MarketsandMarkets expects the Data-Centric Security Market to grow from USD 2.06 billion in 2017 to USD 5.83 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 23.1%. Data-Centric Security solutions and services help enterprises in auditing, monitoring and reporting, analytics, access control, policy management, data governance, and data protection.
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The services segment is expected to be the fastest growing component in the data-centric security market, due to increasing instances of cyber-attacks on on-premises and cloud environments, need to data governance, and policy management. Regulations, such PCI DSS, HIPPA, and the oncoming GDPR, force enterprises to adopt best-in-class data-centric security solutions. Lack of compliance to data protection regulations would result in severe fines for enterprises and a potential danger of data breach. With an increasing demand for data-centric security solutions, the demand for services segment is also expected to grow.
The managed services segment is projected to be the fastest growing service type in the data-centric security market, as managed data-centric security service vendors help customers with auditing, scanning and reporting, unlimited report generation, data governance, data protection, security controls and remediation, vulnerability analysis, and live monitoring. Customers lacking in-house capabilities to manage their assets internally require help from management services vendors. Increased instances of cyber-attacks and the need for data governance for teams working in different silos are spurring the demand for managed services in the data-centric security market.
The support and maintenance segment is expected to grow at a higher rate, as these services cover all the aspects of support, from routine activities to streamlined fault handling, and progressive product upgrade procedures, product development, and systems integration. These services range from pre-sales to post-sales support offered by data-centric security vendors. They also include timely updates for software and applications. The support service vendors support the deployment of data-centric security solutions, secure the customer’s data, and re-train the end users on the custom applications specific to an organization. Therefore, it is expected that enterprises would significantly adopt data-centric security support and maintenance services during the forecast period.
The Small and Medium-sized Enterprises (SMEs) segment is expected to adopt data-centric security solutions and services at a faster rate during the forecast period. SMEs are facing an increased level of cyber-attacks on their data on-premises and cloud environments. Cyber-attacks have resulted in a huge financial losses in recent years. Hence, SMEs are adopting best-in-class data-centric security solutions thereby driving the data-centric security market. An increased level of technical expertise and awareness along with data-centric security solutions help in safeguarding SMEs from vulnerabilities.
The retail vertical is expected to grow at the highest CAGR during the forecast period, as retail is subject to growing instances of cyber-attacks. An increasing need for data protection measures, such as encryption, tokenization, masking, anonymization, and pseudonymization are expected to drive the data-centric security market in the retail vertical. Access control on on-premises and cloud environment, single sign on, and encryption key management is an important aspect for the protection of data in rest, data in transit, and data in process. Government compliance enforcement is also one of the crucial factors leading to a high adoption rate of data-centric security solutions. Enterprises in the retail and consumer goods vertical are focusing on improving their IT performance, reducing costs, and delivering an enhanced digital shopping experience.
The Asia-Pacific (APAC) region is expected to grow at the highest rate during the forecast period, due to the increased adoption of data-centric security solutions and services, which would help enterprises tackle cybersecurity concerns. Developing and developed countries in the APAC region have growth potential in the application areas of BFSI, government and public sector, smart cities, smart transportations, and healthcare. Also, R&D activities in the field of artificial intelligence, big data analytics, machine learning, data mining in the APAC region have resulted in bettering the capabilities of the existing data-centric security solutions. With North America and Europe proving to be saturated marketplaces with intense competition, APAC is an attractive region for vendors to receive higher returns on their investments.
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