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According to The Insight Partners market study titled “Data-Centric Security Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Deployment Mode, Organization Size, and Verticals,” the data-centric security market size is projected to reach US$ 16,518.1 million by 2028 from US$ 4,510.6 million in 2022. The data-centric security market share is expected to grow at a CAGR of 24.2% from 2022 to 2028. 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.
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The COVID-19 outbreak accelerated the shift from office environments to remote work scenarios (work from home), emphasizing data-centric security more. In 2020, organizations had to navigate a wave of IT architectural change and move to a remote work environment. The employee’s sudden and unexpected move to home offices accelerated enterprises’ need to move to the cloud to keep their business running. Integrating meeting solutions, cloud servers, and security quickly became commonplace. Based on the survey conducted by Barracuda, 53% of respondents said the COVID-19 crisis prompted them to accelerate their plans to move all their data to a 100% cloud-based model. Hence, the plan to move all data to a 100% cloud-based model increased the emphasis on data-centric security in the cloud, as companies are highly concerned about sharing crucial data with unauthorized internal users.
The Key Players In The Global Data-Centric Security Market Are:
The Data-Centric Security market is analyzed on the basis of component, deployment mode, organization size, verticals, and geography. Data-centric security market analysis by component, the market is segmented into solution and service. Data-centric security market analysis by deployment mode, the market is segmented into on premise and cloud based. By organization size, the market is segmented into small and medium enterprises (SMEs) and large enterprises. Based on vertical, the data-centric security market is segmented into IT and telecommunication, BFSI, healthcare and pharmaceutical, government and defense, and others. By geography, the market is divided into 5 regions including North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America.
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.
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The Segments and Sub-Section of Data-Centric Security Market are shown below:
By Component (Solution and Service)
By Deployment Mode (On Premise and Cloud based), Organization Size (Small and Medium Enterprises (SMEs) and Large Enterprises)
By Verticals (IT and Telecommunication, BFSI, Government and Defense, Healthcare and Pharmaceutical, and Others)
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.
The research provides answers to the following key questions:
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