Data Centric Security Market to be Worth $24.01 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, July 19, 2023 /PRNewswire/ -- The global data centric security market size is expected to reach USD 24.01 billion by 2030, growing at a CAGR of 24.2% from 2023 to 2030, according to the new reports of Grand View Research, Inc. The proliferation of digital technologies and the increase in cybercrimes has surged the risk of cyber-attacks and data breaches across organizations. This has emerged the demand for data-centric security solutions to protect sensitive information across different locations within and across organizations. Furthermore, stringent government regulations and policies across regions, for instance, the European Union General Data Protection Regulation (GDPR), and the California Consumer Privacy Act (CCPA), have formed major demand to implement adequate security approaches across industries such as retail, BFSI, IT & telecom, and healthcare, among others, thereby fueling the demand in the market.

Key Industry Insights & Findings from the report:

• The software segment accounts for the largest market share of over 63.3% in 2022 and is anticipated to maintain its dominance over the forecast period owing to the growing need to strengthen data privacy and regulation laws across industries such as BFSI, IT & telecom, healthcare, and retail, among others.
• The cloud segment is expected to observe the highest CAGR of 25.1% during the forecast period. The growing migration of data and workload to the cloud has made it essential for organizations to enhance the security and privacy of sensitive information, thereby fueling the demand for data centric security.
• The small & medium enterprises segment is anticipated to witness an exceptional CAGR of 24.8% during the forecast period. The growing awareness of the importance of data privacy owing to the increased media coverage of data breaches and legal requirements has enhanced the demand for data-centric security solutions in the segment.
• The healthcare segment is anticipated to register a considerable CAGR of 25.7% over the forecast period owing to the growing adoption of cloud platforms to store and manage sensitive information related to patient's health, financial transaction, and other healthcare operations.
• North America accounted for the largest market share of over 35.2% in 2022 and is expected to retain its position over the forecast period. The growing cyber threats and crimes across industries such as retail, BFSI, and healthcare, along with the focus of government on imposing stringent data security regulations, has boosted the demand for data centric security.
• Key players in the data centric security industry have an extended operating history, a large customer base, and significant competitive strengths. In addition to the inorganic growth strategies, vendors emphasize improving after-sale service offerings to ensure periodic maintenance of installed products.

Read 100 page market research report, "Data Centric Security Market Size, Share & Trends Analysis Report By Solution (Software, Services), By Deployment (Cloud, On-premise), By Enterprise Size, By Vertical, By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research. 

Data Centric Security Market Growth & Trends

The growing number of financial and reputational consequences of data breaches are further expected to boost the demand for data centric security. For instance, in May 2019, a data breach occurred at First American Financial Corporation, impacting 885 million credit card applications, where the data relating to real estate personal and financial transaction records were uncovered with a common website design blunder. Owing to the increasing data breaches, organizations are investing heavily in data-centric security solutions to reduce the risk and vulnerabilities and minimize the related costs, including remediation effects, legal liabilities, and potential loss of user trust.

Moreover, the growing effectiveness and efficiency of data centric security solutions owing to the advancement of technologies such as data encryption, masking, tokenization, and data loss prevention (DLP) is anticipated to form huge demand for market growth. The advancements help organizations with more comprehensive and robust protection capabilities for sensitive information. Furthermore, the development of industry-specific data protection solutions catering to different industries such as healthcare, government, and finance, owing to their difference in nature and sensitivity of data, has emerged the need for advanced data centric security solutions. This has resulted in increased adoption of data centric security solutions designed to address specific industry challenges.

Data Centric Security Market Report Scope       

Data Centric Security Market Segmentation 

Grand View Research has segmented the global data centric security market based on solution, deployment, enterprise size, vertical, and region:

Data Centric Security Market - Solution Outlook (Revenue, USD Billion, 2018 - 2030)

• Software
• Services

Data Centric Security Market - Deployment Outlook (Revenue, USD Billion, 2018 - 2030)

• Cloud
• On-premise

Data Centric Security Market - Enterprise Size Outlook (Revenue, USD Billion, 2018 - 2030)

• Small and Medium-sized Enterprises
• Large enterprises

Data Centric Security Market - Vertical Outlook (Revenue, USD Billion, 2018 - 2030)

• BFSI
• Government and Public Sector
• Healthcare
• IT and Telecom
• Retail
• Others

Data Centric Security Market - Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America
• U.S.
• Canada
• Europe
• UK
• Germany
• France
• Italy
• Spain
• Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• Latin America
• Brazil
• Mexico
• Argentina
• Middle East and Africa
• UAE
• Saudi Arabia
• South Africa

List of Key Players in the Data Centric Security Market

• Egnyte
• Forcepoint
• IBM
• Imperva
• Infogix
• Informatica
• McAfee
• Micro Focus
• Microsoft
• NetApp
• Netwrix
• Orange Cyberdefense
• Seclore
• Symantec (now NortonLifeLock)
• Thales eSecurity
• Varonis

Check out more related studies published by Grand View Research:

• Cybersecurity Mesh Market - The global cybersecurity mesh market size is expected to reach USD 4.90 billion by 2030, according to the new report of Grand View Research, Inc. The market is expected to expand at a CAGR of 11.1% from 2023 to 2030. The cybersecurity mesh solutions aim to offer more scalable, resilient, and flexible security solutions to overcome evolving cyber threats. The growing diversity and complexity of IT environments are one factor driving the demand for the cybersecurity mesh market. The adoption of the modern IT ecosystem is becoming complex due to the deployment of cloud computing, the Internet of Things (IoT), and other distributed networks across the systems. This growing complexity has led to different security challenges that require an enhanced approach to cybersecurity solutions, thereby surging the demand for the market.
• IT Services Market - The global IT services market size was estimated to reach USD 186.4 billion by 2028 and is anticipated to grow at a CAGR of 9.5% from 2022 to 2028, according to a new report by Grand View Research, Inc. Growing concerns about data security and privacy protection are the key factors driving the demand for IT services from enterprises working in various industries. Increasing difficulties in network infrastructure are acting as key impedances to ineffective data security management; therefore, increasing the demand for IT services. Lack of expertise with the end-users in integrating the latest technologies and implementing IT services is hampering the growth of the market. Most of the major players operating in the IT services market are implementing the strategy of mergers, and acquisitions to gain maximum share in the market.
• Wireless Network Security Market - The global wireless network security market size is estimated to reach USD 59.66 billion by 2030, expanding at a CAGR of 12.5% from 2023 to 2030, according to the recent reports of Grand View Research, Inc. The wireless network security market growth can be attributed to the growing number of cyberattacks, increasing adoption of Bring Your Own Devices (BYOD), and advancements in various wireless networking solutions such as unified threat solutions, Identity and Access Management (IAM), and Intrusion Prevention System (IPS)/Intrusion Detection System (IDS), among others. Further, the Covid-19 pandemic led work from home concept accelerated the adoption of wireless devices, which forced companies to implement wireless network security solutions to strengthen the security of wireless devices and keep the enterprise data.

Browse through Grand View Research's  Network Security Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc.