The Insight Partners published latest research study on “Data-Centric Security Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Component (Solution and Service), Deployment Mode (On Premise and Cloud based), Organization Size (Small and Medium Enterprises (SMEs) and Large Enterprises), and Verticals (IT and Telecommunication, BFSI, Government and Defense, Healthcare and Pharmaceutical, and Others)”, the global data-centric security market size is projected to reach $16.51 billion by 2028 from $4.51 billion in 2022; it is expected to grow at a CAGR of 24.2% from 2022 to 2028.
Data-Centric Security Market: Competitive Landscape and Key Developments
IBM Corporation; Broadcom Inc.; Informatica; Micro Focus International plc; NetApp, Inc.; Imperva; Forcepoint; Orange Cyberdefense; Talend; and Varonis Systems are among the key players profiled in the Data-Centric Security market report. In addition, several other essential Data-Centric Security market players were studied and analyzed to get a holistic view of the Data-Centric Security market and its ecosystem. The report provides detailed market insights, which help the key players to strategize their growth.
Informatica Corporation announced a partnership with Oracle. Oracle and Informatica have combined the Oracle autonomous database, Oracle Exadata Database Service, and Oracle Object Storage with Informatica’s Intelligent Data Management Cloud through this endeavor. This new alliance will enable streamlined OCI migrations and improved data governance capabilities on OCI and IDMC.
HCL Technologies partnered with IBM Security. Through the use of a modernized security operation center (SOC) platform, this collaboration intends to unify and streamline the threat management process for clients. HCL’s Cybersecurity Fusion Centers aims to provide a unified security platform that connects security teams, tools, and procedures throughout the threat lifecycle by utilizing IBM’s Cloud Pak for Security.
Standardization of Data Protection Rules Propels Data-Centric Security Market Growth:
Data protection rules and regulations changed over the decade owing to the incorporation of smart technologies and new working models among the companies. Several news reforms and infrastructure are demanding modern techniques of data protection. For instance, regulations such as the California Consumer Privacy Act (CCPA) and the EU General Data Protection Regulation (GDPR) require organizations to take a more data-centric approach to security.
Organizations must not only focus on protecting data at different layers of technology but also take care to protect data throughout its lifecycle, from initial ingestion to final disposal. Furthermore, more economies worldwide are enacting strict data protection laws with the extraterritorial application. For instance, in November 2020, the Canadian government introduced the Digital Charter Implementation Act legislation that would change privacy policies. The Directive acts to enact consumer privacy laws and personal information and data protection statutes and to make consequential and related changes to other laws. The intent and purpose of the law are consistent with certain provisions of the GDPR.
Similarly, the Swiss Data Protection Act (DSG) was revised in September 2020 (revFADP) to include stricter provisions focused on protecting the privacy rights of personal data during processing. It is expected to enter into force in 2022. Moreover, International economic organizations such as the Organization for Economic Co-operation and Development (OECD), the Asia-Pacific Economic Cooperation (APEC) Forum, and the African Union (AU) developed their privacy policies regarding cross-border transfers of personal data.
These policies help create international privacy and data protection standards to facilitate international trade but may be less stringent than the domestic laws of participating countries. Additionally, some new provisions are very similar to their GDPR counterparts. These include the right to be forgotten, the right to data portability, the requirement for periodic Data Protection Impact Assessments (DPIA), and reporting obligations in the event of a breach. Thus, the growing stringent rules pushed organizations towards more data-centric security approaches, driving the market growth.
Cyberattacks on new and quickly built remote access and teleworking infrastructure have grown in North America after the COVID-19 outbreak. In 2021, the US Department of Homeland Security (DHS) Cybersecurity and the Infrastructure Security Agency (CISA) reported that they are witnessing a sharp increase in phishing and malware distribution using COVID-19-themed mails and the registration of new domain names with COVID-19-related terms. Furthermore, VMware’s Global Security Insights Report showed that most Canadian businesses faced cyberattacks in 2020 as more employees worked from home. As a result, many security leaders are looking for ways to improve their cybersecurity policies and technologies to combat emerging cyber threats.
According to VMware’s report, 86% of Canadian organizations were breached in 2020, 78% reported an increase in cyberattack volume, and 79% reported cyberattacks became more accurate and specific. Hence, more companies are focusing on the cybersecurity infrastructure, which has created many opportunities for data-centric security players in the region. Hence, the COVID-19 pandemic boosted the growth of the North American data-centric security market.
Data-Centric Security Market: Industry Overview
The Data-Centric Security market is analyzed on the basis of component, deployment mode, organization size, verticals, and geography. The data-centric security market analysis by component, the market is segmented into solution and service. The 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 market is segmented into IT and telecommunication, BFSI, healthcare and pharmaceutical, government and defense, and others. Based on geography, the market is divided into 5 regions: North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The North American data-centric security market is spread across the US, Canada, and Mexico. The region invests heavily in data security solutions to prevent intellectual property theft and compromise systems that monitor and control the country’s defense systems and capabilities.
To keep pace with modern defense advancements, countries like the United States have developed new technologies, such as unmanned vehicles, hypersonic weapons, etc. These advancements rely heavily on data and connectivity, making them vulnerable to breaches and attacks. The adoption of data-centric security solutions is likely to grow with the increasing internet penetration in the region. In addition, expanding wireless networks for mobile devices has increased data vulnerability, making data security an essential and integral part of every regional organization. As a result, there is a growing necessity for the region to focus on developing countermeasures to protect critical information. The US federal government is in a unified effort to launch one of the largest federal change initiatives, accelerating the adoption of data-centric securities that help drive data-centric security market growth.