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Global Data Loss Prevention Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The global data loss prevention market was valued at USD 1,497. 81 million in 2021, and it is expected to reach a value of USD 5,058. 98 million by 2027, registering a CAGR of 22. 29% during the forecast period (2022-2027).
New York, June 09, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Data Loss Prevention Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06134958/?utm_source=GNW
Key Highlights
The rapidly increasing instances of data breaches, along with other factors, such as DLP-as-a-service, DLP functionalities extending into the cloud, and advanced threat protection, have significantly increased the focus on data loss protection solutions across the world.
As the demand for digital assets increased, there has been a massive growth in the amount of both structured and unstructured data, which is driving the need for data protection services with a strategic focus on data-centric organizations. Multiple large enterprises in the fortune global 500 have been investing in the DLP market for more than a decade. Currently, the market studied has been emerging as a critical security strategy within reach of mid-sized enterprises.
Historically, DLP solutions were majorly utilized in the regulated industries, such as healthcare, financial services, manufacturing, energy, and government. However, with the rising need for protection, DLP solution providers have been targeting the advisory and services companies dealing with a wide range of end-user industries.
The lack of awareness and uncertainty about the cost and brand value due to cyberattacks are the primary reasons for organizations falling victim to data breaches. Network defenders should use several mitigation strategies to limit the risk and impact of ransomware attacks, according to cybersecurity officials in the United States, Australia, and the United Kingdom. One of the ways is to enhance user knowledge of the dangers of visiting questionable websites, clicking suspicious links, and opening suspicious attachments.
With the emergence of the COVID-19 pandemic, the market is anticipated to grow further as the total volume of data being generated across the world is rising at a much faster pace. According to Seagate Technology PLC, the volume of data is anticipated to reach around 149 zettabytes by 2024 from 26 zettabytes in 2017. Moreover, enterprises across the world are increasingly adopting better security solutions as part of their digital transformation process, thereby augmenting the growth of the market.
Moreover, as a result of the COVID-19 lockdowns that have been put in place along with the switch to remote working environments, an unprecedented number of people are now making usage of mobile devices as their primary communications device, thereby creating more endpoints for the organization to secure from the rising cyber threats.
Key Market Trends
Rising Data Breaches and Cyber Attacks Across The World to Drive the Market
The increasing instances of data breaches across multiple industries have resulted in leaking millions of records of consumer data to hackers and also the loss of millions of dollars for multiple impacted companies, which have increased the focus on security solutions across the emerging economies.
As businesses across the world are growing, new threats, such as zero-day malware, trojans, and advanced persistent threats, have been exposing critical data to risk. This has encouraged organizations to deploy DLP solutions in order to safeguard their data within endpoints and networks against potential attacks.?
The increasing adoption of BYOD trends in organizations has increased the influx of different laptops, desktops, and smartphones, which has created different endpoints vulnerable to attacks. Security measures on their own are not enough to stop them. The massive growth in the adoption of mobile devices across the world is expected to create significant opportunities during the forecast period. According to the Cisco Annual Internet Report, there will be approximately 29.3 billion networked devices by 2023, up from 18.4 billion in 2018. Smart manufacturing and the smart industry are expected to augment it with the increased adoption of 5G and beyond.
Ransomware threat actors targeted software supply chain businesses around the world in 2021, compromising and extorting their clients. By focusing on software supply chains, ransomware threat actors can expand the scope of their assaults by gaining access to several victims through a single initial penetration.
Cloud infrastructures were attacked by ransomware authors who took advantage of known weaknesses in cloud apps, virtual machine software, and virtual machine orchestration software. To prohibit access to cloud resources and encrypt data, ransomware threat actors also targeted cloud accounts, cloud application programming interfaces (APIs), and data backup and storage systems. Threat actors sometimes get direct access to cloud storage systems via compromising local (on-premises) devices and migrating laterally to the cloud systems, in addition to exploiting vulnerabilities to gain direct access. Threat actors using ransomware have also attacked cloud service providers, encrypting massive volumes of client data.
Moreover, there has been double-digit growth in the number of endpoints, primarily owing to the rapidly increasing adoption of automation, which is a result of Industry 4.0, machine-to-machine communication, and the emergence of smart cities. Consequently, the need to protect the vulnerability of data and devices and deploy tools to recognize attacks and minimize the damage is critically important.? Therefore, the increasing adoption of automation technology is also expected to drive the studied market growth in the forecast period.
North America to Account for the Largest Market Share
The United States is witnessing an increased number of data breaches. According to the Identity Theft Resource Center (ITRC), the average number of breaches in the United States has increased marginally over the past few years. The number of data breaches faced by the United States increased from 1,506 breaches in 2017to 1,826 breaches in 2021 (Source - ITRC’s Data Breach Report 2021).
Also, the increasing number of data breaches in the country in 2021 has impacted around 293.93 million individuals. (Source - ITRC’s Data Breach Report 2021). These increasing activities of data breaches in various industries are expected to be the primary factor driving the demand for data loss prevention solutions during the forecast period.
The healthcare industry in the United States is also witnessing many data breaches as health-related data is moving rapidly toward electronic records. This has resulted in an increase in electronic health/medical records, which requires data loss prevention solutions.
In Canada, government organizations are proposing new privacy laws to provide individuals with more control and transparency into how companies handle personal information. For instance, recent legislative initiatives, such as the Digital Charter Implementation Act, 2020 (Bill C-11), entitled the Consumer Privacy Protection Act (CPPA), as well as Quebec’s Bill 64. Other jurisdictions are also looking to follow by introducing their own new laws. These regulations are targeted to provide data protection.
In March 2022, Quebec’s Premier and Health Minister announced the reformation of Quebec’s health system, including the management of health and social services information. The government has introduced Bill 19, which aims to set up a new management system that modernizes and decentralizes the health network to enable a safer and more seamless flow of health and social services information.
Competitive Landscape
The intensity of competitive rivalry in the Data Loss Prevention Market is high and is expected to increase during the forecast period. Major companies have a strong influence on the market in terms of R&D and consolidation activities. Conversely, the market can be characterized by high levels of market penetration, along with increasing levels of fragmentation.
April 2022 - McAfee Corp. launched Personal Data Cleanup in the United States, the company’s newest privacy feature addition to its flagship product, McAfee Total Protection. Personal Data Cleanup provides consumers with visibility, removal guidance, and continuous monitoring to protect themselves from identity thieves, hackers, and spammers by removing their data from some of the web’s riskiest data broker sites.
April 2022 - Broadcom Inc. announced "Day One"support for IBM’s new z16, expanding opportunities for organizations to gain more value from the company’s advanced AI, security, and hybrid cloud solutions. Broadcom’s leading technology solutions, services, and innovative "beyond code"software give clients the competitive advantage they need to succeed in an increasingly difficult business environment.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06134958/?utm_source=GNW
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