According to recent data collected by PreciseSecurity.com, the Data Loss Prevention (DLP) market is expected to grow by 83% in the coming four years. This is because governments and companies are worried about the effect hackers are having on the industry and how individuals and firms are every time more exposed to data loss.
Data Loss Prevention Market is Projected to Surge
The Data Loss Prevention market is expected to expand rapidly during the next four years. This is according to an official data report provided by the technology market research firm called The Radicati Group.
In 2019 YTD, DLP revenues reached $1.24 billion U.S. dollars. Although this is an impressive number, the whole market is expected to rapidly grow in in the coming years.
Considering the large public concern about data privacy and security, the DLP market revenue is expected to grow by 13.7% to $1.41 billion in 2020, by 16,31% to $1.64 billion in 2021, by 17.6% to $1.93 billion in 2022, and finally by 18.13% to $2.28 billion in 2023.
In the last years, several large companies have been affected by data loss from users and customers. Two of these companies include Facebook and British Airways, among others.
British Airways had to pay a fine of £183 million (~$235 million USD) due to a data breach in which details of several passengers’ credit cards were stolen.
Earlier in 2019, more than 1.5 million Facebook users were affected by a data breach in which the company harvested the email contacts of several individuals.
The educational technology company Edmodo has also been affected by data loss, which resulted in hundreds of users’ passwords being available for hackers and malicious actors.
The world is becoming much more interconnected and the internet is playing a very important role for this to happen. However, many companies are not seriously taking care of users’ information and data.
This is why the whole market will grow and increase its revenues in the coming years. Governments are also increasing their regulations over companies and the fines they have to pay if users’ data is vulnerated.
As previously reported by the security news portal PreciseSecurity.com, the Information Security Market Merger and Acquisition (M&A) reached a valuation of $21.6 billion in 2019 YTD, which is highest since 2010. This is certainly connected to the DLP market and the security users deserve to have.