Report shows data security market growth to $11.49 billion by 2028

BANGALORE, India – Information gathered by Valuates Reports indicates that the global data-centric security market will grow to roughly $11.94 billion by 2028.

The market which was valued at $3.6 billion in 2021 will reportedly see a CAGR growth rate of 17.4% between 2022-2028. This growth is being driven by the trend of a growing mobile workforce and the needs of cloud data security as a result. “Organizations around the world are transitioning towards digitization and storing all their data in the cloud or on-premise platforms,” Valuates Reports wrote. “Both large and small-scale enterprises need to protect their confidential data on the cloud which in turn will provide immense growth opportunities for the data centric security market. The data is secured in the form of encryption, user authentication, and access controls at the database, operating, and application levels.”

Several key companies studied in the report include IBM, Oracle, BlueTalon, and Informatica to name just a few.

The vast increase in spending is attributed to the rise in cybercrime. Near constant data breaches have sent corporations scrambling to secure their sensitive data and work environments for their work from home employees.

“The huge shift toward digitization and work-from-home policies due to the covid 19 pandemic led to the creation of digital data and increasing cases of cyberattacks. Leakage prevention policy, risk monitoring at physical and digital access points, and the presence of high-quality security technologies are crucial for maintaining business continuity.”  Valuates Reports said.

The full report can be purchased at reports.valuates.com.