While cyber security envisages a more comprehensive approach to securing the overall digital ecosystem, data security is more focused on securing the data the digital ecosystem generates and stores by rolling out various primary protection layers. Putting a strong emphasis on encryption, access controls, data categorisation, and data masking; data security ensures that the data remains secure continuously.

Artificial intelligence and machine learning

Technologies such as Artificial Intelligence (AI) and Machine Learning (ML) are empowering data-centric security solutions to predict threat identification and response. These technologies examine vast data volumes to uncover patterns and variations, helping detect zero-day threats and complex attacks. Further, the adoption of Zero Trust Architecture (ZTA) is altering data security strategies. ZTA implies no inherent confidence within or beyond the network boundary, necessitating stringent authentication and permission for all users and devices. This method adheres to the data-centric idea of limiting data exposure to only authorised entities. These factors would further drive the public key infrastructure (PKI) market during the forecast period.

Leveraging opportunities of big data

A huge amount of data collected and processed necessitates a scalable security solution. Data security is centred on data protection, providing an adaptive strategy that corresponds with the growing volumes of data and personal information being processed by organisations. Big data and private data have enormous value for businesses in terms of insights, analytics, and consumer knowledge. Businesses can confidently leverage the opportunity of big data and personal information by implementing data-centric security solutions, without exposing themselves to the dangers associated with data breaches, unauthorised access, and privacy violations. The use of this strategy aims to promote innovation and develop a culture of trust among consumers, partners, and stakeholders. These factors would further drive the public key infrastructure (PKI) market during the forecast period.

Facts and figures

• The analysts found that the solutions segment dominated the global market revenue, with a market share of over 50% in 2022. The segment growth can be attributed to the increasing concerns about data protection and the widespread technological transition which significantly boosts demand for security solutions.

• The on-premises segment dominated the global market revenue, with a market share of more than 54% in 2022. Several large organisations, especially those with stringent governance standards, those operating in highly regulated industries, and those storing and processing critical data, prefer having complete control over their solutions, data assets, and upgrades to ensure an optimum level of data security.

• Large enterprises segment dominated the global market revenue, with a market share of around 60% in 2022. With large organisations adopting hybrid working models, the growing use of personal devices and anonymous networks to access corporate data is posing a high-security risk to large organisations, which is expected to drive the adoption of data security solutions among large enterprises over the forecast period.

• The authentication segment is anticipated to grow at a CAGR of over 25% during the forecast period. The segment growth can be attributed to the aggressive investments in enterprise mobility, cloud technologies and growing adoption of bring your own device (BYOD) across enterprises.

• The BFSI segment dominated the global market revenue, with a market share of over 26% in 2022. The segment growth can be attributed to the growing concerns related to the unauthorised access and data theft faced by financial institutions and the growing penetration of the internet in emerging economies that enable secure financial transactions.

• The key players operating in the public key infrastructure market according to Grand View Research, include Globalsign, Entrust Corporation, Microsoft, Emudhra, HID Global Corporation, Appview X, and Google, among others - to broaden their product offering, companies utilise a variety of inorganic growth tactics, such as regular mergers acquisitions, and partnerships.