According to a new market research report “Data Exfiltration Market by Solution (UAM, Antivirus/Anti-malware, Firewall, IDS/IPS, Encryption, DLP, and Others (IRM, DNS Security, and Data Classification)), Service, Organization Size, Industry Vertical, and Region – Global Forecast to 2023“, published by MarketsandMarkets™, the report defines, describes, and forecasts the global market.
Among the services, the managed services segment is expected to grow at a higher CAGR than the professional services segment. Due to lack of expertise, many organizations outsource their security needs to Managed Security Service Providers (MSSPs). This trend is expected to grow in coming years as this service allows organizations to get the latest and most advanced cybersecurity solutions in a cost-effective manner and, does not require any kind of maintenance as well.
The Small and Medium-sized Enterprises (SMEs) segment is expected to play a key role in the growth of data exfiltration market. This segment is expected to grow at a higher CAGR than large enterprises during the forecast period. The factors such as the increasing online malware, and sophistication levels of web attacks are driving SMEs to deploy data exfiltration prevention solutions. Data exfiltration prevention solutions help organizations in addressing these issues and securing their most important IT asset, data.
Among the industry verticals, the IT and telecom vertical is expected to witness the highest growth rate due to a growing trend of IoT and cloud, and smart city initiatives. A substantial number of startups and innovative projects are expected to be coming in this industry vertical, which will encourage significant adoption of data exfiltration solutions by the industry vertical. Data related to customers, such as name, address, and financial data are attractive targets for cybercriminals. To prevent data breaches, the telecom industry employs advanced data exfiltration prevention solutions.
The data exfiltration market in Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. The growing adoption of cutting edge solutions to enhance productivity and increasing digitalization would drive the demand for data exfiltration prevention solutions in the region. Furthermore, rapid economic growth in the major APAC countries, along with regulatory reforms and economic stability, is expected to drive the growth of the data exfiltration market in the region. Enterprises belonging to a range of verticals, such as government, BFSI, IT and telecom, education, healthcare, retail, and manufacturing, would increase their investments in data exfiltration prevention solutions.
Many security vendors are employing advanced machine learning and analytics to complement their security solutions. The applied analytics user behavior and endpoints is gaining traction to its cost effectiveness in terms of providing security over other security solutions, such as firewall, encryption, or DLP. The combination of machine learning and analytics with cybersecurity solutions is a major innovation in the data exfiltration market, and is expected to be a driving factor for wider adoption of data exfiltration prevention solutions.
The increasing cyberattack incidents on enterprises to illegally transfer their sensitive business data has become one of the major concerns for business owners. The consequences could be losing reputable position in the market, monetary loss, interruption in business operations, or even legal proceedings. Various data exfiltration prevention solutions employed by enterprises include user activity monitoring, antivirus/anti-malware, firewall, Intrusion Detection System/Intrusion Prevention System (IDS/IPS) encryption, Data Loss Prevention (DLP), and others (Information Rights Management [IRM], DNS Security, and Data Classification). Among the solutions, user activity monitoring is expected to grow with the highest CAGR as analytics-based security solutions are increasingly adopted by enterprises to protect their IT infrastructure from internal as well as external threats.
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