SC Media: Cloud data loss prevention market estimated to hit $27.5 billion by 2031

Allied Market Research on Tuesday released a new report on the cloud data loss prevention (DLP) market that found the cloud DLP industry will grow from $2.4 billion in 2021 to a massive $27.5 billion by 2031 — a compound annual growth rate of 28%.

The researchers said during the pandemic, the risk of data loss witnessed a sharp incline and created a new level of complexity around DLP, regulatory compliance, and governance.

Covid has changed the way customers adopt and use technology, said Domnick Eger, Field CTO at Anjuna Security. Eger said the use of DLP solutions has historically been managed from a central location and provided IT professionals a way to keep data in companies safe. With the massive adoption of remote work, Eger said it’s getting harder and harder for companies to mitigate risk.

“DLP solutions as a whole are based on protecting companies' assets, but not all assets being created are being tracked by these technologies,” Eger said. “Another issue is the companies are expanding their attack surface by moving on-prem applications and data to the cloud. Our collective goal as an industry is to help educate and increase the use of privacy and enhanced technology solutions to drive the needed change in these markets and make sure the growth of DLP is done in a responsible manner rather than making the whole process even more complicated than it already is and letting IT professionals have a manageable way of tracking changes and movement in their vast global networks.”

Read the full article on SC Media for more.