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Data Loss Prevention Systems Market Key Trends And Forecast Report 2024-2033
Data Loss Prevention Systems Market Key Trends
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According to The Business Research Company's, The data loss prevention market size has grown exponentially in recent years. It will grow from $2.3 billion in 2023 to $2.92 billion in 2024 at a compound annual growth rate (CAGR) of 27.0%. The growth in the historic period can be attributed to increasing data breaches, rising adoption of cloud computing, growing sophistication of cyberattacks, increasing data volumes.
The data loss prevention market size is expected to see exponential growth in the next few years. It will grow to $7.6 billion in 2028 at a compound annual growth rate (CAGR) of 27.1%. The growth in the forecast period can be attributed to growing mobile workforce, growing awareness of the importance of data protection, continued growth of the managed dlp services, iot growth. Major trends in the forecast period include zero trust architecture, data classification and tagging, behavioral analytics, integration with soar.
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Market Drivers and Trends:
The surge in data breach cases is expected to propel the growth of the data loss prevention market going forward. A data breach is an incident in which sensitive, confidential, or protected information is accessed, disclosed, or compromised without authorization. Data loss prevention (DLP) is the practice that involves identifying and stopping data breaches, unauthorized data movement, or the unintended destruction of sensitive information by implementing strategies and technologies to detect, prevent and mitigate the loss or unauthorized access of sensitive data. For instance, in January 2022, according to the Identity Theft Resource Center, a US-based nonprofit organization, the total count of data breach cases accounted for 1,862 in 2021 and has risen by over 68% compared to 2020. Therefore, the surge in data breach cases is driving the growth of the data loss prevention market.
Major companies operating in the data loss prevention market are adopting advanced security solutions powered by generative AI technologies to increase their profitability in the market. Generative AI technologies are artificial intelligence systems that can generate new content, such as text, images, video, audio, code, or synthetic data. Machine learning algorithms are used in these technologies to learn patterns and structures. For instance, in June 2023, Zscaler Inc., a US-based company that provides data loss prevention services, launched advanced security solutions integrated with generative AI tools. Zscaler uses AI/ML or generative AI in its enormous data pool to forecast breaches and advocate policies to improve threat detection, prevention and response.
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Data Loss Prevention Global Market Report 2024
Microsoft Corporation, International Business Machines Corporation (IBM), Cisco Systems Inc., Broadcom Inc., SAP SE, BAE Systems PLC, Thales Group, VMware Inc., Fortinet, Citrix Systems Inc., Check Point Software Technologies Ltd., Trend Micro Inc., CrowdStrike Holdings Inc., Proofpoint Inc. , RSA Security LLC, BlackBerry Ltd., Forcepoint LLC, Idera Inc., Trustwave Holdings Inc., McAfee Inc., Sophos Ltd., CA Technologies Inc., Netskope Inc., CoSoSys Ltd., Code Green Networks Inc., Zecurion DLP, Avanan Inc., GTB Technologies Inc.
Data Loss Prevention Market 2024 Key Insights:
• The data center construction market size is expected to see strong growth in the next few years. It will grow to $364.67 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%.
• Rising Data Breaches Fuel Demand For Data Loss Prevention Solutions
• Emphasis On Generative Ai Utilization In Data Loss Prevention
• North America was the largest region in the data loss prevention market in 2023
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