The global data loss prevention market was valued at USD 1,204. 8 million in 2020, and it is expected to reach a value of USD 4,297. 7 million by 2026, registering a CAGR of 23. 47% during the forecast period (2021 – 2026).
New York, Sept. 06, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Data Loss Prevention Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” – https://www.reportlinker.com/p06134958/?utm_source=GNW 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.
As the demand for digital assets increases, there has been a growth in a massive 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 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 rising demand for automation coupled with the growing application of IoT devices across various end-user verticals, such as healthcare, consumer electronics, industrial, automotive, BFSI, and retail, is further expected to witness growth in the adoption of DLP solutions. As these devices create much more endpoints, the protection of data from these endpoints has become very crucial. The lack of awareness and unsurety about the cost and brand value impact as a result of cyberattacks and data breaches among the professional is one of the primary reasons that organizations across the world are still falling victim to these types of attacks. According to the Verizon Data Breach Investigation Report 2020, among 96% of all breaches investigated, e-mails continue to be the main entry point, and a little over 1% were associated with Phone or SMS.
Key Market Trends
Healthcare Industry to Witness Significant Growth
The technological advancement in components, such as sensors, and their application in healthcare is opening doors for the adoption of industry 4.0 and data analytics. Hence, digital transformation is taking place rapidly. Therefore, health-related data is moving more and more from paper to electronic records. It is determining changes in how healthcare organizations processing healthcare records are managing and protecting confidential data today. This has resulted in an increase in electronic health/medical records, which requires data loss prevention solutions. The use of the cloud in the health industry has grown, bringing some obstacles along the way. Furthermore, the cloud can create the network past the point of visibility, and thus, security. Additionally, healthcare features numerous kinds of devices, all of which need protection. These can include medical devices, personal computers, vendor-supplied computers, and the Internet of things (IoT). After all, any of these devices may provide a gateway into a business network. Moreover, according to the HIPAA report, 2020 was the third-worst hit year considering the healthcare record breaches in the United States, though the records breached were 29.71% less than in 2019.
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 785 breaches per year in 2015 to 1,108 breaches per year in 2020. Also, According to ITRC’s Data Breach Report 2020, the increasing number of data breaches in the country in 2020 has impacted around 300.56 million individuals. . 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. According to the Global Security Insights Report from VMware, 86% of Canadian security leaders claimed that their organization suffered a breach in 2020, with 88% of breaches considered to be “material.” Moreover, 79% of the leaders noted that the attacks became sophisticated over time, and 56% of the respondents feared a material breach in 2021. Additionally, according to a survey for BDO Canada LLP by PLANT Magazine/Annex Business Media done on 251 manufacturers concluded that 24% of the executives are currently using IIoT, and about 36% of the executives are planning or evaluating the IIoT. Such trends encourage the use of Data Loss Prevention solutions to protect industrial information.
The data loss prevention market is concentrated with the presence of a few dominating players in the market. Also, vendors in the market are investing heavily to create a significant impact on the market.
May 2021 – Deloitte Cyber and Forcepoint launched Data Loss Prevention-as-a-Service to provide businesses in Hong Kong with a fast, cost-effective capability for data loss prevention. The solution will use behavioral analytics to reduce the possibility of data breaches and protect businesses from insider threats. July 2021 – Trend Micro Inc. announced a new collaboration with Microsoft that aims to deliver greater impact to cybersecurity for joint customers. The collaboration outlines a new cooperation on developing cloud-based cybersecurity solutions on Microsoft Azure and generating co-selling opportunities. This will further enable joint customers’ digital transformation by leveraging both Azure’s cloud computing platform and Trend Micro’s expansive security expertise.
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