According to our latest market study titled "Data-Centric Security Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Component, Deployment Mode, Organization Size, and Verticals," 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.
Incorporation of Artificial Intelligence (AI) and Multi-Cloud Strategy Boosts Data-Centric Security Market
AI has become a valuable tool in identifying patterns and analyzing large data sets. Unfortunately, black hat hackers are also utilizing AI to exploit vulnerabilities quickly. Cybersecurity professionals are now also leveraging AI to detect early warning signs of attacks and new patterns. Consequently, AI is essential in developing data-centric security solutions. Additionally, enterprise workloads are increasingly being distributed across multiple cloud environments. A recent study revealed that 92% of cloud solution adopters have a multi-cloud strategy or plan to adopt one in the near future. Multi-cloud strategies enable organizations to focus on data security instead of application or server security. Multi-cloud security solutions offer greater flexibility and automation, improving security across platforms. This is especially important in the current COVID-19 climate, where businesses must adapt to remote work. Multi-cloud environments allow businesses to distribute data across many geographic locations for user proximity and business continuity.
The APAC region is expected to witness substantial growth in the data-centric security market due to the emergence of COVID-19-related cyberattacks, leading organizations to implement cybersecurity solutions as employees shift to remote work arrangements amid lockdowns in several countries. In APAC, Microsoft's report indicates that 19 million COVID-19-related phishing and ransomware attacks were detected between February and May 2021. APAC's increasing dependence on digital technology during lockdowns and quarantines has resulted in a significant rise in cybersecurity and privacy risks. According to a survey by the MIT Technology Review, over 70% of the 600 respondents stated that their companies accelerated their digital transformation and increased their investment in cybersecurity during the pandemic. As more people work in new, less secure environments during the pandemic, cyberattacks on cloud-based services have become more prevalent. Barracuda Sentinel reports that the number of email attacks linked to the COVID-19 pandemic has increased by 667%. Therefore, the COVID-19 pandemic has boosted the adoption of cybersecurity solutions and had a positive impact on the data-centric security market.
Key Findings of Study
The data-centric security market is analyzed based on various factors such as component, deployment mode, organization size, verticals, and geography. Based on component analysis, the market is divided into two segments: solution and service. Deployment mode segment is divided into on premise and cloud-based solutions. The market is also segmented into small and medium enterprises (SMEs) and large enterprises based on organization size. Furthermore, the market is divided into verticals such as IT and telecommunication, BFSI, healthcare and pharmaceutical, government and defense, and others. The market is also segmented geographically into five regions: North America, Europe, Asia Pacific, the Middle East & Africa, and South America. The Asia Pacific region has emerged as the fastest-growing region in the global data-centric security market in 2021. The adoption of cybersecurity solutions is expected to increase due to the rising internet penetration in both developed and developing countries. Moreover, the increasing use of wireless networks on mobile devices has made organizations vulnerable to data attacks, making cybersecurity a crucial aspect of every organization. Developing countries such as India, China, Singapore, and Japan face increasing cybersecurity issues. India has seen a rapid increase in cybercrime incidents, ranking fifth in total domain name system (DNS) intrusions. The demand for cloud-based solutions is increasing due to the advantages of saving money and resources by moving data to the cloud. This trend is driving the adoption of on-demand security services, with both large enterprises and SMEs gradually adopting cloud-based data security solutions. In the coming years, cloud ecosystems and platforms are expected to be the launchpads for an explosion in the speed and scale of digital innovation.
The APAC data-centric security market is poised for significant growth due to the surge in cyberattacks involving malware and ransomware during the COVID-19 pandemic, compelling organizations to adopt cybersecurity solutions as employees shift to remote work environments in response to lockdowns. Microsoft reported that there were 19 million COVID-19-themed phishing and ransomware attacks detected in the APAC region from February to May 2020. The widespread use of cloud-based services during the pandemic has created an attractive target for cyberattacks, with the number of email attacks related to the COVID-19 outbreak increasing by 667%, according to Barracuda Sentinel. As a result, the demand for cloud-based cybersecurity solutions has risen dramatically. Infosys responded to the COVID-19 data-based attack in June 2020 by offering managed security services to clients from its four cyber defense centers located in Pune, Hyderabad, Bengaluru, and Mysuru. These factors are expected to drive growth in the APAC data-centric security market during the forecast period.
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