Report : Asia Pacific Data-Centric Security Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Component (Solution and Service), Deployment Mode (On Premise and Cloud based), Organization Size (Small and Medium Enterprises (SMEs) and Large Enterprises), and Verticals (IT and Telecommunication, BFSI, Government and Defense, Healthcare and Pharmaceutical, and Others)
At 25.9% CAGR, the Asia Pacific Data-Centric Security Market is speculated to be worth US$ 4,332.71 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific data-centric security market was valued at US$ 1,089.91 million in 2022 and is expected to reach US$ 4,332.71 million by 2028, registering an annual growth rate of 25.9% from 2022 to 2028. Increase in data including bring your own device (BYOD) policies and incorporation of artificial intelligence (AI) and multi-cloud strategy are the critical factors attributed to the market expansion.
Artificial intelligence (AI) is well suited to quickly analyze large amounts of data and apply heuristic algorithms to identify patterns. Black hat hackers are now using AI approaches to analyze network traffic and stolen data such as passwords to identify vulnerabilities that can be exploited immediately. Similarly, cybersecurity teams are using AI to analyze data collected from defenses and network traffic, looking for early warning of cyberattacks and new attack patterns. Hence, AI will play a crucial role in developing the data-centric security solution. Furthermore, in recent years, enterprise workloads have been dispersed across several cloud environments and evolved quickly, which is considered a multi-cloud security strategy. Nearly 92% of cloud solution adopters either have a multi-cloud strategy or are in the process of adopting an affordable multi-cloud and hybrid cloud strategy in the next few days, according to a new study by Flexera. Hence, the organization will focus on data security instead of application or server. In addition to increasing flexibility and layering automation and intelligence into security across platforms, multi-cloud security solutions with increase with the point solutions that tie security to a single site. Therefore, businesses will be better able to defend themselves against contemporary dangers when using multi-cloud security solutions. Furthermore, the COVID-19 pandemic impacted businesses' operations, and multi-cloud helped businesses adapt to the new normal. Due to the recent turmoil, more than half (61%) of Flexera respondents say their focus is on providing more flexible ways of working. Most companies conclude that their remote workers may expand in the future. Thus, multi-cloud is the most flexible IT environment that enables this flexibility by distributing data across many geographic locations for user proximity and business continuity.
On the contrary, concerns regarding the adoption of cloud-based security solutions hurdles the growth of Asia Pacific data-centric security market.
- Based on component, the Asia Pacific data-centric security market is sub segmented into solution and service. The solution held 73.5% market share in 2022, amassing US$ 801.59 million. It is projected to garner US$ 3,255.29 million by 2028 to expand at 26.3% CAGR during 2022–2028.
- Based on deployment mode, the Asia Pacific data-centric security market is sub segmented into on premise and cloud based. The cloud based segment held 66.3% market share in 2022, amassing US$ 722.80 million. It is projected to garner US$ million 2,938.02 by 2028 to expand at 26.3% CAGR during 2022–2028.
On the basis of organization size, the data-centric security market is segmented into small and medium enterprises and large enterprises. In 2022, the large enterprises is expected to hold 68.1% market share with a revenue of US$ 741.90 million. It is projected to garner US$ 2,828.33 million by 2028 to expand at 25.0% CAGR during 2022–2028.
In terms of verticals, the Asia Pacific data-centric-security market is categorized into government and defense, healthcare & pharmaceuticals, IT and telecommunication, BFSI, and others. With 34.5% share of the domain, the IT & Telecommunication segment dominated the market in 2022. It accrued US$ 376.33 million in 2022 and is estimated to generate US$ 1,530.65 million by 2028 to grow at a CAGR of 26.3% over the forecast period.
Our regional analysis states that China captured 31.6% market share in 2022. It was assessed at US$ 344.41 million in 2022 and is likely to hit US$ 1403.80 million by 2028, exhibiting a CAGR of 26.4% during the forecast period.
Key players dominating the Asia Pacific data-centric security market are Broadcom Corporation, Forcepoint, IBM Corporation, Informatica Corporation, Micro Focus, NetApp, Orange Cyberdefense, Talend, and Varonis among others.
Below are listed a few key market developments by top players:
- In 2022, Informatica Corporation announced a partnership with Oracle. Through this endeavour, Oracle and Informatica have combined the Oracle autonomous database, Oracle Exadata Database Service, and Oracle Object Storage with Informatica's Intelligent Data Management Cloud. This new alliance will enable streamlined OCI migrations and improved data governance capabilities on OCI and IDMC.
- In 2022, HCL Technologies partnered with IBM Security. Through the use of a modernised security operation centre (SOC) platform, this collaboration intends to unify and streamline the threat management process for clients. The goal of HCL's Cybersecurity Fusion Centers is to provide a unified security platform that connects security teams, tools, and procedures throughout the threat lifecycle by utilising IBM's Cloud Pak for Security.
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