Privacy management software has undergone a revolution due to the various online threats and advances in business intelligence, expert systems, and data visualizations. The compliance to latest security laws and concerns of data security and privacy are prime factors playing a major role in shaping the market. The global privacy management software market report comprises latest trends and opportunities in data security as well as estimations on size and growth for the period of 2018 to 2023 (forecast period). The COVID-19 pandemic and the impact on the industry are explored in the report.
The global privacy management software market is expected to grow at a 22.8% CAGR during the forecast period. The concerns of data privacy and security can drive the market demand. The check on unscrupulous activities and monitoring of suspicious data transfer which break data governance policies can bode well for the market. Furthermore, the integration of the software by major corporations and enterprises for protection of in-house data can favor the market.
Accumulation of large volumes of data, distribution of privacy policies, adoption of bring-your-own-devices (BYOD), and remote work are other factors expected to lead to an upswing in market demand. The push for organizational transparency and adherence to laws and policies for reducing business risks can work in favor of the market.
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The global privacy management software market is segmented into application, deployment mode, organization size, and vertical.
By application, the global privacy management software is segmented into compliance management, risk management, reporting and analytics, and others. The compliance management segment is expected to grow at the highest CAGR during the forecast period. This is due to the greater need for identifying and interpreting regulatory changes. This identification enables the enterprises to cope with the varying regulatory environment easily and reduce the risk of non-compliance. The violation of rules can result in penalties and fines.
By deployment mode, the global privacy management software is segmented into on-premises and cloud.
By organization size, the global privacy management software is segmented into small and medium-sized enterprises (SMEs) and large enterprises. The large enterprises segment is expected to have a greater market size than the SME segment. Large enterprises work with huge amount of data and have multiple data sources. It is nearly impossible for large companies to keep a manual check on the varying rules and regulations and maintain data privacy.
By vertical, the global privacy management software is segmented into food, beverages and consumer goods; telecommunication and IT; banking, financial services and insurance (BFSI); healthcare and pharmaceutical, government and defense; and others.
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By region, the global privacy management software market is segmented into North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
Among the regions mentioned, North America is anticipated to have the largest market share during the forecast period. The U.S. occupies nearly 80%-85% share in the region as most of the leading vendors are headquartered in the country with a strong customer base.
The market size of Europe is estimated to grow at the highest CAGR over the forecast period, followed by APAC. EU GDPR and other ePrivacy regulations such as Payment Card Industry (PCI), the Healthcare Information Trust Alliance (HITRUST), Telecommunications Service Companies Privacy Regulation (Germany), Information Commissioners Office (United Kingdom), and Privacy and Electronic Communications Regulations (United Kingdom), have been issued to supplement existing laws and regulations regarding data privacy.
TrustArc Inc, International Business Machines Corporation, AURA DIFUSION S.L., Proteus-Cyber Ltd., PossibleNOW, Inc., MetricStream Inc., Protiviti Inc., OneTrust, LLC, Nymity Inc., 2B Advice LLC, LogicGate, Inc., Bwise, SureCloud, TokenEx, RSA Security LLC, BigID, Inc., AvePoint, Inc., and SIMBUS, LLC. are key players of the global privacy management software market.
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