The North America Data Loss Prevention Market would witness market growth of 20.5% CAGR during the forecast period (2023-2030).
Data loss prevention (DLP) refers to the procedure organizations use to prevent the loss, fraud, and unauthorized disclosure of sensitive information. The frequency of cyberattacks and high-profile data breaches has increased, influencing many businesses. Organizations are experiencing monetary losses, reputational injury, and potential legal consequences due to these incidents. The increase in data security aids businesses in recognizing and minimizing data loss risks. By instituting robust safety policies, organizations can limit the likelihood of hacking, unauthorized access, and accidental data leaks, thereby reducing the probability of data loss incidents. Microsoft, for instance, released a public preview version of a comprehensive data loss prevention policy for Power BI in April 2023.
The emergence of DLP technology provides information technology and security personnel with a comprehensive, 360-degree view of the location, movement, and utilization of information throughout an organization. DLP eliminates all theft opportunities for those concerned about lost revenues, penalties, etc., associated with data breaches. Businesses rely on DLP technology because they are concerned about their next audit and desire to maintain data adherence with complex regulations. The technology is a boon for those attempting to protect their proprietary data from security vulnerabilities resulting from increased staff mobility and the introduction of new channels. The success of protecting sensitive data in cloud and virtual models has opened up new opportunities for the prevention of data loss technology.
According to Statistics Canada, the total electricity generation in Canada was 625,887,910 Megawatt hours in 2021. The energy sector generates substantial exploration, production, and distribution data. This influx of data increases the need for data protection solutions, including DLP, to safeguard sensitive information. With the rising generation of electricity, the energy sector will grow significantly. As a result, the market is expected to grow.
According to the National Institute of Standards and Technology, in 2021, manufacturing contributed $2.3 trillion to US GDP, amounting to 12.0 % of total US GDP. In 2020, US manufacturing imported 18.2 % of its intermediate goods/services, resulting in 10.6 % foreign output. Manufacturing companies often have valuable intellectual property, such as patents, trade secrets, and proprietary designs. DLP solutions help safeguard these assets from theft, espionage, or accidental exposure. Manufacturing involves complex supply chains with various partners and vendors. DLP solutions help secure data shared with these stakeholders, reducing the risk of data breaches or leaks in the supply chain. The above factors will drive the market growth in this region.
The US market dominated the North America Data Loss Prevention Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $3,510.7 million by 2030. The Canada market is registering a CAGR of 23.2% during (2023 - 2030). Additionally, The Mexico market would showcase a CAGR of 22.1% during (2023 - 2030).
Based on Offering, the market is segmented into Solution (Storage DLP, Network DLP, Endpoint DLP, and Cloud DLP) and Services (System Integration & Installation, Consulting, Education & Training, Managed Services, and Others). Based on Application, the market is segmented into Encryption, Centralized Management, Policy, Standards and Procedures, Web, & Email Protection, Cloud Storage, Incident Response & Workflow Management and Others. Based on Vertical, the market is segmented into BFSI, Government, Healthcare, Manufacturing, IT & Telecommunication, Retail & Logistics, Aerospace, Defense & Intelligence and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Data Loss Prevention Market is Predict to reach $14.2 Billion by 2030, at a CAGR of 21.3%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Broadcom, Inc., IBM Corporation, Microsoft Corporation, Trend Micro, Inc., McAfee Corp, Palo Alto Networks, Inc., GTB Technologies, Inc., Infowatch, Fortra, LLC (HGGC), and Cisco Systems, Inc.
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