Market Scope & Overview
As of 2022, the data-centric security market had a value of USD 3.87 billion, and it is projected to achieve a substantial growth, reaching USD 21.94 billion by 2030, with an estimated compound annual growth rate (CAGR) of 24.2% during the forecast period from 2023 to 2030, as reported by SNS Insider.
Data-centric security is a comprehensive approach to safeguarding sensitive information by focusing on protecting the data itself rather than solely relying on perimeter defenses. In traditional security models, the emphasis is often on securing networks, devices, and applications, but data-centric security prioritizes the protection of the actual data, making it more resilient against threats and breaches.
Market Analysis
The data-centric security market is projected to experience robust growth over the next decade. The proliferation of sophisticated cyber threats, including ransomware attacks, data breaches, and insider threats, has led to a sense of urgency among organizations to prioritize data security. As the market expands, several trends have emerged, shaping the future of this domain. Organizations must stay attuned to these developments to bolster their data security posture effectively.
Impact of Recession
While a recession can present challenges for the data-centric security market, it also brings forth opportunities for growth and adaptation. As businesses continue to prioritize data protection, the demand for effective security solutions will persist. Providers that innovate, focus on cost-effectiveness, and address the specific needs of businesses during economic downturns are likely to thrive in this dynamic landscape. By navigating the challenges and capitalizing on emerging trends, the market can remain resilient and continue its mission of safeguarding valuable digital assets.
Segmentation Analysis
The data-centric security market is witnessing a shift towards prioritizing data protection and security. The Data Protection and BFSI segments are at the forefront of this transformation, driven by compliance requirements, escalating cyber threats, and the need to safeguard sensitive information. As these segments continue to invest in advanced data-centric security solutions, businesses across all industries can learn valuable lessons and follow suit to ensure the safety of their most critical asset – data.
Regional Status & Analysis
The Asia Pacific region is witnessing an unparalleled surge in the demand for data-centric security solutions. With its technologically progressive landscape, proactive government initiatives, and a cultural shift towards data protection, the region is primed to dominate the global data-centric security market. As businesses and governments recognize the paramount importance of securing sensitive data, they are increasingly turning to innovative security providers in the Asia Pacific region to safeguard their digital assets in this ever-evolving threat landscape.
The market is set to witness unprecedented growth as organizations increasingly recognize the need to protect data at its core. By adopting robust data-centric security solutions, such as encryption, DLP, and RBAC, businesses can fortify their defenses against emerging cyber threats and ensure the confidentiality, integrity, and availability of their most valuable asset – data.
Frequently Asked Questions/ Key Reasons to Purchase this Report
Q1. What is the projected outlook for data-centric security market growth?
Ans: The market for data-centric security is projected to surpass USD 21.94 billion by the year 2030.
Q2. What are the major factors influencing the data-centric security market?
Ans: Data Loss Prevention solutions are gaining traction as organizations seek to identify and protect sensitive data from unauthorized access, use, or transmission.
Q3. Who are the leading players in the data-centric security market?
Ans: Broadcom Inc., Orange Cyberdefense, Informatica, Micro Focus, Netapp, Inc., Forcepoint, IBM Corporation, Imperva, Talend S.A.