MarketsandMarkets expects the Cloud Data Loss Prevention (DLP) Market to grow from USD 744.4 million in 2017 to USD 2,508.9 million by 2022, at a Compound Annual Growth Rate (CAGR) of 27.5%.
Cloud DLP solutions and services, based on the central policies, protect the data-at-rest, data-in-transit, and data-in-use for enterprises which are moving into or are already present in the cloud.
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The services segment is expected to be the fastest growing component in the cloud DLP market, as the proliferation of cyber-attacks and advancement in the skills of hackers and intruders accompanied, by weaker security solutions for the cloud, has produced a dire need for the organizations to strengthen their cloud security portfolio with strong cloud DLP capabilities. Furthermore, implementing cloud DLP solutions alone is not adequate for individuals to secure their personal devices. To tackle their specific needs, there is a strong requirement of related services in the cloud DLP market. These factors are expected to drive the growth of the services segment at the highest CAGR.
The managed services segment is expected to be the fastest growing service type in the cloud DLP market, as managed security vendors provide enterprise users with extensive cloud DLP capabilities for validating regulatory compliances with internal security policies. As a result, companies are rapidly outsourcing their network security concerns to specialized service providers, known as Managed Security Service Providers (MSSPs). The managed services segment secures data and provides confidentiality, integrity, and availability. Regulatory compliances are achieved and the reduction in data breaches and protection of intellectual property is guaranteed. Managed Security Services (MSS) help in providing network assessment, targeted scanning and reporting, unlimited report generation, security controls and remediation, vulnerability analysis, and live monitoring.
The support and maintenance segment is expected to grow at a higher rate, as these services cover all the aspects of support, from routine activities to streamlined fault handling, and progressive product upgrade procedures, product development, and systems integration. These services range from pre-sales to post-sales support offered by the cloud encryption vendors. They also include timely updates for software and applications. The support service vendors support the deployment of cloud DLP solutions, secure the customer’s data, and re-train the end-users on the custom applications specific to an organization. Therefore, it is expected that enterprises would significantly adopt cloud DLP support and maintenance services during the forecast period.
The Small and Medium-sized Enterprises (SMEs) segment is expected to adopt cloud DLP solution and services at the fastest rate during the forecast period, as these enterprises are facing a greater resource crunch than that of the large enterprises and require better methods to solve the complexities for better cost optimization on their business processes. SMEs are mainly adopting cloud DLP solutions and services to protect the cloud data and secure cloud-based applications from vulnerabilities and attacks.
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The retail and consumer goods vertical is expected to grow at the highest rate during the forecast period, as data risk is present at all levels in this vertical, from various transactions to the confidentiality of personal information of customers and employees. The retail and consumer goods industry is always expected to be on the top in terms of cost-cutting, improving revenue margins, and adopting the latest cloud technologies. Moreover, retailers need to adhere to various compliance mandates through regulatory standards, such as Payment Card Industry Data Security Standard (PCI DSS). The advancement of mobile technologies has encouraged this sector to adopt mobile devices, with real-time access, to provide better quality services to customers. Furthermore, this vertical is one of the most targeted verticals by cyber-attackers because of the potential payouts and huge number of monetary transactions made via VISA, MasterCard, and other payment processing networks. Enterprises in the retail and consumer goods vertical are consistently focusing on improving their IT performance, reducing the costs, and delivering an enhanced digital shopping experience.
The Asia Pacific (APAC) region is expected to grow at the highest rate during the forecast period, due to the increased adoption of cloud DLP solution and services, which would help enterprises tackle cybersecurity concerns. Small as well as large-scale organizations in the APAC region have become more aware about government regulations and compliances, and have started adopting proactive cloud DLP solutions and services to combat against cyber vector attacks.