Data Loss Prevention Market To Generate Revenue worth $13,031.0 Million by 2030

The data loss prevention market will grow at a CAGR of 21.3% during 2024–2030 and reach USD 13,031.0 million by 2030. This can be ascribed to the rising cases of cyber-attacks, increasing usage of cloud computing across industries, and the essential role the internet now plays in the everyday life.

Data loss prevention solutions enable rehabilitation via alarms, data encryption, and other security steps, when any violation in the security protocol of a company or government agency is discovered. This way, unintentional or malicious sharing of information that could damage the finances, customer loyalty, or reputation of the association can be stopped.

Large Enterprises Hold Greater Share

Large enterprises hold a huge market share, of 65%, as they are investing heavily in software to prevent cyber-attacks. If allowed to happen, these events can lead to heavy financial losses, a dent in customers’ trust and the company’s reputation, and unwanted downtime. Moreover, multinational corporations have complicated and massive data ecosystems, which is why they need equally complex and advanced software to help in data governance, loss prevention, and regulatory compliance.

Further, in large enterprises, data access and storage have been transformed by the cloud, which provides previously unheard-of flexibility and scale. These benefits, however, come with some difficulties, particularly in terms of data security. Therefore, it has been a crucial decision for these enterprises to choose the best cloud service provider. The reputation of the provider, security procedures, and data redundancy measures all play a significant role. Once a provider is selected, an organization's data protection measures can be strengthened by comprehending and utilizing the security protocols they supply. Data protection is crucial since the cloud stores data offsite.

In Application Segment, Encryption Holds Large Share

The encryption category holds a market share of 25% in 2023. Setting up policies and guidelines to identify and control the movement of sensitive data within the company is crucial, as the incidence of data loss is on the rise. Data is protected via encryption by being converted to an unintelligible ciphertext format using cryptographic techniques. Only people with the encryption keys can decrypt the data and access it.

In the forecast period, the policies, standards, and procedures category will expand the fastest. A greater awareness of the need to closely adhere to in-house and government policies, processes, and standards has emerged within businesses as a result of the increasing risk to data from malicious parties. Organizations can categorize data as confidential, standardized, or business-critical with the help of the guidelines of regulatory bodies such as HIPPA, GDPR, and PCI DSS, and data loss protection software. Thus, DLP tools help meet regulatory requirements, allowing for greater flexibility during actual compliance checks.

Europe Is a Significant Market

Europe is the second-largest DLP market, after North America, as cyber-attacks now have more prospects due to the economies and society's swift digitalization. Important industries, such as telecommunications, BFSI, energy, and healthcare, rely on interconnected networks and information systems. The coronavirus pandemic has expedited changes in working habits, and by early 2020, 40% of the employees in the EU were working remotely. Due to these modifications, there is a larger potential for cybercrime, such as attacks on crucial infrastructure.

Moreover, the EU's cybersecurity policy gives its member states effective measures to guarantee the security of vital institutions and infrastructure at the national and EU levels. A joint publication was launched in December 2020 communicating the EU's cybersecurity plan for the digital age. The plan intends to ensure that all persons and enterprises can fully benefit from the European Union's joint resilience against cyberthreats, taking advantage of dependable services and technology.

Some of the major players in the data loss prevention market are GTB Technologies Inc., Broadcom Inc., Fortra LLC, CoSoSys Group, Forcepoint LLC, and Cisco Systems Inc.