19 March, 2019 – The global data loss prevention market is anticipated to witness impressive growth in the years to come due to growing need for protecting intellectual property against theft. Factors, such as rising incidence of data breaches, increasing use of cloud platform, and growing popularity of social media, are also expected to boost market growth. Rapid digitization and growing incidence of insider threats are likely to boost market growth in the years to come.
Increasing adoption of cloud for data storage is considered one of the key driving factors in the market. Organizations are adopting cloud storage to store their data in order to achieve productivity. Emergence of internet of thing (IoT) and growing need for lower operational expenditure (OPEX) have increased the popularity of cloud storage across the world. However, the platform involves high risk of unauthorized access or chances of information loss. This has increased the need for better DLP solutions to enhance scalability and efficiency of cloud, and to protect important information in the cloud.
Growing trend of bring your own devices (BYOD) across the organizations and increasing internal threats have also encouraged the endpoint security service providers to reduce risk involved in IT security. Furthermore, increasing cases of data breaches owing to rapid digitization, adoption of cloud platform, and workforce mobility are likely to fuel the demand for better DLP solution. Information of various companies and organizations is stored on enterprise databases, local machines, and cloud servers. Thus, data breaches have become easier by getting access to restricted networks. Risk of data security and safety has increased owing to presence of a number of ways through data can be transferred or stolen from the organization. For instance, Intel Corporation introduced new 8th Gen Intel Core vPro processors, the Intel Core processor family, and Intel Xeon E-2100M processors, which are designed for mobile workstations. Most data breaches are caused due to misused or stolen user credentials. Intel Authenticate Solution can curb risk of data breaches by moving multifactor software functions into the hardware. Therefore, identities can be protected against software-based attacks. In addition, Intel SSD Pro Series drives are developed for recovery and are easy to configure and manage. These drives provide data protection with full disk encryption.
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Application of IT analytics to protect the loss of information is a key trend in the market, which is expected to further supplement market growth in the coming years. Various organizations are implementing IT analytics with DLP to estimate and reveal the associated risk. This integration prevents the misuse of information from external hackers and malicious or careless insiders. For instance, Thycotic entered into an OEM agreement with IBM Security, which will now provide Security Secret Server and privileged access management solution based on Thycotic’s technology. The Secret Server is developed to provide security, accountability, and transparency in the organization to protect the user’s accounts since more than 80 percent of cybersecurity breaches include user credentials and passwords.
However, lack of awareness among employees and performance concerns are likely to hamper market growth.
North America is likely to dominate the market in the coming years owing to high adoption of cloud and big data technologies. Factors, such as growing trend of BYOD, high penetration of IoT, and growing need for the management of complex threats, are expected to create immense opportunities for the region. The market in Asia Pacific, and Middle East and Africa is likely to expand significantly due to increasing security attacks and growing demand for DLP software.
Some of the key companies operating in the data loss prevention market are GTB Technologies, Inc.; Blue Coat systems, Inc.; Check Point Software Technologies Ltd.; Trend Micro Incorporated; and Cisco Systems and Websense, Inc.
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