Data-Centric Security Market To Grow Even Bigger: Study
Data-Centric Security Market is expected 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 percent during the forecast period, states a study by MarketsandMarkets.
The demand for data-centric security solutions is expected to be majorly driven by the stringent compliances and regulations pertaining to data-centric security. Moreover, data security governance and exploitation of trending technologies such as big data, machine learning, and artificial intelligence are expected to boost the adoption of data-centric security solutions and services among enterprises, it said.
Data-Centric Security solutions audit and protect the data at rest, data in motion, and data in use through various standards and protocols. To reduce the risk posed by hackers, insider threats, and other malicious attacks, and to constantly monitor the activity of sensitive data, enterprises are implementing data-centric security solutions. The solutions protect mission-critical data in disparate silos, such as databases, files, and cloud. Some of the capabilities that a data-centric security solution has are data classification and discovery, privileged access management, policy management, activity monitoring, auditing, and reporting.
The retail vertical is expected to grow at the highest rate during the forecast period, due to the need to audit and protect critical consumer data stored in databases, files, and cloud. The increasing use of mobile devices, which have a direct access link to a customer’s confidential information, rise data theft and data loss concerns among retailers. Hence, retailers are adopting comprehensive data-centric security solutions, as data risk is present at all levels, from various transactions to the confidentiality of personal information of customers and employees.
Asia Pacific (APAC) is projected to grow at the highest CAGR during the forecast period, as APAC enterprises are deploying data-centric security solutions at a faster rate. Large enterprises and SMEs in APAC realize the significance of data-centric security and are receptive toward adopting dedicated data-centric security solutions to protect their critical and sensitive business data from commercial espionage, cyber threats, and misuse of data for monetary gains of computer hackers.
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