According to the latest report by IMARC Group, titled “Data Loss Prevention Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global data loss prevention market reached a value of US$ 1.42 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 5.1 Billion by 2027 exhibiting a CAGR of 23.10% during 2022-2027.
Data Loss Prevention (DLP) stands for the various tools and processes that are utilized to detect and prevent data breaches, exfiltration, unauthorized access to sensitive data, etc. It is used to classify numerous kinds of data, monitor and filter data streams on corporate networks, control endpoint activities, hold data on the cloud, etc. DLP also assists in ensuring regulatory compliance and auditing requirements and in identifying areas of weakness and anomalies for forensics and incident response. As a result, several organizations rely on DLP solutions to protect and secure their data systems and to comply with the relevant regulations.
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The increasing adoption of DLP software to aid organizations in defending against illicit data leakages and transfers is one of the key factors driving the data loss prevention market. Furthermore, the rising utilization of DLP tools by small and medium-sized enterprises (SMEs) to achieve data visibility, protect personally identifiable information, enforce security in Bring Your Own Device (BYOD) environments, etc., is also propelling the market growth. Besides this, the expanding requirement for DLP across the healthcare sector to safeguard Protected Health Information (PHI) is acting as another significant growth-inducing factor. Additionally, the growing usage of online banking services is catalyzing the demand for DLP solutions in the banking, financial services and insurance (BFSI) sector to protect payment card information and sensitive personal data of the customers. This, in turn, is projected to fuel the data loss prevention market in the coming years.
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