Data-Centric Security Market Analysis and Opportunities by 2031

The data-centric security market size is projected to reach US$ 31.77 billion by 2031 from US$ 5.60 billion in 2023. The market is expected to register a CAGR of 24.2% during 2023–2031. The rise in government initiatives to protect consumer data, are likely to remain key trends in the market.

Data-Centric Security Market Analysis

In recent years, the market for data-centric security has grown and transformed significantly. Protecting sensitive data from cyber threats and illegal access has become a primary responsibility as firms create and keep more of it.

Data-Centric Security Market Overview

Data-centric security prioritizes data protection above perimeter-based defenses. This approach understands that data is the most precious asset and should always be safeguarded, regardless of where it is or how it is accessed. Hackers, hostile insiders, and other cybercriminals pose continual dangers to organizations, attempting to exploit weaknesses and obtain unauthorized access to important information. This has resulted in a greater demand for sophisticated security solutions that can protect data throughout its lifespan. Encryption is critical for data security because it ensures that unauthorized people cannot read it even if it is intercepted or stolen. Access controls, authentication techniques, and identity management systems enable to enforce stringent permissions and limits, enabling only authorized users to access and edit data.

Furthermore, data-centric security employs techniques like data masking, tokenization, and anonymization, which serve to reduce the exposure of sensitive information by replacing it with fictitious or non-sensitive data. Data loss prevention (DLP) systems may also help avoid accidental or purposeful data breaches by monitoring and managing data flows inside an organization. The data-centric security market includes a variety of vendors and service providers who offer a wide range of solutions to meet the unique demands of enterprises. As enterprises increasingly rely on these technologies to store and analyze huge volumes of data, security has become critical.

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Data-Centric Security Market: Strategic Insights

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Data-Centric Security Market Drivers and Opportunities

Increasing Awareness of Insider Threats to Favor Market

The growing awareness of insider threats is a significant factor driving the growth of the data-centric security industry. Organizations understand the possible dangers posed by workers, contractors, or partners who have authorized access to sensitive data. This awareness has raised the demand for data-centric security solutions that successfully reduce insider risks and protect sensitive information. Insider risks can come from a variety of sources, including personnel with malevolent intent, inadvertent errors or neglect, and hacked user accounts. Data breaches, intellectual property theft, financial losses, and reputational harm are all potential outcomes of such attacks. As a result, companies are taking proactive steps to address the issue and safeguard their important data assets. Data-centric security solutions offer a wide variety of features to combat insider threats.

Increased Adoption of Data-Centric Security Solutions

Enterprises realize the importance of having access to their consumers' personal information. This data enables them to establish more personal relationships with their customers, leveraging what they know about them to provide personalized experiences and suggestions. The internet has acted as a catalyst, allowing connected customers to benefit from today's most transformative advances in areas such as entertainment, education, information, social sharing, and commerce. Data-centric solutions give complete insight into current user entitlements throughout the whole data estate, allowing users to easily review and successfully simplify privileged user policies, as many applications require. The system also uses vulnerability assessment to build a personal data and PII risk profile, as well as continuous scanning to ensure correct settings and up-to-date CVE patches.

Data-Centric Security Market Report Segmentation Analysis

Key segments that contributed to the derivation of the data-centric security market analysis are component, deployment mode, organization size, and verticals.

• Based on component, the market is segmented by solution and service. The solution segment dominated the market share in 2023.
• Based on deployment mode, the market is segmented into on-premises and cloud. The on-premises segment held a larger market share in 2023.
• Based on organization size, the market is segmented into SMEs and large enterprises. The large enterprises segment held a larger market share in 2023.
• Based on verticals, the market is segmented into IT and telecommunication, BFSI, government and defense, healthcare and pharmaceutical, and others. The IT and telecommunication segment held the largest share of the market in 2023.

Data-Centric Security Market Share Analysis by Geography

The geographic scope of the data-centric security market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

North America dominated the data-centric security market in 2023. Additionally, North America has been at the forefront of technological advancements, with significant adoption of cloud computing, big data analytics, and IoT technologies. These technologies generate and process vast amounts of data, requiring robust security measures. Data-centric security solutions that protect data in these advanced environments have experienced high demand in North America. Moreover, North America has faced several high-profile data breaches and cyber-attacks, which have raised awareness about the importance of data security. These incidents have prompted regional organizations to prioritize data protection and invest in robust security solutions. The need to comply with data privacy regulations, such as the Health Insurance Portability and Accountability Act (HIPAA) and the Payment Card Industry Data Security Standard (PCI DSS), has also contributed to adopting data-centric security solutions in North America. Furthermore, North America has a strong presence of major data-centric security solution providers, established companies, and startups. These vendors offer a wide range of solutions tailored to the precise requirements of organizations in the region, further driving the market dominance of North America.

Data-Centric Security Market Regional Insights

The regional trends and factors influencing the Data-Centric Security Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Data-Centric Security Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Data-Centric Security Market Report Scope

Data-Centric Security Market Players Density: Understanding Its Impact on Business Dynamics

The Data-Centric Security Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Data-Centric Security Market are:

1. IBM Corporation
2. Broadcom Inc.
3. Informatica
4. Micro Focus International plc
5. NetApp, Inc.
6. Imperva

Disclaimer: The companies listed above are not ranked in any particular order.

Data-Centric Security Market News and Recent Developments

The data-centric security market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the Data-Centric Security market are listed below:

• Informatica, a leader in enterprise cloud data management, has released the industry's only free cloud data loading, integration, and ETL/ELT service, Informatica Cloud Data Integration-Free and PayGo. The new solution enables data practitioners and non-technical users in marketing, sales, and revenue operations organizations to create data pipelines in minutes. For example, it enables operations teams to import, integrate, and analyze high-quality campaign, pipeline, forecast, and revenue data quickly, easily, and without friction. Furthermore, data analysts and engineers gain from higher productivity and faster development.  (Source: Informatica, Press Release, February 2023)
• IBM introduced the new IBM Storage Scale System 6000, a cloud-scale global data platform designed to meet today's data-intensive and AI workload demands, and the latest offering in the IBM Storage for Data and AI portfolio. (Source: IBM, Press Release, October 2023)

Data-Centric Security Market Report Coverage and Deliverables

The “Data-Centric Security Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Data-Centric Security market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Data-Centric Security market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Data-Centric Security market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the Data-Centric Security market
• Detailed company profiles