Dublin, June 30, 2023 (GLOBE NEWSWIRE) -- The "Privacy Management Software Market by Application (Data Discovery & Mapping, DSAR, PIA, Consent & Preference Management), Deployment Mode, Organization Size (Large Enterprises, SMEs), Vertical and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The 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.
The rising adoption of IoT devices with increasing internet penetration and growing spending on cyber security initiatives to offer opportunities for the growth of privacy management software market. The time to implement data privacy management software represents a significant challenge for the growth of the privacy management software market.
As per organization size, the SMEs segment is projected to witness the highest CAGR during the forecast period.
Organizations with employee size under 1,000 are categorized under SMEs. SMEs recognize the importance of data privacy and the need to comply with regulatory requirements. As privacy concerns continue to grow, SMEs are recognizing the need to invest in privacy management software to meet regulatory requirements, protect customer data, enhance their reputation, and gain a competitive edge.
While the specific needs and priorities may vary among SMEs, the benefits of adopting privacy management software are clear, enabling them to manage privacy risks effectively and ensure compliance with privacy regulations. Privacy management software offers several benefits for small and medium-sized enterprises (SMEs) as they navigate the complex landscape of data privacy and regulatory compliance.
Privacy management software provides SMEs with the necessary tools and capabilities to navigate the complexities of data privacy and regulatory compliance. By implementing such software, SMEs can effectively enhance their data protection practices, streamline privacy processes, build customer trust, and mitigate privacy risks.
As per vertical, the IT & telecommunications vertical to hold second largest market share in 2023.
The IT and Telecom industry handles vast amounts of sensitive customer data, making privacy management a critical aspect of its operations. Privacy management software is crucial in helping IT and Telecom organizations ensure compliance with data protection regulations, customer privacy, and mitigate privacy risks.
Privacy management software is essential for the IT & Telecom industry to ensure compliance, protect customer data, and maintain trust in an increasingly privacy-focused landscape. By adopting privacy management software and implementing privacy best practices, IT & Telecom organizations can enhance data protection, mitigate privacy risks, and build strong customer relationships based on trust and transparency.
As per region, the Middle East & Africa region is projected to witness the second highest CAGR during the forecast period.
The Middle East & Africa region is experiencing growth in the adoption of privacy management software with the growing digitalization and adoption of innovative technologies such as IoT, AI, and cloud.
The privacy management software helps the organizations in the region to keep the track of changing regulatory landscapes across the regions, such as the European Union's General Data Protection Regulation (GDPR), local data protection laws, and industry-specific regulations.
The market growth in the MEA region is projected to be high due to the considerable implementation in developed countries in the Middle East. The major attraction of this region is its potential for growth, which is significantly increasing in Africa.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 247 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $2.7 Billion |
| Forecasted Market Value (USD) by 2028 | $15.2 Billion |
| Compound Annual Growth Rate | 41.8% |
| Regions Covered | Global |
Premium Insights
- Rising Number of Data Breaches and Cyber Threats to Drive Need for Implementation of Transparent and Secure Data Practices
- Data Subject Access Request Segment to Account for Larger Market Share During Forecast Period
- On-Premises to Account for Larger Market Share During Forecast Period
- Large Enterprises to Account for Larger Market Share During Forecast Period
- Bfsi Vertical to Account for Largest Market Share During Forecast Period
- Asia-Pacific to Emerge as Best Market for Investment in Next Five Years
Market Dynamics
Drivers
- Need for Personal Data Protection with Increasing Privacy Concerns
- Growing Number of Data Subject Access Requests from Consumers to Access Personal Data
- Growing Cases of Data Breaches and Misuse with Digital Transformation
Restraints
- Integration of Privacy Management Software with Existing Systems
Opportunities
- Rising Adoption of IoT Devices with Increasing Internet Penetration
- Growing Expenditure on Cybersecurity Initiatives
Challenges
- Time to Implement Data Privacy Management Software
- Rapid Pace of Technological Advancements
Case Study Analysis
- Mineos Streamlined and Automated Entire Dsr Process for Glassesusa
- Manni Group Improved Decision-Making and Operational Efficiency Through Integrated View of Organization's Risk Management
- Millennium Physician Group Enhanced Its Compliance & Ethics Structure with Sai360
- Credit Suisse Utilized Collibra Platform to Strengthen Its Data Privacy Practices
- Abeille Assurances Implemented Didomi to Ensure Transparency and Compliance with Data Protection Regulations
Companies Mentioned
- Bigid
- Clarip
- Collibra
- Corporater
- Data Privacy Manager
- Datagrail
- Dataguard
- Didomi
- Dporganizer
- Egnyte
- Exterro
- Ibm
- Ketch
- Logicgate
- Mineos
- Onetrust
- Osano
- Sai360
- Sap
- Securiti
- Secuvy
- Segment
- Spirion
- Straits Interactive
- Surecloud
- Transcend
- Trustarc
- Truyo
- Wirewheel
For more information about this report visit https://www.researchandmarkets.com/r/v4hxkz
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