LONDON, Jan. 11, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Data Loss Prevention Global Market Report 2024, the data loss prevention market has experienced unprecedented growth, surging from $2.3 billion in 2023 to an estimated $2.92 billion in 2024, with a compelling compound annual growth rate (CAGR) of 27.0%. This surge in the historic period is attributed to the escalating frequency of data breaches, the widespread adoption of cloud computing, the increasing sophistication of cyberattacks, and the exponential growth in data volumes.
Anticipated Growth and Driving Factors
The data loss prevention market is poised for exponential growth, projecting a market size of $7.6 billion by 2028, with a CAGR of 27.1%. Key drivers in the forecast period include the proliferation of the mobile workforce, heightened awareness of the critical importance of data protection, sustained growth in managed data loss prevention services, and the surge in IoT applications.
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Emerging Trends
Several trends are expected to shape the data loss prevention industry in the forecast period. These include the adoption of zero-trust architecture, advancements in data classification and tagging, the integration of behavioral analytics, and the seamless integration with Security Orchestration, Automation, and Response (SOAR) solutions.
Key Players
Major players in the data loss prevention market, including Microsoft Corporation, IBM, Cisco Systems Inc., and Broadcom Inc., are at the forefront of driving innovations. These companies are adopting advanced security solutions powered by generative AI technologies to enhance profitability and strengthen security measures.
Case in Point: Zscaler's Generative AI-Powered Security Solutions
Zscaler Inc., a prominent player in the data loss prevention market, launched advanced security solutions integrated with generative AI tools in June 2023. Leveraging generative AI, Zscaler forecasts breaches and advocates policies for enhanced threat detection, prevention, and response. This innovative approach showcases the power of AI/ML in predicting and mitigating cybersecurity threats.
Regional Dynamics
North America dominated the data loss prevention market in 2023, while Asia-Pacific is expected to emerge as the fastest-growing region in the data loss prevention market in the forecast period.
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Market Segmentation
The data loss prevention market is segmented based on services (Managed Security Services, Training and Education, Consulting, System Integration and Installation, Threat and Risk Assessment), solutions (Network Data Loss Prevention, Endpoint Data Loss Prevention, Datacenter or Storage-Based Data Loss Prevention), deployments (On-Premises, Cloud-Based), and end-user industries (Information Technology (IT) and Telecommunication, BFSI, Government, Healthcare, Manufacturing, Retail and Logistics, Other End-User Industries).
In conclusion, the Data Loss Prevention Global Market Report offers a comprehensive view of the industry's evolution. Businesses can leverage this data loss prevention market report to understand emerging trends, identify growth opportunities, and strengthen their cybersecurity posture. As players navigate this dynamic landscape, adopting advanced security solutions and staying informed about market dynamics will be crucial for sustained success in the rapidly evolving Data Loss Prevention industry.
Data Loss Prevention Global Market Report 2024 by The Business Research Company provides insights on the data loss prevention market size, data loss prevention market segments, data loss prevention market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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