The Worldwide Data-Centric Security Industry is Projected to Reach $16.5 Billion by 2028 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Data-Centric Security Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component, Deployment Mode, Organization Size and Verticals" report has been added to ResearchAndMarkets.com's offering.

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.

Most big data experts agree that the generated data will grow exponentially during the forecast period. Based on research from Seagate's Data Age 2025 report, the world's data sphere will reach 175 zettabytes by 2025. This growth is attributed to the enormous increase in people working, studying, and amusing themselves from home. Hence, securing these data will be the companies' primary objective, as data-driven business models will be widely adopted in the future. Hence, such a transition is anticipated to create lucrative opportunities for the data-centric security vendors over the forecast period (2022-2028).

Furthermore, the IT infrastructure is anticipated to become more complicated and heterogeneous due to the introduction of new platforms, bring your own device (BYOD) regulations, choose your own device (CYOD) trends, business apps, and other technologies. The BYOD and CYOD trends are becoming more and more common in business settings due to the quick improvements in mobile computing.

Through mobile devices, employees may access organizational data from anywhere, at any time, thanks to these developments, which also boost employee productivity to protect organizational data from potential hazards and maintain its confidentiality and integrity. Based on the Bitglass survey, 69% of respondents said their organizations allow employees to use personal devices for work while allowing contractors, partners, customers, and suppliers.

However, several companies fail to maintain security due to the unsuccessful incorporation of new devices into the existing security infrastructure. Based on the report by Software Guild, 72% of organizations have no plans to secure BYOD devices. Hence, such factors will likely create mammoth opportunities for the data-centric- security market players.

The Europe data-centric security market is spread across Germany, France, Russia, the UK, Italy, and the rest of Europe. The adoption of data-centric security solutions is expected to increase as internet penetration increases in major European countries. In addition, expanding wireless networks serving mobile devices has increased data vulnerability. Implementing EU legislation and actions rooted in the National Framework and the National Cybersecurity Plan is expected to facilitate the data-centric security market growth in the region.

Since the publication in 2018 of the EU- General Data Protection Regulation (GDPR), new regulations have emerged in different countries to protect the personal data that organizations collect from employees, partners, customers, and other sources. The GDPR sets a high standard for consent, which will hugely impact the marketing industry. As part of its digital strategy, the Italian government plans to invest significantly in the protection of digital identities to increase the security level of digital transactions and, subsequently, to strengthen consumers' trust by protecting citizens' identities.

In addition, telecommunication companies are increasing their investment in data-centric security to deal with rapidly increasing data threats. For instance, Telefonica came up with Telefonica Tech Ventures in 2020 to seek strategic start-ups and develop its investment capabilities to invest in markets for Telefonica in Germany and other European countries. Each of these factors is expected to impact the growth of the European data-centric security market in the coming years.

Market Dynamics

Drivers

• Growing Emphasis on Data-Centric Security Model by Enterprises
• Standardization of Data Protection Rules

Restraints

• Concerns Regarding the Adoption of Cloud-Based Security Solutions

Opportunities

• Increase in Data and Bring Your Own Device (BYOD) Policies

Future Trends

• Incorporation of Artificial Intelligence (AI) and Multi-Cloud Strategy

Companies Mentioned

• Informatica
• NetApp
• IBM
• Broadcom Corporation
• Microfocus
• Varonis Systems
• Talend
• Orange Cyberdefense
• Forcepoint
• Imperva

For more information about this report visit https://www.researchandmarkets.com/r/476ffh