Northbrook, IL 60062 -- (SBWIRE) -- 10/24/2023 -- The global 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 CAGR of 21.2% during the forecast period, according to research report by MarketsandMarkets™.

The DLP solutions mainly focus on the classification and monitoring of data that may be in motion, rest, or at the endpoint, as these solutions provide enterprises with the leverage to stop the numerous leaks of information that occur each day. In other words, the main aim of the DLP solutions is to detect potential data breaches that may occur at different levels.

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Based on offering, the service segment is expected to grow with the highest CAGR during the forecast period

The DLP service market is segmented across five major categories: consulting, managed security service, design and integration, education and training, and maintenance and support. These services assist in the system's security from unauthorized access, exploitation, and data loss. The service market continuously evolves with the introduction of integrated Social, Mobile, Analytics, and Cloud (SMAC), which needs proper monitoring. The rising demand for DLP services in the market of sophisticated cyber threats, the incapability of IT people to handle advanced and bundled risks, and outsourcing services are promoting the consultancy business.

North America is expected to have the largest market size during the forecast period.

A convergence of factors drives North America's Data Loss Prevention (DLP) market. Heightened concerns around data security and privacy and a surge in cyber threats have propelled the demand for DLP solutions. Stringent data protection regulations, such as GDPR and CCPA, have placed legal obligations on organizations to safeguard sensitive information, fostering DLP adoption. Additionally, North America's vast and diverse business landscape, encompassing industries like finance, healthcare, and technology, requires tailored DLP solutions to address industry-specific challenges, further fueling market growth. Furthermore, the cost of data breaches is reducing year-on-year in the US, and this is due to the increase in investment by organizations toward improving their data security infrastructure.

Market Players

The Data Loss Prevention market comprises significant providers, such as 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 competitors have used various growth methods to increase their market share in the Data Loss Prevention industry, including partnerships, agreements, collaborations, new product releases, product enhancements, and acquisitions.

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Key Dynamic Factors For Data Loss Prevention Market:

Data Privacy Regulations: To maintain compliance and safeguard sensitive data, DLP solutions are needed. These regulations include the GDPR, CCPA, and other industry-specific rules (GLBA for financial services, HIPAA for healthcare).

BYOD and remote work trends: Data security is facing new difficulties as a result of the expansion of remote work and the usage of personal devices at the workplace. To safeguard and monitor data in these remote situations, DLP solutions are required.

Adoption of the Cloud: The move to cloud services, such as SaaS apps and cloud storage, necessitates the use of DLP tools that can secure data in the cloud and enforce rules in a decentralised setting.

Increased Insider Threats: Whether deliberate or unintentional, insider threats pose a serious threat to data security. DLP tools assist in identifying and stopping employee access to or sharing of confidential information.

Cybersecurity Threat Landscape: To protect data from outside attackers, effective DLP solutions are required in view of the constantly evolving cyber threats, such as ransomware and data breaches.

Encryption and Data Classification: To guarantee that data is safeguarded when in use, in transit, and at rest, DLP solutions frequently combine encryption and data classification technologies.

AI and Machine Learning: To identify possible data leakage incidents, DLP solutions increasingly use artificial intelligence and machine learning for advanced threat detection, anomaly detection, and predictive analysis.

Competitive and Segmentation Analysis:

The market for data loss prevention (DLP) is characterised by fierce rivalry and varied segmentation, which reflects the changing data security landscape. According to the competition research, a wide variety of cybersecurity firms compete for market share while providing a variety of DLP solutions to meet the particular data protection requirements of organisations. Established players with broad DLP offerings that cover network, endpoint, and cloud security include Symantec (now a part of Broadcom), McAfee, and Forcepoint. These businesses face competition from young startups that frequently concentrate on particular market segments within the DLP ecosystem, such cloud-native DLP systems or specialised industry applications. This rivalry spurs innovation, resulting in DLP systems that are more potent and simple to use.

Deployment Mode: To meet the preferences and architecture of various organisations, DLP systems are provided in on-premises, cloud-based, and hybrid deployment formats.

Organisational Size: While bigger businesses need scalable and comprehensive DLP systems that can manage sophisticated data protection needs, small and medium-sized businesses (SMEs) frequently look for affordable, simple-to-implement DLP solutions.

Vertical-Specific Solutions: Some sectors, such the government, banking, and healthcare, have particular data protection and compliance needs. These particular verticals are commonly catered to by DLP solutions.

Geographical Regions: Each region has unique compliance needs and concerns about data security. Because of this, suppliers must adjust their DLP offerings to account for regional differences.

Organisations must carefully assess their unique data security demands in this competitive and segmented environment and choose DLP solutions that suit them. The DLP market is also dynamic, with new players, mergers, and developing technologies frequently changing the competitive landscape and the variety of segmentation options accessible to customers.

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