By the end of 2023, the market for data loss prevention is expected to be worth USD 3,393.9 million. In addition, it is expected to grow at an annual growth rate of 21.3% and will reach USD 13,031.0 million in 2030 during the forecast period between 2024 and 2030.
This growth of the market can be credited to the increasing cases of cyber-attacks, acceptance of cloud computing in a growing count of industries, and exponential dependency of governments, industries, and individuals on the internet.
During the projection period, small and medium-sized enterprises will experience a higher CAGR, of 21.5%. This development can be credited to the fact that they are becoming more and more reliant on information in the current digital era. Such assets, whether they be client data, economic records, intellectual property, or working data, are important for SMEs to uphold their competitiveness, expand, and grow. SMEs should execute DLP procedures since with great amounts of enterprise and client data comes great responsibility.
On the basis of the industry segment, the BFSI category dominates the industry, because according to reports, in recent years, 27.7% of the cyber-attacks had been on financial establishments.
Attacks through email and the web constantly rank among the most frequent threat channels. Generally, phishing strategies and links to fake websites are distributed through email by hackers with a motive to attain users' login credentials. When hackers get illegal access to monetary and banking firms' networks, numerous different kinds of cyber-attacks can take place. They commonly take benefit of a weakness, like an account that is not in use, and then build backdoors into infected systems. The attacker is, thus, shown in their capability to enter the network, steal data, and even elevate their privileges, to access more sensitive information.
In addition, as public authorities continue to be at a constant risk of lost data due to unauthorized access, the Government industry also contributes significant market revenues. Hackers purposefully deceive government employees into giving them unwitting access to top-secret information. Sometimes accidentally making a mistake also causes private information to be published.
In recent years, the North American region has generated the highest revenue, and the region is also projected to grow at a CAGR of 21.0% during the projection period, credited to the widespread acceptance of big data and cloud techs. The requirement for such solutions has also surged because of the increasing concerns regarding data security and privacy, as the incidence of cyber-attacks has surged. The regional nations have also accepted strict laws for the safety of sensitive information by corporations.
