Pune, India, Dec. 13, 2023 (GLOBE NEWSWIRE) -- The global data privacy software market size was valued at USD 1.99 billion in 2022 and is expected to reach USD 30.31 billion by 2030, exhibiting a CAGR of 40.9% over the study period. Fortune Business Insights™ provides this information in its latest research report, titled “Data Privacy Software Market Forecast, 2024-2030”.
Widespread shift toward remote working culture, evolving data privacy regulations, and growing adoption of IoT devices are among the major factors propelling the market forward
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Key Industry Development:
IBM Corporation introduced new data security features to its FlashSystem line of all-flash arrays that help businesses better plan for – and recover swiftly from – ransomware and other intrusions.
Key Takeaways
- Data privacy software market size in North America was USD 0.84 billion in 2022
- Growing Digital Banking Applications to Drive Demand for Software in BFSI Sector
- Global Presence of Large Enterprises to Drive Demand for Software
- Rising Adoption of IoT Devices to Aid Global Data Privacy Software Market Growth
- Cloud-based Software Segment to Gain Prominence Driven by Rising Product Demand
Discover the Leading Players Featured in the Report:
“Companies leading the global data privacy software market are OneTrust, LLC (U.S.), AvePoint, Inc. (U.S.), TrustArc, Inc. (U.S.), Securiti.AI. (U.S.), BigID, Inc. (U.S.), IBM Corporation (U.S.), Protiviti, Inc. (U.S.), RSA Security LLC (U.S.), DataGrail, Inc. (U.S.), SureCloud (U.K.)”.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 40.9% |
| 2030 Value Projection | USD 30.31 Billion |
| Base Year | 2022 |
| Data Privacy Software Market Size in 2022 | USD 1.99 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 150 |
| Segments Covered | Deployment, Application, Enterprise Type, Industry and Geography |
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Drivers and Restraints:
Growing IoT Devices Adoption to Propel Market Growth
One of the key factors propelling data privacy software market growth is the increasing adoption of IoT devices across industries such as healthcare, BFSI, manufacturing, and others. An additional factor favoring industry expansion is the escalating implementation of 5G technology.
However, the industry expansion is driven by the lack of awareness regarding the software among start-ups, local organizations, and SMEs (small and medium enterprises).
Tightening Data Protection Regulations to Augment Market Growth
The data privacy software market growth is influenced by the changing landscape of data security regulations worldwide. Governments across several countries are introducing stricter laws and standards. For instance, the European Union (EU) introduced the General Data Protection Regulation (GDPR) to prevent the misuse of customer data. Similarly, the U.S. government launched the California Consumer Privacy Act in December 2020 to empower the citizens of California with enhanced control over their shared data.
Increasing adoption of IoT devices will also present substantial opportunities for the market growth. McKinsey & Company predicts that there could be more than 43 billion connected devices by 2023. However, while the adoption of IoT and 5G rises, lack of awareness about data privacy software could impact its adoption.
Segmentation
By Deployment
- Cloud
- On-premises
By Application
- Compliance Management
- Risk Management
- Reporting & Analytics
- Others
By Enterprise Type
- Small & Medium Enterprises (SMEs)
- Large Enterprises
By Industry
- BFSI
- IT and Telecommunication
- Government
- Manufacturing
- Retail
- Healthcare
- Others (Education and Others)
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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Regional Insights:
North America to Register Notable Traction Driven by Rising Investments by Key Players
North America data privacy software market share is anticipated to register considerable expansion over the forecast period. The rise is driven by increasing investments by leading players in the region.
The Asia Pacific market will register substantial growth throughout the anticipated period. The surge is propelled by the escalating introduction of national data protection rules for managing the escalating number of data breaches.
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, to enforce 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.
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 by 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.
Leading Companies Enter Partnership Agreements to Strengthen Industry Position
Major industry participants are entering a range of strategic agreements to strengthen their positions in the market. Some of these steps comprise merger agreements, acquisitions, and the launch of new products. Additional initiatives include an increase in research activities and the rollout of new solutions.
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FAQs
How big is the data privacy software market?
The global data privacy software market size was USD 1.99 billion in 2022. It is expected to reach USD 30.31 billion by 2030.
How fast is data privacy software market growing?
The data privacy software market will exhibit a CAGR of 40.9% during the forecast period, 2023-2030.
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