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Data-Centric Security Market Size, Deep Analysis, Growth Statistics, Share, Trends And Forecast To 2033
Data-Centric Security Market Share
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According to The Business Research Company's, The data-centric security market size has grown exponentially in recent years. It will grow from $6.52 billion in 2023 to $8.35 billion in 2024 at a compound annual growth rate (CAGR) of 28.0%. The growth in the historic period can be attributed to data breach incidents, regulatory compliance, mobile device proliferation, data privacy concerns.
The data-centric security market size is expected to see exponential growth in the next few years. It will grow to $22.03 billion in 2028 at a compound annual growth rate (CAGR) of 27.5%. The growth in the forecast period can be attributed to zero trust architecture adoption, focus on endpoint security, globalization of cybersecurity threats, privacy regulations evolution, focus on automated response, increased data sharing concerns. Major trends in the forecast period include data classification and discovery, cloud-native security solutions, data loss prevention (dlp) solutions, behavior analytics for threat detection, continuous monitoring and auditing, machine learning and ai for threat intelligence.
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Market Drivers and Trends:
The growth in IoT devices is expected to propel the growth of the data-centric security market going forward. IoT devices refer to physical objects or devices embedded with sensors, software, and connectivity features that enable them to collect, exchange, and transmit data over the internet. The growing prevalence of IoT devices underscores the importance of robust data-centric security solutions. As the IoT ecosystem continues to expand, organizations recognize the need to safeguard the data generated by these devices, driving the demand for advanced security measures that focus on protecting data at its core. For instance, in August 2022, according to Akamai Technologies Inc., a US-based internet company, IoT connections are expected to increase from 15.1 billion in 2021 to 23.3 billion IoT connections in 2025. Therefore, the increase in demand for IoT devices is driving the growth of the data centric security market.
Advancements in innovative technologies are a key trend gaining popularity in the data-centric security market. Major market players are creating innovative technologies to improve data security across various industries. For instance, in June 2022, Seclore, a US-based technology company, launched a data-centric security platform. Its platform helps organizations discover, classify, protect, and track enterprise data within and outside the organization. Also, in February 2021, IBM, an American multinational technology corporation, and Palantir Technologies, an American software company that specializes in big data analytics, announced a new partnership consisting of IBM's hybrid cloud data platform designed to deliver AI for business with Palantir's next generation operations platform for building applications. The product is expected to streamline how businesses build and deploy AI-infused applications with IBM Watson. Furthermore, without the need for technical skills, this will help users access, analyze, and act on the vast amounts of data scattered across hybrid cloud environments.
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Major Key Players of the Market:
Broadcom Inc., Imperva Inc., Micro Focus International plc, NetApp Inc., Orange Cyberdefense, The International Business Machines Corporation, Microsoft Corporation, Google LLC, Informatica, Varonis Systems, Talend S.A., Forcepoint, Egnyte Inc., Fortra LLC, Virtru Corporation, Netwrix Corporation, Circle Security Inc., Cranium AI Inc., Hadrian Security Inc., CipherCloud Inc., Digital Guardian Inc., Fasoo, GTB Technologies Inc., Ionic Security Inc., Seclore Inc., Thales eSecurity Inc., Vormetric Inc., Zettaset Inc., Privacera Inc., Collibra Inc.
Data-Centric Security Market 2024 Key Insights:
• The data-centric security market size is expected to see exponential growth in the next few years. It will grow to $22.03 billion in 2028 at a compound annual growth rate (CAGR) of 27.5%.
• Rising Data Breaches Fuel Growth In The Data-Centric Security Market
• Transformative Advancements Shaping The Landscape Of Data-Centric Security
• North America was the largest region in the data-centric security market in 2023
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