Data Loss Prevention Market Expected to Reach $12 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Data Loss Prevention Market, By Solution Type, Deployment Mode, Application, End Use Industry: Global Opportunity Analysis And Industry Forecast, 2023-2032" The data loss prevention market was valued at $2.1 billion in 2022, and is estimated to reach $12 billion by 2032, growing at a CAGR of 19.2% from 2023 to 2032.

Data loss prevention (DLP) is a set of tools and processes used to ensure that sensitive data is not lost, misused, or accessed by unauthorized users. DLP software classifies regulated, confidential and business critical data and identifies violations of policies defined by organizations or within a predefined policy pack, typically driven by regulatory compliance requirements such as health insurance portability and accountability act (HIPAA), payment card industry data security standard (PCI-DSS), or general data protection regulation (GDPR).

The data loss prevention market has seen significant growth over the years, driven by several key trends and growth factors. One of the major trends is the development of data loss prevention solutions to address the demand from large enterprises to secure cloud infrastructure. Similarly, the rise in popularity of managed services to administrate the outsourced IT infrastructure is another trend contributing to the data loss prevention market growth. Growth factors of the data loss prevention market include a rise in the number of sophisticated cyberattacks, a growing need to secure critical infrastructure, and extensive adoption and deployment of digital technologies. Overall, the data loss prevention market analysis is expected to continue to grow due to the rise in adoption of cloud-based data loss prevention services across enterprises.

By industry vertical, the BFSI segment is expected to grow at a highest growth rate during the forecast period. The increase in demand for data loss prevention solutions and services in the BFSI industry can be attributed to the industry's possession of highly sensitive data and the stringent regulatory requirements in place.

On the basis of region, North America attained the highest growth in 2022. The presence of prominent players such as IBM Corporation, Cisco Systems, Inc., and others has influenced the growth of the data loss prevention industry in North America. Moreover, the rise in government initiatives to strengthen security infrastructure across the region is further expected to drive the demand for data loss prevention solutions.  However, Asia-Pacific is projected to be the fastest-growing segment during the forecast period, owing to the availability of cost-effective digital solutions and the rise in the amount of data generation across organizations. In addition, the proliferation of advanced technologies escalates system safety and reduces delays in database operations.

With most of the population confined in homes even after the lockdown measures of the COVID-19 pandemic, businesses needed to optimize their business operations and offerings. In accordance to maximize the revenue opportunities while optimizing the operations to support the rapidly evolving business environment post the outbreak of the COVID-19 pandemic, which is further expected to fuel the global market growth. This enabled many businesses to invest in data loss prevention solutions. In addition, integrating advanced technologies such as artificial intelligence (AI) and machine learning (ML) into cybersecurity services can enhance threat detection, anomaly detection, and predictive analysis. These technologies can support the detection of suspicious activity, the identification of possible security breaches, and the automation of encryption procedures based on user behavior patterns. 

Furthermore, the rise in the trend of cloud computing in several industries including the cybersecurity industry is anticipated to create numerous opportunities for market growth. As cloud-based cybersecurity solutions offer scalability, flexibility, and accessibility, that enhance business operations. For instance, in March 2023, Zscaler launched data loss prevention (DLP) capabilities and threat intelligence into its Posture Control cloud-native application protection platform (CNAPP). Therefore, numerous strategies adopted by businesses further help to accelerate the data loss prevention industry growth globally. 

KEY FINDINGS OF THE STUDY

• By solution type, the storage/Data center DLP segment accounted for the largest data loss prevention market size in 2022.
• By deployment mode, the on-premise segment accounted for the largest data loss prevention market share in 2022.
• By application, the cloud storage segment is anticipated to grow at an exponential growth rate in data loss prevention market forecast period.
• By industry vertical, the IT & Telecom segment accounted for the largest data loss prevention market share in 2022.
• Region wise, North America generated the highest revenue in 2022.

The market players operating in the data loss prevention market are Check Point Software Technologies Ltd., Cisco Systems, Inc., Forcepoint LLC., IBM Corporation, Microsoft Corporation, Next DLP, Inc., Palo Alto Networks, Inc., Proofpoint, Inc., Broadcom Inc. And Trend Micro Incorporated. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which help to drive the growth of the data loss prevention market globally.