Data Loss Prevention Market worth $8.9 billion by 2028 – Exclusive Report by MarketsandMarkets™>
– CISION (PR Newswire)
The Data Loss Prevention (DLP) Market is expected to reach USD 8.9 billion by 2028, according to a new report by MarketsandMarkets.
The market is estimated to grow at a CAGR of 20.1% between 2020 and 2028.
The increasing number of sophisticated and targeted cyber-attacks is expected to drive the market.
DLP solutions are designed to identify, protect, and detect data produced in an organization to prevent any unauthorized access, transmission, or leakage.
The DLP solutions allow organizations to address potential risks of data breach, failed compliance, and other data-related problems in an efficient manner.
The market growth is attributed to the increasing awareness about data security, regulatory compliance, and need for confidential data protection.
The shift in preference of organizations to cloud-based solutions is creating growth opportunities for vendors.
Moreover, the increased adoption of Bring Your Own Device (BYOD) solutions and the Internet of Things (IoT) devices is expected to further drive the market in the forecast period.
The increasing number of data thefts has resulted in more stringent data protection laws and regulations, such as Payment Card Industry Data Security Standard (PCI DSS), Personal Data Protection Act, General Data Protection Regulation (GDPR), and Health Insurance Portability and Accountability Act. (HIPAA).
The deployment cost and complexity associated with the DLP solutions is a major hindrance to market growth.
The market is divided into components, technology, deployment type, organization size, vertical, and region.
By components, the market is classified into hardware, software, and services.
The software segment is estimated to hold the largest market share in 2020.
By technology, the market is classified into data encryption, data masking, data monitoring & auditing, and others.
The data monitoring & auditing segment is estimated to account for the largest market share.
By deployment type, the market is sub-divided into on-premises and cloud.
The cloud segment is expected to grow at the highest CAGR during the forecast period.
By organization size, the market is divided into large enterprises, small & medium-sized enterprises.
Large enterprises are projected to hold the largest market share in 2020.
Beyond that, the market is segmented into banking, financial services & insurance, government & defense, healthcare, retail, energy & utilities, manufacturing, and others.
Banking, financial services & insurance is estimated to account for the largest
Link: https://roboticulized.com/artificial-intelligence/2023/10/10/140108/data-loss-prevention-market-worth-8-9-billion-by-2028-exclusive-report-by-marketsandmarkets/