market with respect to all the segments.Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights.

The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, national sales managers, and external consultants—valuation experts, research analysts, and key opinion leaders—specializing in the Data-Centric Security market.

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