Pune, India, April 05, 2022 (GLOBE NEWSWIRE) -- The global data privacy software market size hit USD 1.68 billion in 2021. The market value is slated to rise from USD 2.36 billion in 2022 to USD 25.85 billion by 2029 at 40.8% CAGR during 2022-2029. Widespread shift toward remote working culture, evolving data privacy regulations, and growing adoption of IoT devices are among the major factors propelling the market forward, states Fortune Business Insights™ in its report titled “Data Privacy Software Market, 2022-2029.”
Key Industry Development:
July 2021 – IBM Corporation introduced new data security features to its FlashSystem line of all-flash arrays that help businesses better plan for – and recover swiftly from – ransomware and other intrusions.
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| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 40.8% |
| 2029 Value Projection | USD 25.85 billion |
| Base Year | 2021 |
| Market Size in 2021 | USD 1.68 billion |
| Historical Data for | 2018-2020 |
| No. of Pages | 150 |
| Segments covered | By Deployment, By Application, By Organization Size, By Industry |
| Growth Drivers | Rising Adoption of IoT Devices to Aid Global Data Privacy Software Market Growth |
| Growing Demand for Cloud-based Software to Fuel the Market Growth |
Market Growth Drivers:
Tightening Data Protection Regulations to Augment Market Growth
The data privacy software market growth is influenced by the changing landscape of data security regulations worldwide. Governments across several countries are introducing stricter laws and standards. For instance, the European Union (EU) introduced the General Data Protection Regulation (GDPR) to prevent the misuse of customer data. Similarly, the U.S. government launched the California Consumer Privacy Act in December 2020 to empower the citizens of California with enhanced control over their shared data.
Increasing adoption of IoT devices will also present substantial opportunities for the market growth. McKinsey & Company predicts that there could be more than 43 billion connected devices by 2023. However, while the adoption of IoT and 5G rises, lack of awareness about data privacy software could impact its adoption.
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Segments
Deployment, Application, Organization Size, Industry, and Geography are Studied
In terms of deployment, the market is bifurcated into cloud and on-premises.
By application, the market is broken down into risk management, compliance management, reporting & analytics, and others.
Based on organization size, the market is divided into large enterprises and small & medium enterprises.
According to industry, the market is segmented into IT and telecommunication, BFSI, government, retail, manufacturing, healthcare, and others.
Geographically, the market is split into North America, South America, Asia Pacific, Europe, and the Middle East & Africa.
Global Data Privacy Software Market Segmentation:
By Deployment
- Cloud
- On-premises
By Application
- Compliance Management
- Risk Management
- Reporting & Analytics
- Others
By Organization Size
- Small & Medium Enterprises
- Large Enterprises
By Industry
- BFSI
- IT and Telecommunication
- Government
- Manufacturing
- Retail
- Healthcare
- Others
By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia Pacific
Regional Insights
North America to Dominate Led by Presence of Major Market Players
North America is slated to dominate the data privacy software market share through 2029. In 2021, the region generated USD 682.9 million in terms of annual revenue. Growth is attributable to the presence of prominent market players in the region. Strict data protection regulations will strengthen the regional outlook.
The market in Asia Pacific will record remarkable growth during the forecast period, with the introduction of stringent data security norms in China, Japan, India, Singapore, and other nations.
Meanwhile, Europe will record substantial growth led by several initiatives undertaken by respective governments to improve data privacy.
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Key Companies in the Global Market are:
- OneTrust, LLC (U.S.)
- AvePoint, Inc. (U.S.)
- TrustArc, Inc. (U.S.)
- Securiti.AI. (U.S.)
- BigID, Inc. (U.S.)
- IBM Corporation (U.S.)
- Protiviti, Inc. (U.S.)
- RSA Security LLC (U.S.)
- SureCloud (U.K.)
Table of Content:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- 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, 2021
- Porter’s Five Force Analysis
- Global Data Privacy Software Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By Deployment (USD)
- Cloud
- On-premises
- By Application (USD)
- Compliance Management
- Risk Management
- Reporting & Analytics
- Others
- By Organization Size (USD)
- Small & Medium Enterprises
- Large Enterprises
- By Industry (USD)
- BFSI
- IT and Telecommunication
- Government
- Manufacturing
- Retail
- Healthcare
- Others (Education, etc.)
- By Region (USD)
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
- North America Data Privacy Software Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By Deployment (USD)
- Cloud
- On-premises
- By Application (USD)
- Compliance Management
- Risk Management
- Reporting & Analytics
- Others
- By Organization Size (USD)
- Small & Medium Enterprises
- Large Enterprises
- By Industry (USD)
- BFSI
- IT and Telecommunication
- Government
- Manufacturing
- Retail
- Healthcare
- Others (Education, etc.)
- By Country (USD)
- United States
- By Industry
- Canada
- By Industry
- Mexico
- By Industry
- United States
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