"Informatica (US), IBM (US), Broadcom (US), Micro Focus (US), Varonis Systems (US), Talend (US), Orange Cyberdefense (France), Forcepoint (US), Imperva (US), NetApp (US), Infogix (US), PKWARE (US), Seclore (US), Fasoo (South Korea), Protegrity (US), Egnyte (US), Netwrix (US), Digital Guardian (US), HelpSystems (US), BigID (US), Securiti (US), SecuPi (US)."
Data-centric Security Market by Component (Software and Solutions and Professional Services), Deployment Mode (Cloud and On-premises), Organization Size, Vertical (Government and Defense, Healthcare, Telecommunications) Region - Global Forecast to 2027
MarketsandMarkets forecasts the global Data-centric Security Market size is projected to grow from an estimated value of USD 4.2 billion in 2022 to USD 12.3 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 23.9% from 2022 to 2027. Increasing demand for data-centric security solutions for cloud-based data security; stringent compliances and regulations; and increasing risk on enterprise data due to exploitation of big data analytics, machine learning, and artificial intelligence is driving the growth of data-centric security market across the globe.
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By component, the services segment to register the highest growth rate during the forecast period
Based on component, data-centric security services have witnessed a growing demand in recent years. The services segment includes various services that are required to deploy, execute, and maintain data-centric security platforms in organizations. Enterprises need support from service providers to enhance their data management, policy control, auditing & reporting, data protection, and for maintaining the governance over various silos. Professional service providers help enterprises in deploying data centric security software and solutions and managing all the queries in the product life cycle.
The professional services are offered through professionals, specialists, or experts to support the business. These services include consulting, designing and development and implementation, and support services. The latest techniques, strategies, and skills adopted by the professionals are said to be helping organizations in adopting data centric security features. They also offer customized implementation and risk assessment and assist with the deployment via industry-defined best practices.
With the increasing demand for data-centric security solutions in high-growth markets such as APAC and MEA, there is a significant demand for training and education services to spread awareness about various data-centric security solutions.
Based on organization size, the SMEs segment to grow at the highest CAGR during the forecast period
By organization size, the data centric security market is sub-segmented into large enterprises and SMEs. SMEs use data centric security solutions to reduce data fraud while enhancing the customer experience. The growing usage of mobile devices has influenced the data transfer over business networks to personal devices, such as mobile phones and laptops. Hence, this helps in increasing the fraudulent data, cyberattacks, data losses, and threat of personal data thefts. These rising security issues have made way for SMEs to focus their concerns on data centric security. Although, SMEs have to consider their limited budget, the comprehension of corporate information being an important consideration, makes them use data discovery and classification, data protection, and data governance solutions. Moreover, these solutions are available at economical pricing in the cloud deployment type. In the coming years, data centric security solutions are expected to witness high adoption among SMEs, all over the region.
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What is data-centric security?
According to MarketsandMarkets, data-centric security is the process of protecting and shielding the data itself with the help of data discovery and classification, data protection and data governance, rather than protecting data containers, or system network, and perimeter security.
The data-centric security market is led by some of the globally established players such as Informatica (US), IBM (US), Broadcom (US), Micro Focus (US), Orange Cyberdefense (France), Forcepoint (US), and others. These players have adopted various growth strategies such as partnerships, agreements, collaboration, acquisitions, and product developments to increase their market presence.
IBM is renowned for its leading solutions in the data-centric security market. Today, IBM Cloud is known as the most open, secure, and reliable public cloud for business. IBM believes in leveraging data protection capabilities to secure data, achieve continuous security for enterprise applications and workloads with built-in isolation, access management, and integrated security posture.
IBM caters to a wide customer base spread globally. It is actively intensifying its position in the market through the organic strategy of new product launches. The company aims at satisfying its customers as per the changing market dynamics. This ability to innovate and respond to clients with correct information at the right time has enabled IBM to grow in the market. Therefore, IBM focuses on strengthening its position through strategic organic investments and acquisitions, broadening its technical expertise, and integrating AI with its offerings. It has transformed into a more agile enterprise to drive innovation and speed and help drive productivity that supports investments for participation in markets. The strong presence across the globe is one of the key factors leading to a good market share in the data-centric security market.
Apart from large and SME players, start-ups such as SecuPi, SealPath, Nucleus Cyber, Dathena, among others are also evolving in the data-centric security market space.
Another important player in the data-centric security market space is Broadcom which is a global technology company that develops semiconductor and infrastructure software solutions. In November 2019, Broadcom acquired Symantec’s Enterprise Security business for USD 10.7 billion. Broadcom’s products in the cybersecurity space include - Integrated Cyber Defense (ICD), endpoint security, network security, identity security, API security, and information security. Broadcom has a presence across Asia Pacific, the Americas, and EMEA countries. In the data-centric security market space, its Mainframe Compliance and Data Protection solution locates and protects sensitive and PII data to identify risk and ensure compliance. It also monitors system events to identify and proactively respond to potential risks and bad actors.
According to MnM’s market evaluation framework, most vendors in the data-centric security opt for inorganic growth strategies to maintain their competitive position in the market. The number of deals including partnerships, acquisitions, collaborations, and alliances increased by around 40-45% relatively in the period of 2020-2021. Due to the COVID-19 outbreak, there was a sudden decline in product launches, product enhancements, and business expansion activities. However, from 2022 onward, companies are expected to adopt organic growth strategies to provide data-centric security solutions and services to end users.
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