Privacy Management Software Market worth $15.2 billion by 2028, Growing At a CAGR of 41.9% Report by MarketsandMarkets™

Chicago, July 03, 2023 (GLOBE NEWSWIRE) -- The global Privacy Management Software Market size is expected to grow from USD 2.7 billion in 2023 to USD 15.2 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 41.9% during the forecast period, according to a new report by MarketsandMarkets™. The need for personal data protection with increasing privacy concerns and rapid digital transformation is driving the global privacy management software market during the forecast period.

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251 - Tables
50 - Figures
246 - Pages

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Scope of the Report

Based on application, data discovery & mapping segment to hold largest market share in 2023. Data discovery refers to identifying and locating personal data within an organization's systems, databases, files, and repositories. It involves uncovering the types of personal data collected, processed, and stored and the locations where this data resides. Data discovery is essential for organizations to comprehensively understand the personal data they handle and the associated privacy risks. Privacy management software provides automated data discovery capabilities, often through data scanning or crawling mechanisms. To identify personal data elements, these tools scan various data sources, including databases, file servers, cloud storage, and other data repositories. The software uses techniques like keyword matching, pattern recognition, and metadata analysis to identify and classify personal information based on predefined data categories or customizable rules.

Based on deployment mode, the cloud segment is expected to grow at the highest CAGR during the forecast period. Cloud privacy management software provides organizations a flexible and scalable solution for effectively managing privacy-related activities, compliance, and data protection in a cloud computing environment. It offers the benefits of reduced infrastructure costs, improved accessibility, and the ability to leverage the security measures and infrastructure provided by reputable cloud service providers. The growing adoption of cloud privacy management software reflects the increasing awareness of privacy concerns, regulatory requirements, and the need to establish customer trust. Organizations are leveraging these software solutions to effectively manage privacy risks, comply with regulations, and protect the personal information of individuals in an increasingly data-driven world.

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Based on vertical, the BFSI vertical to hold the largest market share in 2023. Privacy management software is crucial in helping BFSI organizations ensure compliance with data protection regulations, customer privacy, and mitigate privacy risks. Privacy management software is critical for BFSI organizations to meet regulatory obligations, protect customer data, and maintain trust in the digital era. By adopting privacy management software, BFSI institutions can enhance their privacy practices, reduce the risk of non-compliance penalties, strengthen customer relationships, and protect their reputation in an industry that places utmost importance on data security and privacy. Privacy management software offers several benefits for the BFSI industry, which handles vast amounts of sensitive customer financial data. By adopting privacy management software, BFSI organizations can ensure regulatory compliance, protect customer data, maintain trust, and mitigate privacy risks. The software provides the necessary tools and workflows to manage privacy effectively in an industry where data security and privacy are paramount.

Top Trends in Global Privacy Management Software Market

• Increasing Focus on Data Privacy: With the implementation of stringent data protection regulations such as the General Data Protection Regulation (GDPR) in Europe and the California Consumer Privacy Act (CCPA) in the United States, organizations have become more focused on ensuring compliance. Privacy management software assists firms in automating and streamlining their data privacy operations, assuring personal information safety and lowering the risk of noncompliance.
• Cloud-based Privacy Management Software Solutions are Gaining Popularity: Cloud-based privacy management software solutions are gaining popularity due to its flexibility, scalability, and ease of deployment. These technologies allow organizations to successfully manage their privacy programs, cooperate across teams and departments, and react to evolving privacy regulations. Cloud-based software also provides better security, data encryption, and frequent upgrades, making it an attractive option for businesses.
• Integration with Other Systems: Privacy management software is rapidly being integrated with other systems like as CRM platforms, data discovery and categorization tools, and incident response systems. This connection enables organizations to have a full picture of their privacy management operations across several platforms, increasing productivity and eliminating human tasks.
• Automation and Artificial Intelligence (AI): Privacy management software uses automation and AI to simplify privacy-related processes and workflows. These tools assist organizations in automating data mapping, permission management, privacy impact assessments, and data subject requests, which saves time and reduces human error. AI-powered features also aid in data identification, categorization, and risk analysis, increasing the overall efficacy of privacy management.
• Enhanced Reporting and Analytics: Privacy management software provides advanced reporting and analytics capabilities to help organizations gain insights into their privacy programs and assess their compliance status. These tools generate customizable reports, privacy dashboards, and compliance metrics, allowing businesses to track their progress, identify gaps, and make data-driven decisions regarding privacy management.
• Focus on Cross-Border Data Transfers: As organizations grow more globalized, cross-border data transfers have become an important part of privacy management. Features such as analyzing the sufficiency of data protection in destination countries, applying standard contractual clauses (SCCs), and monitoring international data transfer risks are being incorporated into privacy management software systems to assist compliant data transfers.

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Key Industry Development

• Increased Demand for Privacy Management Solutions: As people become more conscious of the necessity of data privacy and security, there is a greater demand for privacy management software solutions. Organisations in a variety of industries have recognised the importance of implementing strong privacy management practises in order to comply with rules and develop trust with their consumers.
• Consolidation and Acquisitions: As larger technology corporations and established players purchase smaller, specialised privacy software providers, the privacy management software industry has seen consolidation and acquisitions. The necessity to provide comprehensive privacy management solutions that span a wide range of capabilities has spurred this development.
• Emphasis on Consent Management: With the implementation of regulations like GDPR and CCPA, there has been a significant focus on consent management solutions within privacy management software. Organizations are seeking tools that enable them to obtain and manage user consent effectively, maintain auditable consent records, and ensure compliance with consent requirements.
• Integration with Third-Party Services: To increase their capabilities, privacy management software solutions are increasingly being integrated with third-party services. By using additional functions such as data discovery, data categorization, data subject request management, and incident response, organisations may expedite their privacy management procedures.
• Focus on Privacy by Design: With the implementation of regulations such as the GDPR and the CCPA, there has been a heavy emphasis on consent management solutions within privacy management software. Organisations are searching for solutions that can assist them in successfully obtaining and managing user consent, maintaining auditable consent records, and ensuring compliance with consent rules.
• Evolving Regulatory Landscape: The regulatory environment for data privacy is always changing, with new legislation being adopted in various locations. Providers of privacy management software are constantly upgrading their solutions to maintain compliance with the most recent rules and to assist organisations in adjusting to evolving privacy needs.
• Enhanced Security Features: Privacy management software solutions are emphasising security measures to secure sensitive data. To prevent unauthorised access and data breaches, this includes features such as encryption, access restrictions, user authentication, and secure data storage.

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