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 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.

According to big data experts, there is a consensus that the amount of generated data will experience exponential growth in the upcoming years. As per Seagate's Data Age 2025 report, it is projected that the global data sphere will expand to 175 zettabytes by 2025, mainly due to the increasing number of people working, studying, and entertaining themselves from home. This growth in data volume has led to the need for companies to prioritize data security, as data-driven business models become increasingly prevalent in the future. As a result, this transition is expected to create lucrative opportunities for security vendors focused on data protection during the forecast period spanning from 2022 to 2028.

In addition, the IT infrastructure is expected to become more intricate and diverse in the future with the emergence of new platforms, BYOD policies, CYOD trends, business applications, and other technologies. As a result of rapid advancements in mobile computing, BYOD and CYOD trends have become increasingly prevalent in business environments. These trends enable employees to access organizational data from any location, at any time, through their mobile devices, thereby enhancing their productivity. However, to protect organizational data from potential threats and maintain its confidentiality and integrity, it is crucial to implement robust security measures. Although many organizations permit the use of personal devices for work, including contractors, partners, customers, and suppliers, several companies struggle to maintain security due to the ineffective integration of new devices into their existing security infrastructure. According to a survey conducted by Software Guild, 72% of organizations have no plans to secure BYOD devices. Therefore, these factors are expected to create significant opportunities for data-centric security market players.

The Europe data-centric security market covers major countries such as Germany, France, Russia, the UK, Italy, and the rest of Europe. With the increasing penetration of the internet and expanding wireless networks, the demand for data-centric security solutions is expected to surge. The implementation of EU legislation and actions, such as the National Framework and the National Cybersecurity Plan, is projected to further facilitate market growth. The introduction of GDPR has set high standards for consent, which is expected to impact the marketing industry. Governments are also investing in the protection of digital identities, which will increase the security level of digital transactions and consumer trust. Telecommunication companies are also increasing their investment in data-centric security to mitigate data threats. The COVID-19 outbreak has resulted in an increase in cybersecurity measures, and the NCSC has issued new guidelines to prevent cybercriminals from obtaining sensitive information. Cybercriminals are targeting online shopping sites and retailers, which highlights the demand for robust data security solutions in the retail industry. According to VMware, Inc., most European countries have recorded a high percentage of breaches in the past year, which further fuels the demand for data-centric security solutions.

The market analysis of the Data-Centric Security sector involves the assessment of various factors such as component, deployment mode, organization size, verticals, and geography. In terms of component, the market is categorized into solution and service, while the deployment mode is segmented into on-premise and cloud-based. On the basis of organization size, the market is classified into small and medium enterprises (SMEs) and large enterprises. The verticals segment includes IT and telecommunication, BFSI, healthcare and pharmaceutical, government and defense, and others. Finally, the market is further divided into five regions, namely North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America for geographic analysis.

The data-centric security market size has been determined using a combination of primary and secondary research. A thorough secondary research process was conducted using internal and external sources to gather qualitative and quantitative information related to the market across all segments. In addition, several primary interviews were conducted with industry experts including VPs, business development managers, market intelligence managers, national sales managers, external consultants such as valuation experts, research analysts, and key opinion leaders who specialize in the data-centric security market. The purpose of these interviews was to validate the data and gain additional analytical insights.