Data Centric Security Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented by Deployment Type (On-Premises, Cloud-Based) By Component (Software, Hardware, Services), By End-User Industry (Retail, IT and Telecom, Healthcare, Banking, Financial Services, and Insurance (BFSI), Manufacturing and Industrial, Others), By Region, By Competition, 2018-2028
Published Date: November - 2024 | Publisher: MIR | No of Pages: 320 | Industry: ICT | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationData Centric Security Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented by Deployment Type (On-Premises, Cloud-Based) By Component (Software, Hardware, Services), By End-User Industry (Retail, IT and Telecom, Healthcare, Banking, Financial Services, and Insurance (BFSI), Manufacturing and Industrial, Others), By Region, By Competition, 2018-2028
| Forecast Period | 2024-2028 |
| Market Size (2022) | USD 4.68 billion |
| CAGR (2023-2028) | 23.66% |
| Fastest Growing Segment | Hardware |
| Largest Market | North America |
Market Overview
Global Data Centric Security Market has experienced tremendous growth in recent years and is poised to continue its strong expansion. The Data Centric Security Market reached a value of USD 4.68 billion in 2022 and is projected to maintain a compound annual growth rate of 23.66% through 2028.
Key Market Drivers
Rise of Remote Work Culture
One of the major drivers propelling the growth of the global data centric security market is the rise of the remote work culture accelerated by the COVID-19 pandemic. With more employees working outside traditional office setups, organizations face new challenges in securing sensitive data access and monitoring employee activities. Data centric security solutions help companies address these issues by providing centralized visibility and control over user behaviors and data access regardless of location. Technologies like single sign-on, data loss prevention, encryption etc. ensure secure access to applications and sensitive files from any device or network. As hybrid work models become the new normal, the need for robust data centric security solutions will continue to increase to protect corporate resources from both internal and external threats. This remote work driver is expected to significantly contribute to the projected rise in market revenues.
Increasing Reliance on Cloud and Mobile Technologies
Widespread adoption of cloud computing and mobile technologies by enterprises has also emerged as a key driver for data centric security market growth. Migration of workloads and data storage to public and hybrid cloud models has created new vulnerabilities. At the same time, the widespread use of personal devices for work purposes introduces further risks. Data centric security platforms provide unified control and visibility across cloud and mobile endpoints. Features such as mobile device management, cloud access security brokers, and cloud data loss prevention help secure access to apps and sensitive data stored in cloud environments from a variety of personal and non-personal devices. As cloud and mobile-first strategies become integral to digital transformation goals, the need for robust data security will continue propelling market revenues.
Stringent Data Privacy and Compliance Regulations
Key Market Challenges
Integrating Legacy Infrastructure
One of the key challenges restraining faster growth of the global data centric security market is the difficulty in integrating these solutions with existing legacy on-premise infrastructure. Many organizations have decades-old, complex IT environments comprising of numerous applications, databases, endpoints and network components from different eras. Retrofitting advanced data centric platforms optimized for cloud and mobile-first architectures onto legacy systems requires significant capital investments and manpower. It often involves costly and time-consuming modernization projects or maintaining dual setups. This leads to slower than anticipated return on investment and adoption timelines. Integration challenges pose a particular hurdle for regulated industries with strict change control processes and industries relying on legacy mainframes. Overcoming compatibility issues to deliver seamless experience across hybrid environments remains an area vendors are focusing on to drive wider market acceptance.
Rise of Shadow IT and Unmanaged Devices
Another challenge is the proliferation of shadow IT and employee-owned unmanaged devices being used for work purposes. With work becoming mobile-centric, employees resort to using unsanctioned apps and personal devices without IT oversight. This expands the attack surface and makes it difficult for security teams to monitor and protect sensitive data accessed through such devices. At the same time, employees tend to be careless with security best practices on personal devices. Data centric platforms have limitations in gaining full visibility and control over shadow IT systems and personal endpoints. This significantly weakens security postures as these gaps are exploited by threats. Tackling shadow IT and securing the broadening perimeter have emerged as critical market challenges. Vendors are enhancing capabilities for Bring Your Own Device management and classifying unsanctioned apps to address this.
Key Market Trends
Growing Focus on Zero Trust Security
Traditional perimeter-based security is becoming obsolete in today's boundary-less digital environments. There is a growing industry trend of shifting to a zero trust approach that eliminates implicit trust and requires verification for every access attempt. Data centric security platforms are evolving to support zero trust frameworks through stricter access controls, advanced authentication and authorization mechanisms. Vendors are enhancing products with zero trust network access, micro-segmentation, and security service edge capabilities. Technologies like device posture assessment, risk-adaptive authentication, and just-in-time access are being integrated to follow the zero trust principle of 'never trust, always verify'. As remote work grows, zero trust adoption is expected to surge due to its ability to securely enable access from any location. Major players are aggressively investing in zero trust research to gain leadership in this evolving space.
Rise of Data-Centric AI and Analytics
With data emerging as the most valuable asset, there is a rising trend of leveraging AI, machine learning and analytics at the core of data security strategies. Data centric platforms are augmenting traditional rule-based controls with AI-powered user and entity behavioral analytics, predictive threat detection, automated risk assessment and response capabilities. Vendors are developing self-learning models for continuous user profiling to detect anomalies and advanced persistent threats. AI is also being applied to automate classification of sensitive data, recommend access policies and enable proactive risk mitigation. As AI chipset capabilities advance, next-gen data security platforms will increasingly rely on data-centric AI to gain deeper insights, optimize processes and autonomously respond to risks through autonomous response, forensics and remediation.
Increasing Focus on Data Privacy and Sovereignty
Stringent global privacy laws and the need for data sovereignty are driving organizations to re-evaluate data security strategies with an emphasis on privacy. There is a growing industry trend of implementing privacy by design principles through technical and organizational measures. Data centric platforms are enhancing features for privacy-focused capabilities like privacy impact assessments, consent management, data minimization, lawful surveillance controls, privacy dashboards and customized privacy policies. Vendors are also focusing on privacy-enhancing technologies such as differential privacy, anonymization and encryption to ensure compliance. Regional data storage and processing is gaining prominence to adhere to data residency rules. As privacy regulations tighten, this trend of integrating strong privacy controls at the core of data security products and services will continue to accelerate.
Segmental Insights
Deployment Type Insights
The cloud-based segment dominated the global data centric security market in 2022 and is expected to maintain its dominance during the forecast period. With a large share of over 60%, the cloud-based deployment type led the overall market in 2022. Cloud-based data centric security solutions offer various advantages over the on-premises type including low upfront costs, scalability, easy maintenance, and remote management capabilities. These benefits have accelerated the adoption of cloud-based data security platforms among organizations.
As businesses increasingly migrate their infrastructure and applications to public, private and hybrid cloud environments, the need for cloud-native data security controls also rises. Cloud-based data centric platforms provide unified visibility and control over data stored, managed and processed across different cloud services and platforms through features like cloud access security brokers, cloud data loss prevention, cloud encryption etc. They ensure regulatory compliance and protection of sensitive data stored in cloud repositories. The flexibility and scalability of cloud-based models also help organizations address dynamic security needs based on changing cloud footprints, workloads and data volumes. With the continued growth of cloud computing, the cloud-based deployment segment is expected to maintain its dominance in the data centric security market during the forecast period.
Component Insights
The software segment dominated the global data centric security market in 2022 and is expected to maintain its dominance during the forecast period. Accounting for over 70% share of the market, the software component led the overall landscape in 2022. Data centric security software provides various core functionalities like data discovery and classification, access control, encryption, tokenization, activity monitoring, threat detection, and auditing & reporting. These capabilities enable organizations to gain visibility into sensitive data, enforce granular security policies, detect anomalies and ensure ongoing compliance.
As data volumes grow exponentially, the need for advanced software to manage data security rises significantly. Data centric security software solutions are also being augmented with capabilities like AI, analytics, automation and orchestration to address evolving business needs. The rising adoption of cloud-based deployment models also drives the software market as cloud security platforms primarily rely on software controls. Furthermore, data centric security software provides flexibility to add new features through regular updates and upgrades without incurring additional hardware costs. With continued digital transformation driving greater reliance on data-driven strategies, demand for feature-rich data security software solutions is expected to surge. Growing investments by vendors to develop innovative software-defined data security controls will further help this segment maintain its leading position during the forecast period.
Regional Insights
The North American region dominated the global data centric security market in 2022 and is expected to maintain its dominance during the forecast period. Accounting for over 35% of the global market share, North America led the overall regional landscape in 2022.
The presence of major data centric security vendors and early adoption of advanced technologies by organizations in the region has driven the North American market. Stringent data privacy and security compliance regulations such as GDPR and CCPA have accelerated security investments across industries. Furthermore, large enterprises across verticals like BFSI, healthcare and government rely on data-driven strategies for digital transformation, fueling security spend.
Additionally, the rapid shift to remote work culture during the pandemic has increased the need for robust data security controls. As cloud adoption grows in North America, demand for cloud-native data security platforms is also surging to secure workloads and data stored in public clouds. With continued technological innovations and focus on R&D by prominent vendors, the North American region is well-positioned to maintain its leading position in the global market during the forecast period. Some other factors supporting market dominance include the high penetration of connected devices and IoT, growing BYOD trend, and increasing investments in data analytics. The presence of major headquarters of global organizations will also continue driving significant security budgets.
Recent Developments
- In June 2022, IBM acquiredRandori, a leader in proactive application security. The acquisition will helpIBM strengthen its data security portfolio with Randori's technology forcontinuously testing and improving application defenses.
- In May 2022, Impervaacquired Apiiro, a provider of API security. The acquisition enhances Imperva'sdata security capabilities with Apiiro's technology for discovering andprotecting APIs from internal and external threats.
- In April 2022, Varonislaunched new data-centric cybersecurity products - Directory TraversalProtection and Data Classification Engine. These solutions provide automaticclassification of sensitive data and prevention of directory traversal attacks.
- In March 2022, Oracleacquired Cerner in a $28.3 billion deal. Cerner's health data platform combinedwith Oracle's cloud capabilities is expected to enable improved data securityfor healthcare organizations.
- In January 2022, MicroFocus acquired ArcSight, a leader in SIEM and security analytics. Theacquisition strengthens Micro Focus' data centric security portfolio withArcSight's cloud-native security information and event management solutions.
- In November 2021, Netskopelaunched Netskope for Zero Trust Access. The new offering provides data-centriczero trust network access, security service edge and private accessfunctionality.
- In September 2021, IBMacquired ReaQta, an MSSP (managed security service provider) specializing inXDR and data security. The acquisition enhances IBM's managed detection andresponse services.
Key Market Players
- Imperva
- ORACLE CORPORATION
- IBM Corporation
- Varonis Systems, Inc
- Micro Focus International plc
- NetApp, Inc
- SecloreTechnology Inc.
- VaradharajanSrinivasan (Anthropic)
- Informatica
- NvidiaCorporation
| By Deployment Type | By Component | By End-User Industry | By Region |
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