Dublin, Aug. 02, 2023 (GLOBE NEWSWIRE) -- The "Privacy Management Software Market (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
The Privacy Management Software market is poised for substantial growth with a projected CAGR of 13.7% during the forecast period. Organizations face the formidable challenge of safeguarding their data from potential threats. As privacy regulations multiply and data protection laws evolve, there is a growing need for advanced privacy management software solutions to ensure compliance and mitigate risks.
The significance of data protection has been underscored by key regulations such as the California Consumer Protection Act (CCPA) and the General Data Protection Regulation (GDPR) implemented by the European Union. Organizations must prioritize data protection to avoid severe consequences. Additionally, data security is crucial for managing information risks, encompassing financial account data governed by the Gramm-Leach-Bliley Act (GLBA), healthcare data regulated by the Health Insurance Portability and Accountability Act (HIPAA), and general risks posed by information thieves.
Key Highlights
In today's data-driven landscape, organizations face multiple challenges in safeguarding sensitive information. The rising need to maintain accurate inventories of personal data and its secure transmission has created pressure for companies to provide customers with greater transparency. This has led to increased adoption of privacy management software solutions. Furthermore, the proliferation of 'bring your own device' (BYOD) policies and stringent government regulations further drive the growth of the privacy management software market.
To expand their portfolio of privacy management solutions, major market players are engaging in strategic partnerships with other firms. For instance, Microsoft partnered with Onetrust, Securiti.ai, and WireWheel to develop subject rights management capabilities for personal data stored outside of the Microsoft 365 environment. This collaboration enables users to streamline responses to subject requests. Moreover, the COVID-19 pandemic has accelerated the adoption of hybrid work models, creating new opportunities for privacy management software.
Privacy Management Software Market Trends
Cybercrimes related to healthcare data breaches have experienced exponential growth, with 94% of reported breaches last year categorized as 'hacking' or 'IT incidents.' These incidents compromised approximately 43.1 million records. Compliance with data protection regulations has become more crucial as cyber threats continue to evolve. Organizations are expected to accelerate the adoption of privacy management software in response to these challenges.
New regulations have emerged in response to data breaches and cybersecurity incidents. The United Kingdom's Department for Digital, Culture, Media, and Sport (DCMS) publishes an annual cybersecurity breaches survey that reveals alarming statistics. The survey indicates that 45% of businesses and 65% of charities have implemented 'Bring Your Own Device' policies, leading to an increased demand for data protection and privacy management solutions.
North America Holds Dominant Market Share
North America serves as a major hub for global organizations. The region experiences robust growth in the retail industry and widespread adoption of IoT devices and mobile technology. As a result, companies must comply with data privacy regulations due to mounting pressure from legal requirements, advocacy groups, and growing awareness about data breaches.
The US government mandates the adoption of version 5 of the North American Electric Reliability Corporation Critical Infrastructure Protection (NERC CIP) as the cybersecurity standard in the utility industry. The healthcare sector adheres to HIPAA requirements for data security, including the implementation of privacy management software. The United States faces an increasing number of cyber threats, with data breaches rising steadily in recent years.
Competitive Landscape of the Privacy Management Software Market
The privacy management software market is highly competitive, featuring both domestic and international players. The market is moderately concentrated but is expected to witness fragmentation in the near future. Major market players focus on product innovation, mergers, acquisitions, and partnerships to gain a competitive edge. Leading companies in the market include OneTrust, TrustArc, Securiti, SAI Global, and SAP SE.
Companies Profiled in the Report:
- OneTrust
- TrustArc Inc.
- Securiti Inc.
- SAI Global Pty Ltd.
- SAP SE
- Syrenis Ltd.
- Crownpeak Technology Inc.
- Exterro Inc.
- WireWheel Inc.
- BigID Inc.
- Smart Global Governance
- Nymity
- Collibra
For more information about this report visit https://www.researchandmarkets.com/r/s6jxqq
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