A new report by ReportLinker, Data-Centric Security Market: Global Forecast until 2022 (Paywall) forecasted data-centric security market to experience a tremendous growth spurt in the coming year.
Stringent compliance and regulations coupled with data security governance needs will see the market to expand from USD 2.06 billion in 2017 to USD 5.83 billion by 2022 at a CAGR of 23.1%. The same report noted that firms would face hurdles in the adoption of data-centric security solution, especially in handling pirated and open-source data protection software.
The services segment will benefit from the market growth. According to the report, it will see the highest CAGR growth during the forecast period. A primary reason is an increasing need to implement data-centric security solutions across enterprises successfully. In turn, this will create a demand for specialized professionals and services firms.
BFSI firms will be the biggest adopters will of the data-centric security solutions. The need to compete, save costs and improve customer experience with value-added services are significant reasons for their adoption. Solutions and services for data integrity, data and risk analytics, compliance adherence, data availability, data quality, and data protection will be in high demand.
North America is expected to have the most significant slice of the data-centric security market. The report noted that this is expected as many of the players are headquartered in this region. Also, many North American organizations are early adopters of these solutions and have invested significantly in related technologies to improve operational efficiency and compete better.
Meanwhile, the Asia Pacific region will witness the fastest growth in the data-centric security market. The report noted that the region is still in the initial growth phase. Small and Medium-sized Enterprises are predicted to take the lead in driving the adoption, as they become more focused on data protection rather than endpoint or network security.