Report : Europe 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 23.2% CAGR, the Europe Data-Centric Security Market is speculated to be worth US$ 4,682.89 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe data-centric security market was valued at US$ 1,342.32 million in 2022 and is expected to reach US$ 4,682.89 million by 2028, registering an annual growth rate of 24.4% from 2022 to 2028. Rising emphasis on data-centric security model by enterprises and standardization of data protection rules are the critical factors attributed to the market expansion.
The COVID-19 outbreak accelerated the shift from office environments to remote work scenarios (work from home), emphasizing data-centric security more. In 2020, organizations had to navigate a wave of IT architectural change and move to a remote work environment. The employee's sudden and unexpected move to home offices has accelerated enterprises' need to move to the cloud to keep their business running. Integrating meeting solutions, cloud servers, and security quickly became commonplace. Based on the survey conducted by Barracuda, 53% of respondents said the COVID-19 crisis prompted them to accelerate their plans to move all their data to a 100% cloud-based model. Hence, the plan to move all data to a 100% cloud-based model increased the emphasis on data-centric security in the cloud, as companies are highly concerned about sharing crucial data with unauthorized internal users.
Furthermore, according to a McAfee Enterprise and FireEye report, 81% of businesses experienced an increase in cyber threats during the pandemic, and 79% experienced downtime due to cyber incidents during the peak season, thereby increasing the demand for cybersecurity solutions. In addition, several medium- and large-sized enterprises increased their annual data security spending. CSO's 2021 Security Priorities Report shows that 44% of security leaders expect their budgets to increase in the next 12 months. There is a slight increase from the 41% budget increase in 2021 compared to 2020. Similarly, the government's growing emphasis on the data center security model is also pushing the market growth. For instance, state governments in India are pushing a data-centric approach to governance to ensure that funds are properly utilized, and the profits are reaching the last mile. Hence, owing to the new and unforeseen breaches, organizations are evolving from traditional infrastructure-centric security measures with multiple layers of defense to a data-centric approach that protects the data. Data-centric security solutions enable organizations to collaborate while maintaining high levels of security and transparency and revoking access to sensitive data accidentally shared via email. Thus, the factors mentioned above are driving the market growth.
On the contrary, concerns regarding the adoption of cloud-based security solutions hurdles the growth of Europe data-centric security market.
- Based on component, the Europe data-centric security market is sub segmented into solution and service. The solution held 76.1% market share in 2022, amassing US$ 1,021.34 million. It is projected to garner US$ 3,622.66 million by 2028 to expand at 23.5% CAGR during 2022–2028.
- Based on deployment mode, the Europe data-centric security market is sub segmented into on premise and cloud based. The cloud based segment held 64.0% market share in 2022, amassing US$ 716.51 million. It is projected to garner US$ million 3,089.75 by 2028 to expand at 23.8% 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 64.5% market share with a revenue of US$ 866.06 million. It is projected to garner US$ 2,918.42 million by 2028 to expand at 22.4% CAGR during 2022–2028.
In terms of verticals, the Europe data-centric-security market is categorized into government and defense, healthcare & pharmaceuticals, IT and telecommunication, BFSI, and others. With 36.5% share of the domain, the IT & Telecommunication segment dominated the market in 2022. It accrued US$ 490.51 million in 2022 and is estimated to generate US$ 1,746.12 million by 2028 to grow at a CAGR of 23.6% over the forecast period.
Our regional analysis states that UK captured 36.5% market share in 2022. It was assessed at US$ 409.77 million in 2022 and is likely to hit US$ 1,542.54 million by 2028, exhibiting a CAGR of 24.7% during the forecast period.
Key players dominating the Europe data-centric security market are Broadcom Corporation, Forcepoint, IBM Corporation, Imperva, 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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