Cloud DLP Market to Garner $27.5 Bn, Globally, by 2031 at 28.0% CAGR: Allied Market Research

Rapidly rising cloud adoption and strict regulatory, compliance and enforcements have boosted the growth of the global cloud DLP market.

PORTLAND, Ore., Aug. 23, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Cloud DLP Market by Component (Solution, Service), by Enterprise Size (Large Enterprises, SMEs), by Industry Vertical (BFSI, IT and Telecommunication, Energy and Utilities, Government and Public Sector, Healthcare and Life Sciences, Retail and Consumer Goods, Manufacturing, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". As per the report, the global cloud DLP industry was accounted for $2.4 billion in 2021, and is expected to reach $27.5 billion by 2031, growing at a CAGR of 28.0% from 2022 to 2031.

Major determinants of the market growth

Rapidly rising cloud adoption and strict regulatory, compliance and enforcements have boosted the growth of the global cloud DLP market. However, dearth of awareness and education and enterprise budgetary constraints hinder the market growth. On the contrary, rise in data sprawl would unlock new opportunities in the future.

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Covid-19 scenario:

• During the pandemic, the risk of data loss witnessed a sharp incline and created a new level of complexity around data loss protection, regulatory compliance, and governance.
• The cloud DLP market witnessed sudden growth due to 123% increase in data downloaded to USB devices by employees and 74% of the data was classified by organization data governance policies.
• The pandemic directly affected the daily operations of several industries by adopting remote working, which forced companies to move their business operations to the cloud. This, in turn, fueled the market growth.

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The solution segment dominated the market

By component, the solution segment held the largest share in 2021, accounting for around two-thirds of the global cloud DLP market, and is projected to maintain its leading position throughout the forecast period. This is due to adoption of the cloud DLPs, as its significant ability to audit historical data and categorize it based on sensitivity. However, the service segment is estimated to register the highest CAGR of 29.8% during the forecast period, due to rise in adoption of cloud-based solutions by the business in order to sustain itself in the market and remain productive.

The SMEs segment to portray the highest CAGR through 2030

By enterprise size, the SMEs segment is projected to manifest the highest CAGR of 29.3% from 2021 to 2030, due to the increased the adoption of cloud security services by SMEs. However, the large enterprises segment held the largest share in 2021, accounting for nearly two-thirds of the global cloud DLP market, owing to rapidly growing digital data availability in the form of consumer profiles, customer feedback, and social media interactions, among others.

The BFSI segment held the largest share

By industry vertical, the BFSI segment held the largest share in 2021, contributing to nearly one-fourth of the global cloud DLP industry. Due to rise of the internet and digital trends, most individuals are turning cashless, and all financial transactions are done through credit card scanners, online checkout pages, and mobile phones. This boosts the growth of the segment. However, the retail and consumer goods segment is expected to manifest the highest CAGR of 33.0% during the forecast period, owing to the increase in the need for stronger asymmetric encryption for retail sectors.

North America held the lion's share

By region, the market across North America dominated in 2021, accounting for nearly two-fifths of the global cloud DLP market, owing to increasing activities of data breaches in various sectors. However, the market across Asia-Pacific is anticipated to showcase the highest CAGR of 30.1% during the forecast period, owing to the accelerating need for data protection in Asia-Pacific and cloud-based DLP applications in Asian countries such as India, Japan, Indonesia, South Korea, and Vietnam.

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Major market players

• Broadcom Inc.
• Check Point Software Technologies LTD.
• Cisco Systems, Inc.
• Forcepoint
• Lookout, Inc.
• McAfee, LLC
• Netskope
• Zecurion
• Zscaler, Inc.

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