Report : North America 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)
According to Business Market Insights’ research, the North America data-centric security market was valued at US$ 1,739.74 million in 2022 and is expected to reach US$ 6,443.72 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.
Data protection rules and regulations changed over the decade owing to the incorporation of smart technologies and new working models among the companies. Several news reforms and infrastructure are demanding modern techniques of data protection. For instance, regulations such as the California Consumer Privacy Act (CCPA) and the EU General Data Protection Regulation (GDPR) require organizations to take a more data-centric approach to security. Organizations must not only focus on protecting data at different layers of technology but also take care to protect data throughout its lifecycle, from initial ingestion to final disposal.
Furthermore, more economies are enacting strict data protection laws with the extraterritorial application. For instance, in November 2020, the Canadian government introduced the Digital Charter Implementation Act legislation that would change privacy policies. The Directive acts to enact consumer privacy laws and personal information and data protection statutes and to make consequential and related changes to other laws. Thus, the growing stringent rules pushed organizations towards more data-centric security approaches, is driving the market growth.
On the contrary, concerns regarding the adoption of cloud-based security solutions hurdles the growth of North America data-centric security market.
- Based on component, the North America data-centric security market is sub segmented into solution and service. The solution held 78.8% market share in 2022, amassing US$ 1,371.17 million. It is projected to garner US$ 5,225.63 million by 2028 to expand at 25.0% CAGR during 2022–2028.
- Based on deployment mode, the North America data-centric security market is sub segmented into on premise and cloud based. The cloud based segment held 74.2% market share in 2022, amassing US$ 1,290.63 million. It is projected to garner US$ million 4,924.09 by 2028 to expand at 25.0% 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 65.7% market share with a revenue of US$ 1,142.81 million. It is projected to garner US$ 4,033.66 million by 2028 to expand at 23.4% CAGR during 2022–2028.
In terms of verticals, the North America data-centric-security market is categorized into government and defense, healthcare & pharmaceuticals, IT and telecommunication, BFSI, and others. With 30.5% share of the domain, the IT & Telecommunication segment dominated the market in 2022. It accrued US$ 530.39 million in 2022 and is estimated to generate US$ 2,002.19 million by 2028 to grow at a CAGR of 24.8% over the forecast period.
Our regional analysis states that US captured 84.3% market share in 2022. It was assessed at US$ 1,466.25 million in 2022 and is likely to hit US$ 5,502.94 million by 2028, exhibiting a CAGR of 24.7% during the forecast period.
Key players dominating the North America data-centric security market are Broadcom Corporation, Forcepoint, IBM Corporation, Imperva, Informatica Corporation, Micro Focus, NetApp, 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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