The global data centric security market value was US$ 2.71 billion in 2020. The global data centric security market is forecast to reach US$ 39.341 billion by 2030, and the market will grow at a compound annual growth rate (CAGR) of 30.3% during the forecast period from 2021-2030.
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A data centric security approach focuses on securing data wherever it is stored and handled, rather than concentrating on security controls for servers, applications, or network infrastructure. Through the direct connection between security services and the data they safeguard, data centric security also enables organizations to overcome the disengagement between IT security technology and business strategy objectives.
Organizations can reduce inside threats, hacker threats, and other malicious attacks with data-centric security. Data-centric security continuously monitors the activity of confidential data. In addition to this, data-centric models utilize zero-trust approaches to reduce cyber risks since users request privilege access only when necessary. Furthermore, securing data transmissions, maintaining data integrity and privacy, ensuring compliance, and preventing unauthorized access, data centric security offers many other advantages.
Factors Influencing the Market Growth
Over the forecast period, the data centric security market is forecast to grow due to a growing demand for data centric security solutions for cloud-based data security, the increasing risk of enterprise data loss due to misuse of big data analytics, artificial intelligence, and machine learning.
Enterprises are being encouraged to implement data centric security due to strict regulations such as the federal information processing standard and the Payment Card Industry Data Security Standard, which are likely to accelerate the development of the data-centric security market.
During the pandemic, cyber-attacks increased dramatically, making data centric security a priority today and likely to propel market growth in the future.
Increasing data breach cases will create opportunities for the data centric security market during the forecast period.
There have been predictions that financial concerns and a lack of awareness concerning data-centric security solutions will hamper the market.
A release on June 8th, 2021, by the Bureau and Economic Analysis and U.S. Census Bureau reports the recovering of the U.S. market. The report also described the recovery of U.S. International Trade in July 2021.In April 2021, exports in the country reached $300 billion, an increase of $13.4 billion. In April 2021, imports amounted to $294.5 billion, increasing by $17.4 billion. COVID19 is still a significant issue for economies around the globe, as evidenced by the year-over-year decline in exports in the U.S. between April 2020 and April 2021 and the increase in imports over that same period of time. The market is clearly trying to recover. Despite this, it means there will be a direct impact on the Healthcare/ICT/Chemical industries, resulting in a large market for Data Centric Security Market.
Impact Analysis of COVID-19
COVID-19 pandemic has a favorable impact on the data centric security industry as companies shift to digital platforms and policies that allow them to work from home, leading to the generation of more digital data and the increase in cyber-attacks. Stringent data storage and leakage prevention policies, regular monitoring of access points both physically and digitally, and the use of high-quality security technologies are critical. Due to increased awareness of data privacy and security, companies are likely to tighten security rules in the future, allowing the data centric security market to grow even further.
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With the increasing use of mobile devices in the Asia Pacific, the region has been one of the fastest-growing markets in terms of mobile workforce expansion. Many SMEs and enterprises in the Asia-Pacific region recognize the importance of data centric security. They are receptive to adopting data-centric security solutions to protect critical and sensitive business data from commercial espionage, cyber threats, and misuse for financial gain by hackers. The APAC region has widely adopted encryption technologies to prevent data theft. Asia Pacific countries are beginning to adopt superior data centric security solutions, such as Singapore and India.
According to Statista, as of 2021 data, the United States held over ~36% of the global market share for information and communication technology (ICT). With a market share of 16%, the EU ranked second, followed by 12%, China ranked third. In addition, according to forecasts, the ICT market will reach more than US$ 6 trillion in 2021 and almost US$ 7 trillion by 2023. In today’s society, continuous growth is another reminder of how ubiquitous and crucial technology has become. Over the next few years, traditional tech spending will be driven mainly by big data and analytics, mobile, social, and cloud computing.
This report analyzes the global primary production, consumption, and fastest-growing countries in the Information and Communications Technology(ICT) market. Also included in the report are prominent and prominent players in the global Information and Communications Technology Market (ICT).
Other Prominent Players
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Scope of the Report
The global data centric security market segmentation focuses on Component, Deployment Type, Organization Size, Industrial Vertical, and Region.
Segmentation based on Component
Software & Solutions
Data Discovery & Classification
Data Governance & Compliance
Others (DLP and Data Tagging & Watermarking)
Segmentation based on Deployment Type
Segmentation based on Organization Size
Small- & Medium-sized Enterprises (SMEs)
Segmentation based on Industrial Vertical
Government & Defense
Healthcare & Pharmaceuticals
IT & Enterprises
Others (Energy, manufacturing, gaming and gambling, media and education)
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Segmentation based on Region
Rest of Western Europe
Rest of Eastern Europe
Australia & New Zealand
Rest of Asia Pacific
Middle East & Africa (MEA)
Rest of MEA
Rest of South America
What is the goal of the report?
• The market report presents the estimated size of the ICT market at the end of the forecast period. The report also examines historical and current market sizes.
• During the forecast period, the report analyzes the growth rate, market size, and market valuation.
• The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
• The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance
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