Introduction
The Data Centric Security market is poised for significant growth, driven by the escalating need for organizations, both large and small, to secure their data across various platforms, especially in the cloud. As the digital landscape evolves, the introduction of new devices, remote work trends, and the expansion of cloud infrastructure have heightened the risks of data breaches, underscoring the critical importance of data centric security solutions. Companies like Informatica are at the forefront, offering innovative cloud services that encompass encryption at various levels, including computer systems, databases, and applications, thus enhancing user authentication and network access security. This market’s expansion is further fueled by the pressing demand to protect sensitive information against increasingly sophisticated cyber-attacks and to comply with stringent regulatory requirements across diverse industries such as BFSI, healthcare, and IT.
Key segments within the Data Centric Security market include solutions such as data discovery and classification, data protection, and governance, alongside services tailored to bolster the security posture of organizations. Deployment modes span both on-premises and cloud-based solutions, catering to the varied needs of enterprises concerning governance, regulatory compliance, and operational flexibility. The market’s growth trajectory is supported by a rising emphasis on safeguarding data within the cloud, propelling the demand for cloud-based data centric security solutions.
Key Takeaways
- The Data Centric Security Market is estimated to reach USD 52,813.0 Million by 2033, growing at a strong CAGR of 25.38% during the forecast period.
- In 2023, the average number of records exposed per data breach incident was 29,379, according to IBM Security.
- Organizations utilizing data centric security solutions reported a 56% reduction in the time taken to detect and respond to security incidents, as per a study by Forrester.
- A staggering 83% of security professionals believe that data centric security is crucial for protecting sensitive information and complying with regulations, according to the Ponemon Institute.
- Gartner predicts that large organizations’ average annual budget for privacy will exceed $2.5 million by 2024.
- By 2024, 75% of the global population will have their personal data protected under modern privacy regulations.
- The Software segment captured over 62% of the Data Centric Security Market share in 2023.
- Cloud deployment held more than a 53% share of the Data Centric Security Market in 2023.
- Large Enterprises dominated the Data Centric Security Market, capturing over 55% of the market share in 2023.
- The BFSI segment accounted for over 26% of the Data Centric Security Market share in 2023.
- North America held a dominant market position, capturing over 36% of the Data Centric Security Market share in 2023.
- Informatica launched Data Privacy Management Cloud in January 2023, empowering organizations to comply with data privacy regulations like GDPR and CCPA.
- Broadcom launched Symantec Data Loss Prevention (DLP) 16.0 in March 2023, offering improved data classification and user activity monitoring capabilities.
- North America, particularly the United States, has been at the forefront of adopting cutting-edge cybersecurity solutions due to the high prevalence of cyber threats and the sophisticated nature of cyber attacks targeting both the public and private sectors.
- The Data Centric Security Market is characterized by the presence of several key players such as Egnyte, Virtru, Netwrix, Sophos, and IBM Corporation.
- Gartner forecasts that by 2025, 60% of large organizations will utilize at least one privacy-enhancing computation technique in analytics, business intelligence, or cloud computing.
- A Gartner survey revealed that 40% of organizations experienced an AI privacy breach, with only one in four being malicious.
- The Data Centric Security Market is expected to witness significant growth opportunities due to the increasing demand for cloud-based data security solutions and the rise in data breaches.
- A prominent challenge facing the Data Centric Security Market is the lack of awareness among organizations about the benefits and functionalities of data centric security solutions.
Data Centric Security Trends
- Enhanced Access Management and Monitoring: Innovations in zero trust access management and post-authentication user monitoring are advancing, enabling more granular control over cloud resources. Just-in-time (JIT) access is gaining traction, allowing for time-limited access without extensive privileged accounts, thus reducing the cloud attack surface. (Source: tenable.com)
- Rise of Hybrid and Multi-Cloud Attacks: With the increasing adoption of hybrid and multi-cloud environments, attacks targeting these architectures are expected to grow in sophistication and frequency. Threat actors will exploit misconfigurations and weak identity protections, aiming to breach data stored across these platforms. (Source: tenable.com)
- AI as a Double-Edged Sword: The growth of artificial intelligence (AI), particularly malicious large language models (LLMs), presents a dual challenge. While AI can drive innovation and efficiency, it also poses risks such as spreading misinformation and executing cyberattacks. Organizations must stay vigilant against these emerging threats. (Source: cybermagazine.com)
- Privacy-Enhancing Computation Techniques (PEC): PEC is becoming essential for processing data in untrusted environments like public clouds. Gartner predicts that by 2025, 60% of large organizations will use at least one PEC technique to secure data in use, enabling previously unfeasible data processing and analytics due to privacy concerns. (Source: gartner.com)
- Governance of AI and Privacy: As AI becomes more integrated into organizational processes, the importance of AI governance and centralized privacy user experiences (UX) is highlighted. AI governance will focus on regulatory compliance, ethics, transparency, and privacy, ensuring data integrity and mitigating risks. (Source: gartner.com)
- Big Data Management and BI Renaissance: The necessity for Big Data management is unequivocal, requiring a blend of cloud computing, advanced analytics, and AI. Business Intelligence (BI) is evolving with AI and machine learning, shifting towards dynamic visualizations and predictive analytics. (Source: datafortune.com)
- Shift Left Data Governance: A proactive approach to data security, ‘Shift Left Data Governance’, emphasizes securing data from its initial point of creation and during its journey through the cloud or data warehouses. This approach aims to embed data governance measures early in the data lifecycle, enhancing protection and reducing risks. (Source: altr.com)
- Data centric Cybersecurity in Cloud Strategies: Traditional perimeter security is insufficient for cloud environments due to the fluid nature of data and user interactions. A shift towards data centric cybersecurity, focusing on data-level encryption and security measures, is becoming a critical component of cloud security strategies. (Source: datamation.com)
Recent Developments
- Thales Acquires Imperva: Thales completed the acquisition of Imperva in December 2023, a move that positions Thales as a global leader in cybersecurity. This acquisition not only expands Thales’ cybersecurity capabilities but also enhances its Digital Identity and Security (DIS) activity with new financial targets set for 2027.
- Informatica and Oracle established a strategic relationship in May 2022, enabling Oracle Cloud Infrastructure to utilize Informatica’s leading connectivity and governance technologies.
- Snowflake and Informatica announced a strengthened partnership in April 2022, aimed at accelerating clients’ migration to the internet with enhanced data management and governance capabilities.
- Innovation by Varonis Systems: In May 2021, Varonis Systems introduced DatAdvantage Cloud, a solution designed to visualize and prioritize security risks across critical SaaS apps and cloud data repositories.
- Seclore’s Innovation: In September 2019, Seclore launched the Seclore Endpoint Auto-Protector SDK, part of their Data Centric Security Platform, which underscores the ongoing innovation within the sector.
- Laminar’s Launch: February 17 marked the announcement of the Laminar Cloud Data Security Platform by Laminar, a public cloud data security provider. This platform offers enhanced visibility into sensitive data for cloud applications, showcasing the continuous innovation in data centric security solutions.
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