Data Privacy Software Market: Global Industry Analysis and Forecast (2023-2029)

Data Privacy Software Market was valued at US$ 2.31 Bn. in 2022. Global Data Privacy Software Market size is expected to grow at a CAGR of 40 % through the forecast period.
Data Privacy Software Market Overview:
Data privacy software helps to address the governance needs of data privacy. The software program is specifically designed to assist the privacy needs of business enterprises. With developing technologies, the threat of cyber-attack and security breaches has also expanded, which led companies to undertake greater cyber security measures to keep away from such circumstances.

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Data Privacy Software Market Dynamics:
Market Drivers:

IoT devices: Day by day, there is an increase in demand for data security operation and management, which directly lead to increasing IoT devices across the market. There is a need to raise the adaption of IoT devices to achieve high growth in the market. The Internet of Things helps to operate and manage real-time data of customers and companies. The wireless network transfers and shares real-time data and transaction-related information. The adaption of IoT has shown a surge in many areas like smartphone, smart laptops, smart home appliances and smart retail. Thus, investing more in IoT devices and Application helps to drive more demand for the market.

Adaption of BYOD trend: In the world of Millennials, there has been shown a large shift towards the BYOD trend. BYOD trend means Bring Your Own Device. Due to the adaption of BYOD, companies are expected to improve the work flexibility of employees. Through BYOD, employees can access their official data in their personal system through an open network. This will generate the need for data privacy software that help the organization to reduce the risk of data hacking and access of unauthorized person in the official data.

Challenges in data privacy software market:

Lack of awareness: Lack of awareness about data privacy software among small and medium businesses, start-ups, and local organizations majorly restrains the growth market. Due to the low budget for data privacy and IT small and medium businesses are not able to invest more in data privacy management. This restricts adaption of software and hinders the growth of the market. Small and medium industries need to understand the importance of data privacy management and improve their data privacy management.
Data Privacy Software Market Segment Analysis:
Based on Deployment, the market is segmented into two types, i.e., Cloud and On-premises. On-premises category is expected to show a steady CAGR through 2023-2029, owing to its secured and reliable in-house capability.

Cloud-based software is expected to grow at a CAGR of 5.6 % through the forecast period as it supports the atomization of privacy management suits. As market expands and grow through the forecast period, companies are adopting cloud-based software to store a substantial amount of data and maintain privacy. The cloud-based program also offers insights into the privacy policy and tracks the data. This is likely to increase the demand for cloud-based software through the forecast period.

Based on Application, the market is segmented into risk management, reporting and analytics, compliance management, and others. During the forecast period, compliance management is expected to grow more. The software helps an organization to perform activities with the regulation of confidential data. Software also helps to identify and evaluate threats and negative impacts of operations on the personal data, which lead to increase in demand of risk management, and it is expected to gain high growth rate in forecast period.

Based on the Organization Size, the market is segmented into two types i.e., large enterprises and small & medium enterprises. Large businesses are expected to dominate the market through the forecast period. Most of the large enterprises have a global presence which make them to adapt data software to manage country-wise data protection law, and it also helps the large organization to collect, store, operate, and manage client data.



The growing incidence of data hacking and data breach in across developing countries increases the demand for data software in small and large enterprises, start-ups, and government enterprises. Every day there is around 65,000 data breach attempts were made on the SMEs of the U.K. in 2019. These factors are driving the demand of the market in this segment.

Based on the Industry, the market is segmented into Government, BFSI, IT & Telecommunication, Manufacturing, Healthcare and Others. BFSI dominated the market with a 36 % share in 2022. This is because increasing implementation of regulatory standards and modes of online payments give rise to advance data software & security solution.

The healthcare industry is also expected to grow at a CAGR of 6.1 % through the forecast period because the increasing threats to patients’ health data and rising cyber-attack will surge the demand of data software. There is also an increase in demand for privacy management software due to the introduction of Health Insurance Portability and Accountability Act in Healthcare Industry.
Regional Insights:
The North America region dominated the market with a 35% share in 2022. The presence of key players and increase in investment drive the growth of the market in this region. The region's growth opportunity is fueled by key businesses' strong presence and increased investment. Because customers are becoming more aware of data privacy laws, the United States is expected to lead the market. With the California Consumer Privacy Act as a starting point, the US government is expected to push for more stringent data protection legislation.

Europe is also expected to grow at a CAGR of 4.3 % in Market through the forecast period. The first step toward data protection and consumer rights, as well as the implementation of GDPR, will almost certainly provide opportunities for the major players. The initial step towards data protection and consumer rights and the launch of GDPR will support the growth of Data Privacy Software Market. 88 % of UK businesses had data breaches in the previous year.

The objective of the report is to present a comprehensive analysis of the Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Data Privacy Software Market dynamic structure by analyzing the market segments and projecting the Data Privacy Software Market size. Clear representation of competitive analysis of key players by Vehicle type, price, financial position, product portfolio, growth strategies, and regional presence in the Data Privacy Software Market make the report investor’s guide.
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Data Privacy Software Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US$ 2.31 Bn.


Forecast Period 2023 to 2029 CAGR:
40%
Market Size in 2029:
US$ 24.35Bn.


 Segments Covered:
by Deployment
On premises
Cloud based


by Application
Risk Management
Reporting & Analytics
Compliance Management
Others


by Organization size
Large Enterprises
Small & Medium Enterprises (SMEs)


by Industry
BFSI
IT & Telecommunication
Healthcare
Manufacturing
Others



Data Privacy Software Market by Region:
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (razil, Argentina Rest of South America)
Key Players:
1. OneTrust, LLC
2. AvePoint, Inc
3. Trust Arc, Inc
4. Securiti.AI.
5. BigID, Inc.
6. IBM Corporation
7. Protiviti, Inc.
8. RSA Security LLS
9. SureCloud
10. Largegate, Inc.
11. Nymity Inc.
12. Mine PrivacyOps
13. Collibra
14. Ethyca
15. DPOrganizer
16. AuditRunner
17. Osano

Frequently Asked Questions:

1] What segments are covered in the Global Data Privacy Software Market report?
Ans. The segments covered in the Data Privacy Software Market report are based on Application, Industry, Organization size and Deployment.

2] Which region is expected to hold the highest share in the Global Data Privacy Software Market?
Ans. The North America region is expected to hold the highest share in the Data Privacy Software Market.

3] What is the market size of the Global Data Privacy Software Market by 2029?
Ans. The market size of the Data Privacy Software Market by 2029 is expected to reach US$ 24.35 Bn.

4] What is the forecast period for the Global Data Privacy Software Market?
Ans. The forecast period for the Data Privacy Software Market is 2023-2029.

5] What was the market size of the Global Data Privacy Software Market in 2022?
Ans. The market size of the Data Privacy Software Market in 2022 was valued at US$ 2.31 Bn.