Pune, India, June 24, 2021 (GLOBE NEWSWIRE) -- The global Data Privacy Software Market size is expected to reach USD 17.75 billion by 2028, exhibiting an excellent CAGR of 41.5% during the forecast period. The growing concerns regarding personal and confidential data will have an outstanding impact on the Market growth in the forthcoming years, states Fortune Business Insights, in a report, titled “Data Privacy Software Market, 2021-2028.” The market size stood at USD 1.12 billion in 2020.
COVID-19 Impact:
Remote Working to Accelerate Demand for Data Management Software amid COVID-19
Various companies and institutions experienced acute and permanent shutdowns as a result of the COVID-19 pandemic. Organizations have difficulty handling sensitive data due to the widespread introduction of remote location and work from home strategies. During the pandemic, there were massive data leaks and security attacks all over the world. Various nations have adopted healthcare standards to manage the publicly identifying information (PII) of COVID positive workers. Organizations may validate their shared content after implementing the program. Thus, these factors together will have an outstanding effect on the Data Privacy Software Market share.
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Market Segments:
Based on the deployment, the market is bifurcated into the cloud and on-premises. On-premises are expected to hold the largest share during the forecast period due to their in-house capability and reliability.
Based on the application, the market is categorized into compliance management, risk management, reporting & analytics, and others. Compliance management is expected to experience a rapid growth rate.
The market is segmented into large enterprises and small & medium enterprises (SMEs) based on the organization size. Large enterprises are expected to hold the lion’s share during the forecast period.
Based on the industry, the market is segmented into BFSI, IT and telecommunication, government, manufacturing, retail, healthcare, and others (education, etc.).
Geographically, the market is classified into North America, South America Asia Pacific, Europe, and the Middle East & Africa.
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The report on Data Privacy Software Market includes?
The Market report discloses excellent insights into the market, systematic data with detailed analysis, market dynamics & aspects demonstrating development and growth, thorough information about vital players in the market, and procured statistics about dominant regions.
Driving Factor:
High Acceptance of IoT Devices to Strengthen Data Privacy Software Market Growth
Due to the proliferation of IoT devices manufacturing, BFSI, healthcare, and others in industries, demand for data protection management applications is rising. IoT-connected systems are projected to reach 43 billion by 2023, according to McKinsey & Company. Similarly, the widespread use of 5G technologies is expected to provide openings for key industry leaders to extend their offerings. The wireless network allows real-time data and transaction exchange. As a result, the market for apps is expected to rise as the number of IoT devices and applications grows. This would allow speedy expansion of the data privacy management industry in the coming years.
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Regional Insights:
Implementation of Stringent Laws to Augment Growth in Asia Pacific
Asia Pacific is projected to expand at a rapid pace during the forecast period. Japan, China, India, Singapore, and other countries are concentrating on enacting stringent consumer privacy regulations, which, in turn, will aid the expansion of the market. To deal with the number of data breaches, China and India have adopted national data security laws. Singapore's Cyber Security Agency announced the "Singapore's Safer Cyberspace Masterplan 2020" in October 2020, with the aim of enforcing stringent data privacy regulations. Europe is expected to rise at a significant CAGR during the forecast period due to the introduction of GDPR in numerous European countries.
Competitive Landscape:
High Investment in Advanced Privacy Software to Spur Competition
To meet the rising need for data security and management, the major players invest in developing and releasing advanced privacy applications. These companies provide tools to process consumer data in accordance with each country's rules and regulations. Also, many companies such as IBM Corporation, Protiviti, Inc, RSA Security LLC, SureCloud (London), and OvalEdge (Georgia, United States) are focused on introducing trailblazing privacy management software to gain a competitive edge.
Key Development:
April 2020: TrustArc, Inc. announced the launch of its data privacy platform to help organizations automate, simplify, and mitigate privacy risks.
The Report Lists the Key Companies in the Market for Data Privacy Software:
- OneTrust, LLC (Georgia, United States)
- AvePoint, Inc. (New Jersey, United States)
- TrustArc, Inc. (California, United States)
- Securiti.AI. (California, United States)
- BigID, Inc. (New York, United States)
- IBM Corporation (New York, United States)
- Protiviti, Inc. (California, United States)
- RSA Security LLC (Massachusetts, United States)
- SureCloud (London)
Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Key Takeaways
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Data Privacy Software Key Players Market Share Insights and Analysis, 2020
- Key Market Insights and Strategic Recommendations
- Companies Profiled (Covered for key 10 players only)
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
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