Data Leakage Prevention With New Spirit – Opportunities Are Flying To Reach USD 4,297.7 Million By 2027

Overview of the Data Leakage Prevention Product Industry

The global data loss prevention market was worth USD 1,204.8 million in 2020, and it's predicted to grow to USD 4,297.7 million by 2027, a CAGR of 23.47 percent over the forecast period (2022-2027). Furthermore, as a result of the COVID-19 lockdowns in place, as well as the shift to remote working environments, an unprecedented number of people are now using mobile devices as their primary communications device, resulting in an increase in the number of endpoints for the organization to secure from rising cyber threats. As the need for digital assets grows, so does the volume of structured and unstructured data generated, necessitating the need for data security services with a strategic focus on data-centric businesses. For more than a decade, a number of Fortune Global 500 companies have been investing in the DLP market. Currently, the industry under investigation is establishing itself as a crucial security strategy within reach of mid-sized businesses.

Versatility at its best - healthcare, consumer electronics, industrial, automotive, BFSI, retail, and more

DLP solutions have traditionally been used primarily in regulated areas like healthcare, financial services, manufacturing, energy, and government. However, as the demand for security grows, DLP solution suppliers are focusing on advisory and services firms that work with a wide range of end-user sectors. The rising demand for automation, combined with the increasing use of IoT devices across several end-user verticals such as healthcare, consumer electronics, industrial, automotive, BFSI, and retail, is likely to boost DLP adoption. As these devices generate a greater number of endpoints, data protection from these endpoints has become increasingly important. One of the key reasons that organizations around the world continue to fall prey to these types of attacks is a lack of awareness and uncertainty among professionals about the cost and brand value impact of cyber-attacks and data breaches. According to the Verizon Data Breach Investigation Report 2020, e-mails continue to be the primary entry point for 96 percent of all breaches analyzed, with phone or SMS accounting for just over 1%.

Market Trends to Watch

The Healthcare Industry is expected to Grow Significantly

The advancement of components, such as sensors, and their application in healthcare are paving the way for industry 4.0 and data analytics adoption. As a result, digital transformation is accelerating. As a result, health-related information is increasingly shifting from paper to electronic records. It is defining today's developments in how healthcare organizations process medical information, manage confidential data, and protect it. As a result, the number of electronic health/medical records has increased, necessitating data loss protection solutions. The usage of the cloud in the health business has increased, but there have been some challenges along the road. Furthermore, the cloud has the ability to extend the network's visibility and hence security. Furthermore, healthcare includes a wide range of devices, all of which require security. Medical gadgets, personal computers, vendor-supplied computers, and the Internet of Things are examples of these (IoT). After all, any of these devices could serve as a point of entry into a corporate network.

Furthermore, according to the HIPAA study, 2020 was the third-worst year for healthcare record breaches in the United States, despite the fact that the number of records breached was 29.71 percent lower than in 2019.

The largest market share will be held by North America

• Data breaches are becoming more common in the United States. The average number of breaches in the United States has climbed marginally in recent years, according to the Identity Theft Resource Centre (ITRC). The number of data breaches in the United States has climbed from 785 per year in 2015 to 1,108 per year by 2020.
• In addition, according to the ITRC's Data Breach Report 2020, the country's increasing number of data breaches in 2020 will have touched around 300.56 million people. During the forecast period, the rising number of data breaches in various industries is likely to be the key driver driving demand for data loss prevention solutions.
• According to VMware's Global Security Insights Report, 86 percent of Canadian security leaders said their company had a breach in 2020, with 88 percent of those breaches being "significant." Furthermore, 79 percent of the executives said the attacks become more sophisticated over time, and 56 percent predicted a material breach in 2021.

• Furthermore, according to a survey of 251 manufacturers conducted by PLANT Magazine/Annex Business Media for BDO Canada LLP, 24 percent of executives are presently adopting IIoT, and 36 percent are planning or assessing the IIoT. Such developments stimulate the usage of Data Loss Prevention (DLP) technologies to safeguard industrial data.

Competitive Landscape

• The market for data loss protection is highly consolidated, with only a few dominant firms. In addition, market vendors are investing extensively in order to have a large impact on the industry.
• Data Loss Prevention-as-a-Service was introduced by Deloitte Cyber and Forcepoint in May 2021 to provide organisations in Hong Kong with a rapid, cost-effective data loss prevention capability. Behavioural analytics will be used in the solution to lower the risk of data breaches and protect enterprises from insider threats.
• Trend Micro Inc. launched a new relationship with Microsoft in July 2021, with the goal of delivering higher cybersecurity impact for joint clients. The agreement lays out a new partnership aimed at developing cloud-based cybersecurity solutions on Microsoft Azure and generating co-selling opportunities. By combining Azure's cloud computing platform with Trend Micro's extensive security knowledge, this would further empower joint customers' digital transformation.

What are the advantages of Industry Data Analytics?

The market is rapidly changing due to the industry's continual expansion. Technology improvements have provided a number of benefits to today's businesses, resulting in daily economic fluctuations. As a result, in order to properly strategize, a firm must first grasp the patterns of market changes. Businesses with an effective strategy have a head start in planning and a competitive advantage. Market Insights Studies is a dependable source for market reports that will assist you in obtaining the leads that your organisation needs.

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