Demand for data loss prevention solutions is increasing significantly due to rising cyber-attacks. For instance, according to Coherent Market Insights analysis in July 2017, cybercrime increased up to 84.1% from 68.8% recorded in June. Cyber Espionage slides to 10.1% from 15.6% of June whereas Cyber Warfare plummets to 4.3% from 9.4%. Banking and financial sector is the major sector in cyber security market. This is used for protecting private information of data or cash related to their customers. This confidential data is highly susceptible to cyber-threats. Increasing utilization of mobile devices and high adoption of Internet by consumers are expected to escalate the overall market growth. For instance, according to Coherent Market Insights analysis, in 2016 over 68% of global population was already using mobile phones. Industries including banking, finance and insurance, government and military, and retail and manufacturing is another factor fueling growth of the market. For instance, according to the Reserve Bank of India (RBI), for the year 2015 – 2016, 16,468 frauds were reported associated with ATM, debit card, credit card, and net banking. In 2014 – 2015 the number of frauds were 13,083 and 9,500 in the year 2013 –14, reported by RBI. The data stored on cloud or on-premises is vulnerable to cyber-attacks by various software such as Trojan horses and viruses, which consequently increases the requirement of data loss prevention solutions.
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Data loss prevention software is used for data protection. It can be utilized to detect potential theft such as Torjan horses that transfer confidential data outside of the network. Moreover, it also provides software solutions to monitor and block confidential data or network traffic or storage condition by providing standard security software solutions, which includes firewalls and intrusion detection systems (IDSs). For instance, firewalls can be utilized to protect confidential information from outsider’s access and to detect the attempt of intrusion by outsider an intrusion detection system is used.
Data Loss Prevention Market: Regional Insights
The global data loss prevention market is segmented on the basis of regions into North America, Europe, Asia Pacific, Latin America, and Middle East, and Africa. North America region accounted for the largest share in global data loss prevention market in 2016 and this region is expected to dominate the global market by 2025. The dominance of this region is attributed to increased adoption of cloud and big data technologies. For instance, according to Coherent Market Insights analysis, in 2015, North America accounted for around 66% of the global cloud services market, owing to rampant development of IT infrastructure and presence of major IT companies such as Google, Microsoft, IBM, and Oracle in the region.
Data Loss Prevention Market: Competitive Background
Major players operating in the global data loss prevention market include Symantec Corporation, CA Technologies, BAE Systems, Websense, Inc., Trend Micro Incorporated, Digital Guardian, Code Green Networks, Trustwave Holding, Inc., Zecurion, and GTB Technologies, Inc.
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