Data Centric Security Market is Projected to Grow USD 11490 Million by 2028 at a CAGR of 17.4% | Valuates Reports

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BANGALORE, India, Sept. 19, 2022 /PRNewswire/ -- The Global Data-Centric Security Market is Segmented by Type (Professional, Managed), by Application (IT and Telecommunications, BFSI, Retail, Healthcare, Government and Public Sector): Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Software Category.

The global Data Centric Security market size is projected to reach USD 11490 Million by 2028, from USD 3665 Million in 2021, at a CAGR of 17.4% during 2022-2028.

Major factors driving the growth of the Data Centric Security Market are:

The growing trend of the mobile workforce and the need for cloud data security will drive the growth of the market.

The stringent data protection regulations, Covid 19 impact, and expanding capabilities of data-centric solutions will boost the market growth.

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TRENDS INFLUENCING THE GROWTH OF THE GLOBAL DATA CENTRIC SECURITY MARKET

Organizations around the world are transitioning towards digitization and storing all their data in the cloud or on-premise platforms. Both large and small-scale enterprises need to protect their confidential data on the cloud which in turn will provide immense growth opportunities for the data centric security market. The data is secured in the form of encryption, user authentication, and access controls at the database, operating, and application levels.

Federal agencies have come up with stringent regulations and data protection laws. The rules clearly mandate the ways of using the data. Compliance mechanisms have been set up for ensuring the safe collection, storage, and modification of information. This will augment the growth of the data centric security market. For instance, a DCAP( Data-Centric Audit and Protection Solution) monitors accounts for suspicious activities and summarizes data from multiple platforms. The results are displayed on a single dashboard and ML models respond to unusual events by triggering alarms as per pre-defined threshold conditions. This gives a clear picture of who, what, where, and when changes are being made to confidential information.

Companies are introducing access control solutions for verifying user identities before accessing any important resource, tool, or file.  This will fuel the demand for the data centric security market in the coming years. Files are transferred securely between networks offering better encryption than a standard FTP or HTTPS. Multiple layers of defense are established so that employees cannot move the data beyond their network boundaries without sounding alarms or initiating strict responses.

The trend of severe cyberattack cases is forcing enterprises to implement DLP solutions and invest in data privacy infrastructure. The rising number of data breaches is fueling the growth of the data centric security market. A DLP solution prevents sensitive data from leaving secured networks by monitoring outbound traffic and endpoint connectivity. The software will either block or warn the user accordingly.

The huge shift toward digitization and work-from-home policies due to the covid 19 pandemic led to the creation of digital data and increasing cases of cyberattacks. Leakage prevention policy, risk monitoring at physical and digital access points, and the presence of high-quality security technologies are crucial for maintaining business continuity.

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DATA-CENTRIC SECURITY MARKET SHARE ANALYSIS

Based on application, the healthcare segment will grow the highest in the data-centric security market share as personal health information and patient data are being stored digitally. Safeguarding internal healthcare data is important due to the implementation of regulatory compliances like HIPAA. Sensitive information is secured by providing digital signatures and advanced network gateways and databases. This is essential for countering medical record theft.

Based on region, Asia-Pacific will be the most lucrative due to rising internet penetration and increasing vulnerability of connected devices. Government authorities are urging organizations to invest in data-centric solutions for mitigating the risk of ransomware attacks.

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Key Companies:

• IBM (US)
• Imperva (US)
• Informatica (US)
• Oracle (US)
• Varonis Systems (US)
• AvePoint (US)
• BlueTalon (US)
• Dataguise (US)
• Datiphy (US)
• Micro Focus (UK)
• NextLabs (US)
• Protegrity (US)

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SIMILAR REPORTS:

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-  Hardware Encryption market size is projected to reach USD 149750 million by 2028, from USD 28970 million in 2021, at a CAGR of 25.9% during 2022-2028.

-  The global Hardware Security Modules market size is projected to reach USD 2208.3 million by 2028, from USD 1089 million in 2021, at a CAGR of 10.5% during 2022-2028.

-  Network Security Firewall market size is projected to reach USD 5513.2 million by 2027, from USD 3263.1 million in 2020, at a CAGR of 7.3% during 2021-2027.

-  Managed Security Services market size is projected to reach USD 47240 Million by 2027, from USD 21030 Million in 2020, at a CAGR of 11.8% during 2021-2027.

-  Due to the COVID-19 pandemic, the global Perimeter Security market size is estimated to be worth USD 124860 Million in 2022 and is forecast to a readjusted size of USD 186330 Million by 2028 with a CAGR of 6.9% during the review period.

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-  Internet of Things (IoT) Security market size is projected to reach USD 7722.1 million by 2028, from USD 2087.8 million in 2021, at a CAGR of 20.3% during 2022-2028.

-  SOC as a Service market size is projected to reach USD 772.9 million by 2028, from USD 296.3 million in 2021, at a CAGR of 14.2% during 2022-202

-  The global Industrial Cyber Security market size is projected to reach USD 19220 Million by 2028, from USD 12000 Million in 2021, at a CAGR of 6.9% during 2022-2028.

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-  The global Data Classification market size is projected to reach USD 1550.5 Million by 2028, from USD 642.3 Million in 2021, at a CAGR of 12.9% during 2022-2028.

-  The global Operational Technology Security market size is projected to reach USD 1370 Million by 2028, from USD 296 Million in 2021, at a CAGR of 23.9% during 2022-2028.

-  The global Deep Packet Inspection (DPI) market size is projected to reach USD 26390 Million by 2028, from USD 5442.5 Million in 2021, at a CAGR of 25.0% during 2022-2028.

-  The global Managed Services market size is projected to reach USD 271640 Million by 2028, from USD 142300 Million in 2021, at a CAGR of 9.2% during 2022-2028.

-  The hyper-converged infrastructure market size was valued at USD 3.84 Billion in 2018, and is projected to reach USD 33.16 Billion by 2026, growing at a CAGR of 30.7% from 2019 to 2026.

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