Pune, India, April 25, 2023 (GLOBE NEWSWIRE) -- The Global Data Privacy Software Market size is projected to register a CAGR of 40.9% during the forecast period, reaching USD 30.31 Billion by 2030 from an estimated USD 1.99 billion in 2022, published by Fortune Business Insights. Cloud-based software to gain traction impelled by growing product demand. The report is titled, “Data Privacy Software Market Forecast, 2023-2030”
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Key Industry Development:
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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 |
Industry Growth Favored by Increase in Remote Work Culture
During the pandemic, numerous organizations and businesses went through permanent and temporary shutdowns. Furthermore, various countries introduced a range of guidelines for the management of personally identifiable information (PII). The implementation of data privacy software allowed the verification of shared content, driving industry expansion during the pandemic period.
Key Takeaways
- Data privacy software market size in North America was USD 0.84 Billion in 2022
- Increasing adoption of digital platforms and favorable government initiatives to drive the market growth.
- Major trends include growing concerns about data privacy and rising IoT devices
- By end user, BFSI industry segment holds the maximum share
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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. 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).
Segmentation:
Cloud-based Software Segment to Gain Prominence Driven by Rising Product Demand
On the basis of deployment, the market is segmented into cloud and on-premises. Of these, the cloud-based segment is anticipated to exhibit considerable expansion throughout the estimated period. The rise can be attributed to the increasing organization of cloud-based software for capacity expansion.
Compliance Management to Register Appreciable Growth Owing to Escalating Number of Strict Government Rules
Considering the type of application, the market is classified into risk management, reporting & analytics, compliance management, and others. The compliance management segment is slated to record appreciable growth over the anticipated period. This is because the software helps organizations in performing activities in line with the regulation for protection of confidential data.
Large Enterprises Segment to Register Notable Traction Considering Global Presence
Based on enterprise type, the market is subdivided into large enterprises and small & medium enterprises. Of these, the large enterprises segment is poised to depict substantial growth over the projected period. The surge is due to the presence of large enterprises having a robust presence at the global level.
By geography, the market for data privacy software is fragmented into North America, Asia Pacific, Europe, South America, and the Middle East & Africa.
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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.
Competitive Landscape:
Leading Companies Enter Partnership Agreements to Strengthen Industry Position
Major industry participants are entering a range of strategic agreements for strengthening 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.
List of Key Players Mentioned in the Report:
- 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.)
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Major Table of Contents:
- Global Data Privacy Software Market Size Estimates and Forecasts, By Segments, 2019 – 2030
- Key Findings
- By Deployment (USD)
- Cloud
- On-Premise
- By Application (USD)
- Compliance Management
- Risk Management
- Reporting and Analytics
- Others
- By Enterprise Type (USD)
- Small and Medium Enterprises (SMEs)
- Large Enterprises
- By Industry (USD)
- BFSI
- IT and Telecommunication
- Government
- Manufacturing
- Retail
- Healthcare
- Others (Education, etc.)
- By Region (USD)
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
- North America Data Privacy Software Market Size Estimates and Forecasts, By Segments, 2019 – 2030
- Key Findings
- By Deployment (USD)
- Cloud
- On-Premise
- By Application (USD)
- Compliance Management
- Risk Management
- Reporting and Analytics
- Others
- By Enterprise Type (USD)
- Small and Medium Enterprises (SMEs)
- Large Enterprises
- By Industry (USD)
- BFSI
- IT and Telecommunication
- Government
- Manufacturing
- Retail
- Healthcare
- Others (Education, etc.)
- By Country (USD)
- U.S.
- Canada
- Mexico
- South America Data Privacy Software Market Size Estimates and Forecasts, By Segments, 2019 – 2030
- Key Findings
- By Deployment (USD)
- Cloud
- On-Premise
- By Application (USD)
- Compliance Management
- Risk Management
- Reporting and Analytics
- Others
- By Enterprise Type (USD)
- Small and Medium Enterprises (SMEs)
- Large Enterprises
- By Industry (USD)
- BFSI
- IT and Telecommunication
- Government
- Manufacturing
- Retail
- Healthcare
- Others (Education, etc.)
- By Country (USD)
- Brazil
- Argentina
- Rest of South America
TOC Continued…!
FAQs
How big is the data privacy software market?
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 the 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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