Data Centric Security Market: Overcoming Challenges in Data Protection

Data Centric Security Market Growth & Trends

The global Data Centric Security Market is projected to reach an impressive USD 24.01 billion by 2030, demonstrating a robust Compound Annual Growth Rate (CAGR) of 24.2% from 2023 to 2030, as per new reports from Grand View Research, Inc. This significant growth is primarily driven by the rapid proliferation of digital technologies and the escalating incidence of cybercrimes, which have dramatically increased the risk of cyber-attacks and data breaches for organizations worldwide. Consequently, there’s a heightened demand for data-centric security solutions designed to safeguard sensitive information across various locations, both within and between organizations.

Key Drivers and Regulatory Impact

Stringent government regulations and policies across different regions are also fueling market demand. For instance, regulations like the European Union’s General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA) have created a strong impetus for industries such as retail, BFSI (Banking, Financial Services, and Insurance), IT & telecom, and healthcare to implement adequate security measures.

The increasing financial and reputational repercussions of data breaches are further boosting the demand for data-centric security. A notable example is the May 2019 data breach at First American Financial Corporation, which exposed 885 million credit card applications and real estate personal and financial transaction records due to a common website design flaw. In response to such growing data breaches, organizations are making substantial investments in data-centric security solutions to mitigate risks and vulnerabilities, thereby minimizing associated costs, including remediation efforts, legal liabilities, and potential loss of user trust.

Technological Advancements and Industry-Specific Solutions

The market growth is also significantly propelled by the increasing effectiveness and efficiency of data-centric security solutions, driven by advancements in technologies such as:

• Data encryption
• Data masking
• Tokenization
• Data Loss Prevention (DLP)

These technological advancements provide organizations with more comprehensive and robust protection capabilities for sensitive information. Furthermore, the development of industry-specific data protection solutions, tailored to address the unique nature and sensitivity of data across sectors like healthcare, government, and finance, has intensified the need for advanced data-centric security solutions. This has led to increased adoption of data-centric security solutions specifically designed to tackle distinct industry challenges.

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Data Centric Security Market Report Highlights

• The software segment accounts for the largest market share of over 63.3% in 2022 and is anticipated to maintain its dominance over the forecast period owing to the growing need to strengthen data privacy and regulation laws across industries such as BFSI, IT & telecom, healthcare, and retail, among others
• The cloud segment is expected to observe the highest CAGR of 25.1% during the forecast period. The growing migration of data and workload to the cloud has made it essential for organizations to enhance the security and privacy of sensitive information, thereby fueling the demand for data centric security
• The small & medium enterprises segment is anticipated to witness an exceptional CAGR of 24.8% during the forecast period. The growing awareness of the importance of data privacy owing to the increased media coverage of data breaches and legal requirements has enhanced the demand for data-centric security solutions in the segment
• The healthcare segment is anticipated to register a considerable CAGR of 25.7% over the forecast period owing to the growing adoption of cloud platforms to store and manage sensitive information related to patient’s health, financial transaction, and other healthcare operations
• North America accounted for the largest market share of over 35.2% in 2022 and is expected to retain its position over the forecast period. The growing cyber threats and crimes across industries such as retail, BFSI, and healthcare, along with the focus of government on imposing stringent data security regulations, has boosted the demand for data centric security

Data Centric Security Market Segmentation

Grand View Research has segmented the global data centric security market based on solution, deployment, enterprise size, vertical, and region:

Data Centric Security Solution Outlook (Revenue, USD Billion, 2018 – 2030)

• Software
• Services

Data Centric Security Deployment Outlook (Revenue, USD Billion, 2018 – 2030)

• Cloud
• On-premise

Data Centric Security Enterprise Size Outlook (Revenue, USD Billion, 2018 – 2030)

• Small and Medium-sized Enterprises
• Large enterprises

Data Centric Security Vertical Outlook (Revenue, USD Billion, 2018 – 2030)

• BFSI
• Government and Public Sector
• Healthcare
• IT and Telecom
• Retail
• Others

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