Market Analysis
The global privacy management software market size will develop at a healthy 22.8% CAGR during the forecast period 2020- 2027, states the latest Market Research Future (MRFR) analysis. Privacy management software, put simply, is specially designed software which is developed for supporting the privacy requirements of an enterprise. Due to the rising number of security breaches and cyber-attacks, several organizations are adopting improved cyber security solutions to prevent the loss of confidential data. This software helps organizations in conducting privacy impact assessments, checking processing activities against needs from privacy regulations, and tracking incidents which result in unauthorized disclosures of personal data (reporting, remediation, investigation).
Various factors are fuelling the global privacy management software market growth. As per the recent MRFR market estimates, such factors include the growing concern for data privacy, the rising adoption of BYOD (bring your own devices), data protection and governance regulations, the rising number of cyber-attacks, the rigid government regulations over data security, and ever increasing enterprise expenditure for data privacy. The additional factors adding market growth include the improved accountability for ensuring data security, the rise in various laws and privacy rules for data protection, constant research and development activities to bring the needed innovations in privacy management software market, strict government regulations regarding data security, increasing use during COVID-19 pandemic, and rising enterprises spending for data privacy.
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Market Segmentation
The MRFR report throws light on an inclusive segmental analysis of the global privacy management software market based on vertical, organization size, deployment mode, and application.
By application, the global privacy management software market is segmented into reporting and analytics, risk management, compliance management, and others. Of these, the compliance segment will lead the market over the forecast period.
By deployment mode, the global privacy management software market is segmented into cloud and on-premises. Of these, the cloud segment will dominate the market over the forecast period.
By organization size, the global privacy management software market is segmented into large enterprises and small and medium sized enterprises (SMEs). Of these, the large enterprises will spearhead the market over the forecast period.
By vertical, the global privacy management software market is segmented into BFSI, government and defense, healthcare and pharmaceutical, food, beverages, and consumer goods, telecommunication and IT, and others. Of these, the BFSI segment will have the lions share in the market over the forecast period.
Regional Analysis
By region, the global privacy management software market covers the recent trends and growth opportunity across Europe, the Asia Pacific (APAC), North America, and Rest of the World (RoW). Of these, North America will remain the driving force in the market over the forecast period. The presence of chief vendors in the US, the region being the hub for major organizations across the globe, booming IoT sector, and the expansion of the retail industry are adding to the global privacy management software market growth in the region. The US has the utmost market share.
In Europe, the global privacy management software market is predicted to hold the second-largest share over the forecast period and at the highest CAGR for EU GDPR as well as other ePrivacy regulations like Privacy and Electronic Communications Regulations (United Kingdom), Telecommunications Service Companies Privacy Regulation (Germany), Information Commissioners Office (United Kingdom), Payment Card Industry (PCI), and Healthcare Information Trust Alliance (HITRUST). They have been issued for supplementing existing laws and regulations regarding data privacy.
Key Players
The prominent players profiled in the global privacy management software market report include Bwise (US), RSA Security LLC. (US), PossibleNOW, Inc. (US), MetricStream Inc. (US), LogicGate, Inc. (US), AvePoint, Inc. (US), AURA DIFUSION S.L.(US), SureCloud (UK), TokenEx (US), 2B Advice LLC (US), Proteus-Cyber Ltd. (UK), Protiviti Inc. (US), International Business Machines Corporation (US), BigID, Inc. (US), SIMBUS, LLC. (US), TrustArc Inc (US), OneTrust, LLC (UK), and Nymity Inc. (US), among others.
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