Data-Centric Security Market Size Will Observe Lucrative Surge by the End 2028
The 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.
Artificial intelligence (AI) is well suited to quickly analyze large amounts of data and apply heuristic algorithms to identify patterns. Black hat hackers are now using AI approaches to analyze network traffic and stolen data such as passwords to identify vulnerabilities that can be exploited immediately. Similarly, cybersecurity teams are using AI to analyze data collected from defenses and network traffic, looking for early warning of cyberattacks and new attack patterns. Hence, AI will play a crucial role in developing the data-centric security solution. Furthermore, in recent years, enterprise workloads have been dispersed across several cloud environments and evolved quickly, which is considered a multi-cloud security strategy. Nearly 92% of cloud solution adopters either have a multi-cloud strategy or are in the process of adopting an affordable multi-cloud and hybrid cloud strategy in the next few days, according to a new study by Flexera. Hence, the organization will focus on data security instead of application or server. In addition to increasing flexibility and layering automation and intelligence into security across platforms, multi-cloud security solutions with increase with the point solutions that tie security to a single site. Therefore, businesses will be better able to defend themselves against contemporary dangers when using multi-cloud security solutions. Furthermore, the COVID-19 pandemic impacted businesses' operations, and multi-cloud helped businesses adapt to the new normal. Due to the recent turmoil, more than half (61%) of Flexera respondents say their focus is on providing more flexible ways of working. Most companies conclude that their remote workers may expand in the future. Thus, multi-cloud is the most flexible IT environment that enables this flexibility by distributing data across many geographic locations for user proximity and business continuity.
The APAC data-centric security market is anticipated to experience significant growth due to the rising trend of cyberattacks involving malware and ransomware in COVID-19-related context, forcing organizations to adopt cybersecurity solutions as many employees have switched to remote work environments amid lockdown in various countries. Based on the report by Microsoft, between February and May 2021, 19 million phishing and ransomware attacks with a COVID-19-related theme were detected in APAC.
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Furthermore, increased digital dependence resulting from lockdowns and quarantines has significantly raised cybersecurity and privacy risks in APAC. Based on the MIT technology review survey report, more than 70% of the 600 respondents said their companies have accelerated their digital transformation and increased their investment in cybersecurity during the pandemic. As so many individuals are working in new, less secure environments during the pandemic, the growing use of cloud-based services is becoming a hotspot for cyberattacks. According to Barracuda Sentinel, the number of email attacks linked to the COVID-19 pandemic has surged by 667%. Thus, the COVID-19 pandemic increased the adoption of cybersecurity solutions and positively influenced the data-centric security market.
Key Findings of Study
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 data-centric security market is segmented into solution and service. Data-centric security market analysis deployment mode, the data-centric security market is segmented into on premise and cloud based. Based on organization size, the data-centric security market is segmented into small and medium enterprises (SMEs) and large enterprises. By vertical, the 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: North America, Europe, Asia Pacific, the Middle East & Africa, and South America. The Asia Pacific emerged as the fastest growing region in the global Data-Centric Security market share in 2021. The data-centric security market in APAC is sub-segmented into China, India, Japan, Australia, South Korea, and the Rest of APAC. The adoption of cybersecurity solutions will likely grow with the increasing internet penetration in developing and developed countries. In addition, expanding wireless networks to mobile devices has increased the vulnerability to data attacks, making cybersecurity an essential and indispensable part of every organization. Many emerging countries, such as India, China, Singapore, and Japan, face increasing cybersecurity problems. India has rapidly increased cybercrime records, ranking fifth in total domain name system (DNS) intrusions. According to Gemalto, India accounts for 37% of the global breaches in compromised or stolen records. Increasing awareness among enterprises of the importance of saving money and resources by moving their data to the cloud rather than maintaining and creating new data storage drives the demand for cloud-based solutions, increasing the adoption of on-demand security services. Due to these advantages, large enterprises and SMEs are gradually adopting cloud-based data security solutions. Over the next few years, cloud ecosystems and platforms are set to serve as the launchpads for an explosion in the speed and scale of digital innovation.
With the recent COVID-19 outbreak, the APAC data-centric security market is anticipated to witness significant growth as there is an increasing trend of cyberattacks through malware and ransomware in the context of COVID-19 forces organizations to adopt cybersecurity solutions as many of them have turned to remote work atmosphere amid lockdown in many nations. According to Microsoft, 19 million phishing attacks and ransomware were detected in the APAC region from February to May 2020 related to COVID-19-themed attacks. The increased use of cloud-based services during this pandemic is becoming a hotspot for cyberattacks as millions of people works in unfamiliar and less secure circumstances. According to the Barracuda Sentinel, the number of email attacks related to the COVID-19 outbreak increased by 667%. Thus, a cloud-based cybersecurity solution plays an important role during the pandemic and is expected to witness an upsurge. In June 2020, due to the COVID-19 data-based attack, Infosys provided managed security services to clients across the globe from its four cyber defense centers in Pune, Hyderabad, Bengaluru, and Mysuru. These factors lead to the APAC data-centric security market growth during the forecast period.
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. In recent years, there has been an increasing reliance on digital and cloud computing trends and enterprises to cloud networks for various applications, from data storage and payments to enterprise-wide execution from cloud paths. The business operations are becoming more and more dependent. Hence, the growing reliance on the cloud in the business world led many small businesses to secure data stored/exchanged in the cloud. As a result, investment in data-centric security solutions and services is anticipated to increase in the coming years. Additionally, the rise of cyberattacks made data-centric security solutions essential for organizations to protect their mission-critical data. The global data-centric security market is growing as end-user concerns about data security grow.
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 has accelerated enterprises' need to move to the cloud to keep their business running. Integrating meeting solutions, cloud servers, and security quickly became commonplace. Furthermore, according to a McAfee Enterprise and FireEye report, 81% of global businesses experienced an increase in cyber threats during the pandemic, and 79% experienced downtime due to cyber incidents during the peak season, thereby increasing the demand for cybersecurity solutions. In addition, several medium- and large-sized enterprises increased their annual data security spending. CSO's 2021 Security Priorities Report shows that 44% of security leaders expect their budgets to increase in the next 12 months. There is a slight increase from the 41% budget increase in 2021 compared to 2020. Similarly, the government's growing emphasis on the data center security model is also pushing the market growth. Furthermore, the COVID-19 pandemic positively impacted the data-centric security industry as there was a significant shift in digital platform usage and work-from-home policies, increasing digital data generation and potentially increasing cyber-attacks.
The outbreak of COVID-19 pandemic has resulted in severe consequences for the security service providers. As increased remote work led to more cyber risk exposure, several companies focused on cybersecurity. Due to the pandemic, cyber attackers saw an opportunity to step up their criminal activities, exploiting the vulnerability of employees working from home. However, adopting a work-from-home policy has raised awareness among enterprises about data security and cyberattacks, which led to the demand for cloud-based security solutions. Thus, it is determined that the COVID-19 pandemic has changed the management approaches of several companies toward cybersecurity and has favorably affected the market for data-centric security.
The top five companies in the market include
• Informatica
• NetApp
• IBM
• Broadcom Corporation
• Microfocus
The above listing of key players is derived by considering multiple factors such as overall revenue, current well-completion equipment, and services portfolio, new product launches, market initiatives, investment in technology up-gradation, mergers & acquisitions, and other joint activities.
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