MarketsandMarkets forecasts the Data-Centric Security Market size to grow from USD 3.5 billion in 2020 to USD 9.8 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 23.1% from 2020 to 2026. Increasing demand for data-centric security solutions for cloud-based data security, stringent compliances and regulations, increasing risk on enterprise data due to exploitation of big data analytics, machine learning, and artificial intelligence to boost the growth of data-centric security market across the globe during the forecast period.
By Component, software and solutions segment to have the highest market share during the forecast period
Currently, the software and solutions segment is leading the market, and it is expected to remain dominant throughout the forecast period. With the constant evolution of virtualization, mobility, regulatory mandates, and advanced threats, enterprises across the globe are embracing data-centric approaches to protect their sensitive and mission-critical business information. The solutions protect mission-critical data in disparate silos, such as databases, files, and the cloud. Furthermore, the legislation in many countries has set new standards for protecting customer information. There are standards for the security of medical records, such as HIPAA, and standards for the financial industry, such as PCI-DSS, regarding the privacy and security of customers’ personal financial information. A few capabilities that data-centric security software and solution must include data classification and discovery, data protection, and data governance, and compliance.
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By verticals, BFSI segment to have the highest market share during the forecast period
The BFSI is a diversified vertical that requires extensive data protection solutions and thus has expansively adopted BYOD for real-time data access. However, real-time access to data opens the door for data loss and leaves scope for increased cyberattacks, thereby demanding data-centric security to encrypt the data at rest, as well as data in transit. BFSI is the leading market in the adoption of data-centric security solutions and it is expected to be a dominant segment throughout the forecast period.
The data-centric security market includes major vendors, such as Informatica(US), IBM(US), Broadcom (US), Microfocus (US), Varonis System (US), Talend (US), Orange Cyberdefense(France), Forcepoint (US), Imperva (US), NetApp (US), Infogix(US), PKWARE(US), Seclore(US), Fasoo (South Korea), Protegrity (US), Egnyte (US), Netwrix (US), Digital Guardian (US), Help Systems (US), BigID(US), Securiti (US), Secupi (US), Concentric.AI (US), Lepide (US), NextLabs (US), SealPath (Spain), Nucleus Cyber (US), Dathena(Singapore). These players have adopted different growth strategies to expand their global presence and increase their market shares. New product launches, partnerships, and acquisitions are some of the important strategies adopted by the major players to grow further in the data-centric security market.
Informatica is one of the leading providers of software and a broad range of infrastructure, hosting, cloud, and consulting services education, manufacturing, life sciences, government, healthcare, and retail, among other verticals. The company specializes in offering data integration software and services. It also provides infrastructure software, such as data integration, Business-to-Business (B2B) data exchange, complex event processing, data security, cloud computing, application information life cycle management, data quality, and other related services.
Informatica is focused on increasing investments and expanding its data management solutions as a part of its growth strategy. The company also emphasizes expanding its presence to expand its customer base, grow revenue and profitability, and increase stockholder value. To achieve this aim, in November 2020, the company announced investments in APAC to expand its customer base in the region. The company is also focusing on extending its cloud and AI capabilities through its partner network in the IT industry.
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IBM operates through various segments, such as cognitive solutions, global business services, technology services and cloud platforms, systems, and global financing. IBM’s main activity is to find solutions for its wide range of clients that make use of advanced technologies. Its clients comprise individual users, specialized businesses, and institutions, such as government, IT, defense, and educational organizations. The company offers solutions to various verticals, such as IT, healthcare, life sciences, government, telecom, automobile, manufacturing, Fast-Moving Consumer Goods (FMCG), chemicals and petroleum, electronics, energy and power, media and entertainment, mining, retail, BFSI, travel and transportation, and education. The company is present in North America, Europe, APAC, the MEA, and Latin America.
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