Global Data Loss Prevention Market Overview: —
The Global Data Loss Prevention Market is expected to witness a CAGR of 23.59% during the forecast period 2019-2024. Data loss prevention (DLP) solutions are gaining traction, as enterprises are looking for different ways to reduce the risk of data leakage to external entities.
- The incidences of data breaches are increasing in magnitude each day, globally. Breaches and persistent cyber-attacks are among the significant factors driving the adoption of DLP.
- Technology providers are developing automated solutions that enable enterprises to counter the rising number and sophistication of attackers. The providers of DLP solutions integrated new safety features regarding cloud storage and online file storage services to help prevent data leaks.
- A large amount of sensitive data is being shared across the cloud storage platforms. Hence, the companies offering DLP solutions integrated to cloud storage are expected to attract more buyers, owing to their additional functionalities.
- However, the lack of awareness about DLP solutions and performance concerns are restricting the organisation from adopting the technology.
Scope of the Global Data Loss Prevention Market Report:
The DLP solution ensures a secure data transaction for various organisations. The scope of the study is limited to the types of on-premise and cloud-based DPL solutions and their wide range of end-user applications globally.
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Key Market Trends:
Healthcare Industry to Witness Significant Growth
- The technological advancement in components such as sensors and their application in healthcare is opening doors for the adoption of industry 4.0 and data analytics. Hence, digital transformation is taking place rapidly.
- According to a survey by HIMSS, 60% of the healthcare organizations use the cloud for backup and data recovery. Also, 51% are using the cloud for its core clinical operations and data.
- Therefore, health-related data are moving more and more from paper to electronic records, determining changes in how healthcare organizations processing healthcare records are managing and protecting the confidential data today. This has resulted in an increase in electronic health/medical records which will require data loss prevention.
North America to Account for the Largest Market Share:
- The dominance of North America in the market studied can be attributed to the early and robust adoption of Big Data and cloud technologies. However, the region has an advanced infrastructure capability, thus leading to the most significant revenue generation, in the market studied.
- In 2018, 1,244 data breach incidences were recorded only in the United States with 446.52 million records exposed (126% rise from the previous year). The rise in the number of cyber-attacks and the need to protect data are boosting the demand for DLP (data loss prevention) solutions, across various businesses.
- Moreover, the enactment of stringent government initiatives to enhance the security of customer information is projected to boost the growth of the North American segment, over the forecast period.
- The US Health Insurance Portability and Accountability Act (HIPAA) applies to the patient health information, and states such as Massachusetts have enacted the rules covering all companies that hold personally identifiable information of the state residents.
The trend of the data loss prevention market is more towards being concentrated with the presence of a few dominating players in the market. Also, vendors in the market are investing heavily to create a significant impact among others in the market.
- May 2019 - Trend Micro launched new cloud and container security solutions. It is the complete security from a single solution protecting across cloud and container workloads. This will elevate protection across the entire DevOps lifecycle and runtime stack.
- Oct 2018 - Cisco Inc. announced the acquisition of Duo Security, a cloud-based tools provider to prevent security breaches. Duo's technology is a highly strategic addition to Cisco's portfolio and will extend its intent-based networking into multi-cloud environments.
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