"Smart Strategies, Giving Speed to your Growth Trajectory"

Data Privacy Software Market Size, Share & COVID-19 Impact Analysis, By Deployment (On-Premises, and Cloud), By Application (Compliance Management, Risk Management, Reporting & Analytics, and Others), By Organization Size (Small & Medium Enterprise (SMEs), and Large Enterprise), By Industry (BFSI, IT and Telecommunication, Government, Manufacturing, Retail, Healthcare, and Others), and Regional Forecast, 2021-2028

Region : Global | Format: PDF | Report ID: FBI105420

 

KEY MARKET INSIGHTS

The global data privacy software market size was USD 1.12 billion in 2020. The global impact of COVID-19 has been unprecedented and staggering, with data privacy software witnessing a significant impact on demand across all regions amid the pandemic. Based on our analysis, the global market exhibited a substantial growth of 39.7% in 2020 as compared to the average year-on-year growth during 2017-2019. The market is projected to grow from USD 1.57 billion in 2021 to USD 17.75 billion in 2028 at a CAGR of 41.5% in the 2021-2028 period. The rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.


Data privacy software assists organizations in managing and operating customers’ personal data. The software classifies the content of the customer as per the country’s compliance rules and laws. The increasing concerns regarding personal and confidential data breaches are driving organizations to adopt data privacy management software. The growing country-wise data privacy acts and regulations are likely to fuel the demand for the software. The software companies worldwide are focused on developing and offering compliance-based solutions for the organization. For instance, in April 2021, TrustArc, LLC announced the launch of Audiencerate, an international privacy verification of the company. The verification system assists organizations in managing and protecting personal data as per the industry-specific standards. 


COVID Impact


Remote Work Culture to Boost Privacy Software Market Amid Pandemic


During the COVID-19 pandemic, various businesses and organizations witnessed temporary and permanent shutdowns. With the rapid adoption of remote location and work from home policies, organizations face challenges in managing confidential data. During the pandemic, major data breaches and cyber threats/incidents occurred globally. As per Moneylife’s article, organizations such as BigBasket faced a data breach in March 2021, where 20 million customer data was hacked. Similarly, Twitter data breaches occurred in January 2020.


The growing concern of losing personal data to hackers drives the demand for data privacy software across developing nations. Thus, organizations are implementing software due to growing cyber breaches, as various countries opted for data privacy laws to reduce the misuse of customers’ personal data. For instance, to manage the personally identifiable information (PII) of COVID positive employees, various countries have introduced healthcare guidelines. The companies can disclose the data of COVID positive employees as per these guidelines. With the implementation of the software, the organizations can verify its shared content. Thus, during the year 2020, the software witnessed slow growth rate owing to the sudden changes in the work environment. However, post-2020, the software is expected to gain remarkable growth.


LATEST TRENDS


Request a Free sample to learn more about this report.


Rising Government Regulations on Data Privacy to Surge Software Demand


The growing data privacy concerns have forced governments of various countries to implement data privacy enforcement laws and regulations. For instance, in April 2016, The European Union launched a regulation as “General Data Protection Regulation (GDPR)”, in concern to the growing misuse of individual’s personal data. The law was introduced to provide safety, protection, and rights to the individual to restrict its data usage by the businesses and other organizations. Similarly, in December 2020, the United States introduced the “California Consumer Privacy Act” to empower California citizens with more control over their shared data. Likewise, in September 2020, to protect 140 million internet users’ private data, the Brazilian General Data Protection Law LGPD (Lei Geral de Proteção de Dados Pessoais) was introduced by the Government of Brazil. Along with this, the government has 40 more industry or segment-specific data protection laws.


With such stringent regulation, organizations face challenges such as processing individual’s collected data securely and without violating any law. Organizations are facing difficulties in managing different country-specific regulations. These conditions have driven the demand for data privacy software. The software assists the organization in compliance with the policies and rules for data protection. Thus, the growth in data protection act worldwide is likely to drive data privacy software market growth.


DRIVING FACTORS


Rising Adoption of IoT Devices to Aid Market Growth


The demand for data security management software is growing, owing to the increasing IoT devices across industries such as manufacturing, BFSI, healthcare, and others. As per McKinsey & Company, by 2023, IoT-connected devices are expected to increase to 43 billion. Similarly, the vast implementation of 5G technology is likely to drive opportunities for key players in the market to expand their offerings.


The IoT technology shares and operates on real-time data of customers and organizations. Real-time information and transaction-related information are shared through the wireless network. The adoption of IoT has seen a vast surge in many areas such as smart retail, smart home appliances, smart city projects, and health monitoring, that has increased the need for IoT security. Thus, growing IoT devices and applications are likely to drive the demand for software.


RESTRAINING FACTORS


Lack of Awareness and Insufficient Knowledge about Software to Challenge Growth


Enterprises are facing challenges with the processing of the customers’ personal data and insights. Lack of awareness about software among small and medium enterprises (SMEs), start-ups, and local organizations can hinder the growth of the market. Also, SMEs have a limited budget for IT services and solutions. This restricts the full adoption of the software. This is likely to hinder the demand for the software and its market growth.


SEGMENTATION


By Deployment Analysis


Growing Demand for Cloud-based Software to Fuel the Growth of the Market


Based on the deployment, the market is bifurcated into the cloud and on-premises. On-premises are expected to showcase steady CAGR, owing to its reliable and secured in-house capability. Cloud-based software is likely to gain significant growth during the forecast period as it supports automating the privacy management suits. As businesses grow over the period, organizations are adopting cloud-based software to expand their capability to store a substantial amount of data. The cloud-based software also offers status and insights of the privacy policy and tracks the program. This is likely to drive the cloud-based software market.


By Application Analysis


Increasing Stringent Government Regulations to Fuel Compliance Management Demand


Based on the application, the market is categorized into compliance management, risk management, reporting & analytics, and others. Compliance management is expected to lead the segment during the forecast period. The software helps organizations to perform activities in line with the regulation to protect confidential data. The growing laws in support of data protection are driving the demand for software across compliance management applications. Risk management is likely to gain rapid growth as the software identifies, evaluates threats and negative impacts of the operation on the individual’s data. Thus, to lower the risk of exposing the client's personal information, the data privacy software is gaining traction in risk management.


By Organization Size Analysis


Global Presence of Large Enterprises to Drive Demand for Software


Based on the organization size, the market is segmented into large enterprises and small & medium enterprises (SMEs). Large enterprises are expected to dominate the segment share during the forecast period. The majority of large enterprises have a robust global presence; this drives the adoption of the software to manage country-wise data protection law. Further, large enterprises collect, store and operate on huge sets of client data. During the forecast period, SMEs are expected to gain traction. The growing data breach incidents across developing nations drive the demand for software among small and medium enterprises, start-ups, and government enterprises. As per the 2020 Carbon Black report, every day, around 65,000 data breach attempts were made on SMEs of the UK in 2019.


By Industry Analysis


To know how our report can help streamline your business, Speak to Analyst


Growing Digital Banking Applications to Drive Demand for Software in BFSI


Based on the industry, the market is segmented into BFSI, IT and telecommunication, government, manufacturing, retail, healthcare, and others (education, etc.).


The BFSI industry is expected to dominate the market share during the forecast period. The growing adoption of digital banking applications and online customer interactions is likely to drive the demand for the software. Also, enterprises across BFSI store and process highly confidential data of users. The Healthcare industry is expected to gain traction during the forecast period. The increasing threats to patients’ health data with rising cyberattacks on the industry are likely to boost the growth. Also, the introduction of The Health Insurance Portability and Accountability Act (HIPPA) in the healthcare industry is driving the demand for records privacy management software.


REGIONAL INSIGHTS


North America Data Privacy Software Market Size, 2020 (USD Billion)

To get more information on the regional analysis of this market, Request a Free sample


Geographically, the market is fragmented into five major regions such as North America, South America, Asia Pacific, Europe, and the Middle East & Africa. They are further categorized into countries.


North America is expected to gain the largest market share throughout the forecast period. The strong presence of key players and rising investment by major players drive the growth opportunity in the region. The United States is likely to lead the segment owing to the growing awareness regarding the data protection acts among the customers. With the California Consumer Privacy Act as an initial step, the government of the US is expected to drive more stringent laws on data protection.


The Asia Pacific is expected to witness remarkable growth during the forecast period. Countries such as Japan, China, India, Singapore, and others are focusing on implementing strict laws on consumer privacy act. China and India have introduced national data protection rules to manage the increasing number of data breaches. In October 2020, the Cyber Security Agency of Singapore introduced “Singapore's Safer Cyberspace Masterplan 2020”, to enforce strict regulation towards data protection. With growing data breaching incidents, Japan is likely to introduce Europe’s GDPR-like regulation for data safety. This is expected to boost the software market in APAC.


Europe is anticipated to grow with a substantial CAGR during the forecast period. The initial step toward data protection and consumer rights and the launch of GDPR, are likely to provide opportunities for the key players. The United Kingdom lead the segment during the forecast period. As per the 2020 Carbon Black reports, 88% of the UK companies witnessed data breaches in the last 12 months.


To know how our report can help streamline your business, Speak to Analyst


Likewise, with growing technological advancement in the Middle East and Africa, the key players in the countries such as GCC, Israel, South Africa, and others are likely to have vast opportunities. South America to witness significant growth during the forecast period. With the growing data protection concern and Brazilian LGPD law, the market is likely to gain traction.


KEY INDUSTRY PLAYERS


Key Companies Are Focused on Offering Solutions In-line with New Regulations


The key players are investing in developing and launching advanced privacy software to fulfill the growing demand for data protection and management. These players are offering software to manage customer data as per the guidelines and regulations of every country. Some of the leading players are providing interactive sessions for the organizations to interact with software and security professionals for managing the clients’ information.


March 2021 – IBM Corporation launched IBM OpenPages Data Privacy Management based on advanced technologies to meet data privacy policies and challenges. The solution is based on an AI platform, to mitigate, verify and classify data as the regulations.


October 2020 – AvePoint, Inc., announced its new Policies and Insights (PI) Software-as-a-Service solution to prevent exposure to sensitive data. This data access governance solution contains oversharing of the data.


LIST OF KEY COMPANIES PROFILED:



  • 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)


KEY INDUSTRY DEVELOPMENTS:



  • February 2021 – OneTrust, LLC announced a PrivacyConnect chapter meeting dates for the discussion with privacy, security, and governance professionals. PrivacyConnect Chapters covers 6 continents and 100 cities. It discusses the latest regulation CPA, CPRA, Schrems II, and LGPD, and more.

  • January 2021 – SureCloud launched an advanced Compliance Management Solution with next-generation pre-mapped content and automation. The solution centrally monitors and reports the organizations to operate under all the regulations and compliances.


REPORT COVERAGE


An Infographic Representation of Data Privacy Software Market

To get information on various segments, share your queries with us



The global data privacy software market research report highlights leading regions across the world to offer a better understanding of the user. Furthermore, the report provides insights into the latest market trends and analyzes technologies deployed at a rapid pace at the global level. It further highlights some of the growth-stimulating factors and restraints, helping the reader gain in-depth knowledge about the market.


REPORT SCOPE & SEGMENTATION






















































  ATTRIBUTE



  DETAILS



Study Period



  2017-2028



Base Year



  2020



Forecast Period



  2021-2028



Historical Period



  2017-2019



Unit



  Value (USD Billion)



Segmentation



  Deployment; Application; Organization Size; Industry; and   Geography



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 (Education, etc.)



By Region




  • North America (Deployment; Application; Organization Size; Industry; Country)

    • United States (By Industry)

    • Canada (By Industry)

    • Mexico (By Industry)



  • South America (Deployment; Application; Organization Size; Industry; Country)

    • Brazil (By Industry)

    • Argentina (By Industry)

    • Rest of South America



  • Europe (Deployment; Application; Organization Size; Industry; Country)

    • United Kingdom (By Industry)

    • Germany (By Industry)

    • France (By Industry)

    • Italy (By Industry)

    • Spain (By Industry)

    • Russia (By Industry)

    • Benelux (By Industry)

    • Nordics (By Industry)

    • Rest of Europe



  • The Middle East & Africa (Deployment; Application; Organization Size; Industry; Country)

    • Turkey (By Industry)

    • Israel (By Industry)

    • GCC (By Industry)

    • North Africa (By Industry)

    • South Africa (By Industry)

    • Rest of MEA





  • Asia Pacific (Deployment; Application; Organization Size; Industry; Country)

    • China (By Industry)

    • India (By Industry)

    • Japan (By Industry)

    • South Korea (By Industry)

    • ASEAN (By Industry)

    • Oceania (By Industry)

    • Rest of Asia Pacific





Frequently Asked Questions

The market is projected to reach USD 17.75 billion by 2028.

In 2020, the market size stood at USD 1.12 billion.

The market is projected to grow at a CAGR of 41.5%.

Compliance management is likely to lead the market.

The rising adoption of IoT devices is driving the market growth.

OneTrust, TrustArc, Inc., BigID, Inc., Securiti.AI., AvePoint, Inc., IBM Corporation, RSA Security LLC, SureCloud, are the top players in the market.

North America is expected to hold the highest market share.

The Healthcare industry is expected to grow with the highest CAGR.

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts

Speak to an Expert
Data Privacy Software Market Size, Share and Global Industry Trend Forecast till 2026
  • Jun, 2021
  • 2020
  • 2017-2019
  • 150

    CHOOSE LICENSE TYPE

  • $4850
    $6850
    $8850

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Client Testimonials

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.
X