Pune,India, March 09, 2023 (GLOBE NEWSWIRE) -- The data privacy software market Size was USD 1.68 billion in 2021 and the market is projected to grow from USD 2.36 billion in 2022 to USD 25.85 billion by 2029, exhibiting a CAGR of 40.8% during the 2022-2029 period. North America is expected to hold the largest market share. Fortune Business Insights, provide this information in its report titled, “Data Privacy Software Market Forecast, 2023-2029.”
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Key Development:
TrustArc, Inc. announced the launch of its data privacy platform to help organizations automate, simplify, and mitigate privacy risks.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 40.8% |
| 2029 Value Projection | USD 25.85 Billion |
| Base Year | 2021 |
| Data Privacy Software Market Size in 2021 | USD 1.68 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 150 |
| Segments covered | Deployment, Application, Organization Size, Industry and Geography |
| Data Privacy Software Market Growth Drivers | High Acceptance of IoT Devices to Strengthen Data Privacy Software Market Growth |
Key Takeaways
- Data privacy software assists organizations in managing and operating customers’ personal data.
- The increasing concerns regarding personal and confidential data breaches are driving organizations to adopt data privacy software.
- Deployment Analysis: Growing Demand for Cloud-based Software to Fuel the Market Growth
- The growing data privacy concerns have forced governments of various countries to implement data privacy enforcement laws and regulations.
- North America is expected to gain the largest market share throughout the forecast period.
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Driving Factor:
- High Acceptance of IoT Devices to Strengthen Data Privacy Software Market Growth
- The increasing number of IoT devices being manufactured across various industries such as BFSI and healthcare has resulted in a growing demand for data protection management applications.
- According to McKinsey & Company, IoT-connected systems are expected to reach 43 billion by 2023, further fueling the demand for such applications.
- The widespread adoption of 5G technology is also expected to create opportunities for key industry players to expand their offerings, as the wireless network enables real-time data and transaction exchange.
- As the number of IoT devices and applications continues to rise, it is anticipated that the market for data privacy management applications will also grow, leading to significant expansion in the industry in the years ahead.
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.
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.
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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.
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:
-
- 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
- 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
- By Country (USD)
- United States
- Canada
- Mexico
- South 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
- By Country (USD)
- Brazil
- Argentina
- Rest of South America
- Europe 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
- Global Data Privacy Software Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
TOC Continued…
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FAQ’s
What is the market size of Data Privacy Software?
Global data privacy software market was valued at USD 1.68 billion in 2021. The market is projected to grow from USD 2.36 billion in 2022 to USD 25.85 billion by 2029.
What is the market growth for Data Privacy Software market?
The size of the global data privacy software market is anticipated to increase throughout the forecast period at a CAGR of 40.8%.
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