Cloud DLP Market Expected to Reach $27.5 Billion by 2031

According to a new report published by Allied Market Research, titled, “Cloud DLP Market," The cloud dlp market size was valued at $2.4 billion in 2021, and is estimated to reach $27.5 billion by 2031, growing at a CAGR of 28% from 2022 to 2031.

Global cloud DLP provides automation to various functions of the global financial sector which include audit, risk & compliance management, BI & analytics applications, business transaction processing, customer experience, and enterprise IT. Apart from automating the functions, the applications also help in automating the analysis of huge chunks of quantified data which in turn helps in drafting organizational strategies and strategic decision making. Furthermore, the rising emergence of demand for digital channels for Banking and enhanced customer services offered by cloud DLP is driving the growth of the market. In addition, the surging demand for workforce optimization solutions is fueling the growth of the cloud DLP market. However, increasing the cost of deployment and adhering to different political factors and regulatory compliances limit the growth of this market. Conversely, growing investment in big data, mobility, and cloud technologies by the fintech companies is anticipated to provide numerous opportunities for the expansion of the market during the forecast period.

Depending on the enterprise size, the large enterprise segment dominated the cloud DLP market share in 2021 and is expected to continue this trend during the forecast period, owing to the increase in dependence on cloud DLP solutions due to rapidly growing digital data availability in the form of consumer profiles, customer feedback, social media interactions, and others. However, the SMEs segment is expected to witness the highest growth in the upcoming years, owing to the increase in investments by the market players to develop security cloud services for SMEs.

Region-wise, the cloud DLP industry was dominated by North America in 2021 and is expected to retain its position during the forecast period, owing to the rising adoption of self-service across their merchandising and service segments to enhance their customer engagement, and government initiatives promoting digitization and smart city development aiding the growth of the cloud DLP market. However, Asia Pacific is expected to witness significant growth during the forecast period, owing to expanding access to financial services for more people means a higher growth rate over the region, which is expected to fuel the market growth in this region.

The impact of the COVID-19 outbreak impacted global operations across various industries in different regions. With the emergence of the COVID-19 pandemic, the market is anticipated to grow further as the total volume of data being generated across the world is rising at a much faster pace. Moreover, enterprises across the world are increasingly adopting better security solutions as part of their digital transformation process, thereby augmenting the growth of the market.

Moreover, as a result of the COVID-19 lockdowns, the companies started to switch to remote working environments, and an unprecedented number of people are now making usage of mobile devices as their primary communications device, thereby creating more endpoints for the organization to secure from the rising cyber threats. These factors are expected to boost cloud DLP market forecast growth during the forecast period.

KEY FINDINGS OF THE STUDY

• By component, the service segment accounted for the largest cloud DLP market share in 2021.
• Region-wise, North America generated the highest revenue in 2021.
• On the basis of enterprise size, the large enterprise segment generated the highest revenue in 2021.

The global Cloud DLP market analysis is dominated by key players such as Broadcom Inc, Check Point Software Technologies LTD., Cisco Systems, Inc., Forcepoint, Help/Systems, LLC, Lookout, Inc., McAfee, LLC, Netskope, Zecurion and Zscaler, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the cloud DLP industry.