Publication Month: Aug 2022 | Report Code: TIPRE00022414 | No. of Pages: 198 | Category: Technology, Media and Telecommunications | Status: Published
Data-centric security includes all technologies that focus on protecting the actual data an organization is entrusted with throughout its data lifecycle, rather than focusing primarily on infrastructure risks, approach, and policy. A data-centric security framework consists of multiple solution layers designed to understand, manage, and protect sensitive data, whether on-premises or in the cloud. Data-centric security model takes data security beyond the traditional infrastructure-focused data security measures that most organizations already have. In recent years, there has been an increasing reliance on digital and cloud computing trends and enterprises to cloud networks for various applications, from data storage and payments to enterprise-wide execution from cloud paths. The business operations are becoming more and more dependent. Hence, the growing reliance on the cloud in the business world led many small businesses to secure data stored/exchanged in the cloud. As a result, investment in data-centric security solutions and services is anticipated to increase in the coming years. Additionally, the rise of cyberattacks made data-centric security solutions essential for organizations to protect their mission-critical data. The global data-centric security market is growing as end-user concerns about data security grow.
The APAC data-centric security market is anticipated to experience significant growth due to the rising trend of cyberattacks involving malware and ransomware in COVID-19-related context, forcing organizations to adopt cybersecurity solutions as many employees have switched to remote work environments amid lockdown in various countries. Based on the report by Microsoft, between February and May 2021, 19 million phishing and ransomware attacks with a COVID-19-related theme were detected in APAC. Furthermore, increased digital dependence resulting from lockdowns and quarantines has significantly raised cybersecurity and privacy risks in APAC. Based on the MIT technology review survey report, more than 70% of the 600 respondents said their companies have accelerated their digital transformation and increased their investment in cybersecurity during the pandemic. As so many individuals are working in new, less secure environments during the pandemic, the growing use of cloud-based services is becoming a hotspot for cyberattacks. According to Barracuda Sentinel, the number of email attacks linked to the COVID-19 pandemic has surged by 667%. Thus, the COVID-19 pandemic increased the adoption of cybersecurity solutions and positively influenced the data-centric security market.
Get more information on this report :
Increase in Data and Bring Your Own Device (BYOD) Policies will provide Lucrative Growth Opportunities to Data-Centric Security Market
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.
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.
Data-Centric Security market analysis by component, the Data-Centric Security market is segmented into solution and service. The solution segment accounted for a larger Data-Centric Security Market share in 2021. Data-centric security solutions provide a comprehensive way to protect the company's data compliance and privacy. These solutions apply to data at rest, in transit, and use and involve multiple processes. Data-centric software is more concerned with privacy and security than network, endpoint, and application security. Additionally, the rise of cyberattacks has made data-centric security solutions essential for organizations to protect their mission-critical data. Due to this, several industry players have jumped into the market with customized and AI-integrated solutions. For instance, Informatica offers an AI-driven Data Privacy protection solution that allows organizations to improve their data risk exposure posture to help reduce the impact of data security breaches and internal misuse and meet the stringent requirements of regional and industry privacy. The growing end-user concerns about data security are anticipated to propel Data-Centric Security Market growth.
Data-Centric Security market analysis by organization size, the Data-Centric Security market is segmented into small and medium enterprises (SMEs) and large enterprises. The large enterprise segment accounted for the largest Data-Centric Security market share in 2021. Organizations with an employee strength of more than 500 are categorized as large enterprises. Large enterprises have their clients across various geographical regions and account for high market shares, technical capabilities, and effective business strategies. These large enterprises are known to invest in innovative technologies to operate their business effectively. With the growing capabilities of data-centric security solutions across various industries, adopting these tools has gained traction over the past few years. Large enterprises utilize various analytical tools, such as data-centric security, to streamline their security effectively. Cyberattacks on large organizations using ransomware are becoming more regular and destructive. Hence, the large enterprise is expected to dominate the data-centric security market over the forecast period due to significant investment.
Players operating in the Data-Centric Security market mainly develop advanced and efficient products.
Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.