South & Central 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 L

South & Central 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)

The data-centric security market in South & Central America is expected to grow from US$ 150.40 million in 2022 to US$ 502.15 million by 2028. It is estimated to grow at a CAGR of 22.3% from 2022 to 2028.

Growing Emphasis on Data-Centric Security Model by Enterprises

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.

Market Overview



The data-centric security market in SAM is further segmented into Brazil, Argentina, and the Rest of SAM. Growing digital penetration coupled with the region's internet usage and mobile growth is driving the demand for data-centric security. According to Atlantico, technology adoption as a percentage of SAM's GDP has rapidly grown at 65% Y-o-Y. In addition, the region's adoption of technologies such as IoT in the industrial space is increasing as the SAM region embraces the digital revolution and the risk of abuse increases. In SAM, some countries handle all of their government procurement activities electronically. The risk will continue to increase with the advent of the IoT, in which computers and all types of smart devices and sensors will be virtualized and controlled. The adoption of data-centric security solutions is expected to grow with the increasing internet penetration in SAM countries. Also, expanding wireless networks to mobile devices has increased data vulnerability, making data-centric security an integral part of every organization across the SAM region. The rising incidents of data-centric attacks and regulations requiring reporting are driving the growth of the SAM data-centric security market.

South & Central America Data-Centric Security Market Revenue and Forecast to 2028 (US$ Million)

South & Central America Data-Centric Security Market Segmentation

The South & Central America data-centric security market is segmented into component, deployment mode, organization size, verticals, and country.

Based on component, the market is bifurcated into solution and service. The service segment is expected to register the larger market share in 2022. Based on deployment mode, the South & Central America data-centric-security market is segmented into cloud-based and on-premises. The cloud-based segment is projected to hold a larger market share in 2022. 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 the largest market share.

In terms of verticals, the South & Central America data-centric-security market is categorized into government and defense, healthcare & pharmaceuticals, IT and telecommunication, BFSI, and others. The IT and telecommunication segment is projected to hold the largest market share in 2022.

Based on country, the market is segmented into Brazil, Argentina, and the Rest of South & Central America. Saudi Arabia dominated the market share in 2022. Broadcom Corporation, Forcepoint, IBM Corporation, Informatica Corporation, Micro Focus, NetApp, Orange Cyberdefense, Talend, and Varonis are the leading companies operating in the data-centric security market in the region.

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