Data Loss Prevention Market worth $8.9 billion by 2028, growing at a CAGR of 21.2%: Report by MarketsandMarkets™
Chicago, Nov. 01, 2023 (GLOBE NEWSWIRE) — The Data Loss Prevention Market size is projected to grow from USD 3.4 billion in 2023 to USD 8.9 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 21.2% during the forecast period, according to a new report by MarketsandMarkets™.
Cyber security has evolved rapidly and is pivotal in protecting networks, endpoints, cloud, and wireless from harmful hazards. Confined to its narrow approach in the initial days, cyber security is now a board-level issue for the corporate arena. This transformation is primarily due to cyber-attacks, which were carried out by thrill-seeking amateurs in the earlier days, have now come under the realm of organized crime, being carried out by expert professionals backed by rival enterprises and even nation-states to damage the intellectual and financial assets of businesses and nations.
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Data Loss Prevention Market Dynamics:
- Shift in data storage to public and private cloud
- Global increase in data theft
- Regulatory and compliance requirements
- Use of AI and machine learning
- Growing need for small and medium-sized businesses to increase market penetration
- Concerns related to insecure endpoints
- Rapid adoption of flexible work models
- Complex rules and little guarantee for data loss prevention
- Lack of awareness
- High operational costs
List of Key Players in Data Loss Prevention Market:
- Broadcom (US),
- IBM (US),
- Microsoft (US),
- Trend Micro (Japan),
- McAfee (US),
- Palo Alto Networks (US),
- GTB Technologies (US),
- InfoWatch (Russia),
- Fortra (US),
- Cisco Systems (US)
The increasing cases of global data theft and regulatory compliance requirements provide opportunities for DLP vendors. This has invited various mergers and acquisitions, collaborations, and partnerships by companies to provide customers with integrated DLP solutions and services. Network DLP, storage/data center DLP, and endpoint DLP are gaining traction in the region, while other services such as education and training, risk and threat assessment, and managed security services are expected to grow with the highest CAGRs during the forecast period.
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By solution type, the Endpoint DLP segment is expected to grow with the highest CAGR during the forecast period
The endpoint DLP solutions help manage three aspects of data-related problems: data at rest, data in motion, and data in use. The main focus of endpoint DLP is to track sensitive data and protect content when it is used on a desktop, laptop, or system outside the view of the network. The demand for endpoint DLP solutions has increased over the years due to content discovery on endpoints and the ability to prevent data loss through storage devices. The most important factor contributing to deploying endpoint DLP solutions is that they support network policies when a system is outside the corporate gateway. Over the years, the corporate data volume has increased tremendously, providing more opportunities for cases related to accidental disclosure and theft, creating demand for DLP solutions and services.
Based on region, North America is expected to hold the largest market size during the forecast period
North America has the maximum market share of the total DLP market in 2023, followed by Asia Pacific and Europe regions. The European and North American markets are in the maturity phase; hence, they will grow slower than other regions. The APAC region is expected to grow faster due to the high number of DLP solution deployments. This has caused a rise in the demand for DLP solutions in the region. The DLP market’s leading solution and service providers have made innovative changes to their offerings in the APAC region.
Major players operating in this market ecosystem include Broadcom (US), IBM (US), Microsoft (US), Trend Micro (Japan), McAfee (US), Palo Alto Networks (US), GTB Technologies (US), InfoWatch (Russia), Fortra (US), Cisco Systems (US), etc. These players not only have a comprehensive and diverse product portfolio but also have a strong geographic presence. These companies offer several product offerings and have operations worldwide. They rely on their R&D capabilities and diversified product and service portfolios to increase their market share. These companies focus on product launches, collaborations, acquisitions, contracts, and partnerships to strengthen their footprint through product innovations and extend their business reach.
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