In 2024, the data loss prevention industry is projected to generate USD 4,086.3 million. Furthermore, in the projection period, it will advance at a CAGR of 21.3%, attaining USD 13,031.0 million by the end of the decade. This 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, businesses, and individuals on the internet.
The industry is also projected to be propelled by the increasing interest in cloud computing and a shift away from on-premises data storage. As an increasing count of businesses are moving toward cloud computing, the strengthening emphasis on data protection will sustain the interest in DLP technologies.
Besides, it will be crucial to consider the high persistence of cyberattacks throughout the forecast period as a major factor that will propel the market. Moreover, it will be influenced by such factors as acceleration of innovations, growth of Internet connection popularity and development of IT & telecommunication business.
As per reports, 34. It is worth to mention that 3% of the computers were infected this year, 2022, and this was the highest level of such cases against the industrial sector. Latest data revealed that the rate of specific attacks such as those with malignant scripts, phishing website, and blacklisted resources went higher in the second half of the previous year. In industrial automation systems, which include building automation, automotive, oil &; gas, energy, and engineering through this software, it prevented 7684 various types of malwares.
Key Insights
- A data breach occurs when private information, such as customer names, credit card numbers, and social security numbers, is accessed without authorization.
- Companies can suffer greatly in terms of reputation and finances following a data breach, leading to customer loss, fines, and other legal repercussions.
- Small and medium-sized enterprises (SMEs) are expected to witness the highest CAGR, of 21.5%, in the forecast period due to their increasing dependence on data in the digital era.
- The BFSI (banking, financial services, and insurance) category leads the market, as financial institutions are prime targets for cyber-attacks, comprising 27.7% of all cyber-attacks in 2022.
- The healthcare category holds the second-largest share in the DLP market due to the high volumes of sensitive data processed by healthcare employees.
- Government bodies also contribute significantly to the market, as they are at perpetual risk of data loss from unauthorized access, accidental errors, and ransomware attacks.
- Local governments are particularly vulnerable to data breaches, which can disrupt essential municipal functions and result in hefty ransom payments to recover stolen data.
- North America generates the highest revenue and will grow at a CAGR of 21.0% due to the widespread adoption of big data and cloud technologies and the rising concerns about data security and privacy.
- Strict laws for data protection and a dynamic business environment in sectors like healthcare, BFSI, and information technology drive the market's expansion in North America.
- The cost of data breaches is declining year on year in the U.S. due to increased investments in enhancing IT security architecture.
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