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Data-centric Security Market Development Projecting Massive Growth of USD 19.80 billion by 2028

As per the report published by Fior Markets, the data-centric security market is expected to grow from USD 3.67 billion in 2020 to USD 19.80 billion by 2028, at a CAGR of 23.46% during the forecast period 2021-2028.

Data-centric security is distinguished because protection is given to the data itself, regardless of its location. This must happen automatically for it to be effective—sensitive data should be recognized as soon as it enters an organization’s IT environment. It should be protected using policy-based security that lasts the whole data lifetime. Software agents are often deployed on laptops, desktops, servers, mainframes, mobile devices, and other IT assets where sensitive data is produced or kept in conventional data-centric security architecture. Administrators establish the correct form of security for each data type and use a case in a centralized management panel, which controls these agents. When a file is created or updated, the system analyses it to see whether it includes sensitive data and if it does, it automatically adds the proper protection. End-users may be allowed to change these activities manually, but they are otherwise excluded from the process.  Even when files go beyond the business network, protected data is available to authorized users but is inaccessible to unauthorized users. When implemented on a large scale, data-centric security minimizes or eliminates the impact when network and device safeguards fail while also removing data silos and other internal barriers.

Each firm needs its solution, which is suited to the company’s threat exposure and business needs. However, all successful data-centric security implementations share several characteristics: they’re tightly controlled from a centralized management system, they provide coverage across the entire organization without security gaps, they rely on automation rather than manual intervention, and they’re adaptable enough to grow, and change with the organization.

The COVID-19 outbreak has changed how individuals operate remotely and interact with digital technologies. For the first time, millions of people are working from home, making it critical for businesses to move their assets to the cloud and digital platforms while maintaining adequate security measures such as perimeter and network protection. During the pandemic, the frequency of data breaches has increased. Therefore companies have increased their security efforts and implemented data-centric solutions to secure data. As a result, COVID-19 has a beneficial influence on the market for data-centric security.

Key players operating in the data-centric security market are Informatica, NetApp, IBM, Broadcom, Microfocus, Varonis Systems, Talend, OrangeCyberdefense, Forcepoint, and Imperva. To earn a significant market share in the data-centric security market, the key players now focus on adopting product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.

  • In March 2021, Informatica 10.5 was launched by Informatica. The newest features, new ecosystem and connection support, security enhancements, cloud support, and performance improvements are all included in the launch, improving the user experience.

Software & Solutions segment dominated the market and held the largest market share of 61.13% in the year 2020

Based on components, the data-centric security market is segmented into Professional Services and software & solutions. The software & solutions component segment dominated the data-centric security market and held the largest market share of 61.13% in 2020. Because of the enormous growth of sensitive data in the cloud and mobile settings, data lakes, and other big data repositories, data security has become a significant concern for governments and organizations worldwide. Data-centric security software and solutions employ multiple standards and protocols to audit and safeguard data at rest, in motion, and in use. As a result, companies must use software and solutions to decrease the risk presented by hackers, insider threats, and other harmful assaults and continually monitor the behavior of critical data. The solutions safeguard mission-critical data stored in various locations, including databases, files, and the cloud. Furthermore, new requirements for securing consumer information have been established by legislation in several nations.

The cloud segment dominated the market and held the largest market share of 59.43% in the year 2020

Based on development, the data-centric security market is segmented into Cloud and on-premise. The cloud development segment dominated the data-centric security market and held the largest market share of 59.43% in 2020. It also has several advantages, including lower operational expenses, a straightforward implementation procedure, and greater scalability in terms of linked resources. In addition, as compared to on-premises solutions, cloud-based solutions are more cost-effective. Cloud deployments, which provide the highest degree of data security and dependability, are expected to grow in popularity during the projection period. Furthermore, with data-centric security, cloud deployment focuses on protecting the data rather than the security of networks, servers, or applications. Again, data-centric security in cloud deployment is quickly changing as businesses increasingly rely on digital data to operate their operations and significant data initiatives become commonplace.

The healthcare segment dominated the market and held the largest market share of 20.37% in the year 2020

Based on industry, the data-centric security market is segmented into retail & consumer goods, telecom & IT, media & entertainment, travel & hospitality, education, healthcare, BFSI, and government. The healthcare industry segment dominated the data-centric security market and held the largest market share of 20.37% in 2020. Because vital consumer data is kept in databases, files, and the cloud, it is necessary to audit and safeguard it. The growing usage of mobile devices, which provide direct access to a customer’s private information, has businesses worried about data theft and data loss. As a result, retailers implement complete data-centric security solutions, as data risk exists at all levels, from various transactions to the confidentiality of customers’ and workers’ personal information. In addition, many firms have started offering innovative retail security solutions. Comfort’s Data-centric security, for example, safeguards every piece of consumer data while simultaneously assisting in the development of brand reputation.

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