The Global Privacy Management Software Market size is expected to reach $26.1 billion by 2030, rising at a market growth of 37.8% CAGR during the forecast period.
The consent & preference management (CPM) offers better transparency for privacy management. Therefore, the consent & preference management segment would acquire approximately 20% share of the market by 2030. Every aspect of end-user choices acquiring collection, synchronization, and exploitation is supported by the consent & preference management (CPM) segment. The goal is to give data subjects more visibility and control by enabling them to choose how much of their data to reveal, to whom, and for what reason. CPM solutions offer enterprises a solid base for compliance-backed data utilization, enabling thorough tracking and audit ability.
The major strategies followed by the market participants are Partnerships as the key developmental strategy to keep pace with the changing demands of end users. For instance, In November,2022, BigID, Inc. partnered with Wiz to provide solutions for enhanced cloud security to offer solutions for enhanced data visibility. Additionally, In March, 2022, Exterro, Inc. signed a partnership with QuisLex to integrate it with QuisLex’s data breach review team. The combined expertise would enable the customers to quickly mitigate effects due to security breaches.
Based on the Analysis presented in the KBV Cardinal matrix; IBM Corporation and SAP SE are the forerunners in the Market. In May, 2023, IBM Corporation partnered with SAP SE to integrate IBM Watson technology with SAP solutions and to enable IBM's clients to create better customer experiences. Companies such as OneTrust, LLC, BigID, Inc., Exterro, Inc. are some of the key innovators in the Market.
This market is anticipated to expand steadily throughout the forecasted period due to ongoing research & development efforts to make the market's vital advancements. The cloud deployment option is suitable for businesses who want to install analytics solutions with minimal expense. It essentially makes it possible for the company to acquire data with all its services at an affordable cost. It implies that the fast-growing need for cloud-based deployment is expected to fuel the growth of the market in the near future.
People are becoming more conscious of the possible hazards to their privacy as a result of the rapid expansion of digital technologies and the enormous collection and processing of personal data. Organizations are placing higher demands on companies to safeguard personal data and establish ethical data handling procedures. Using data privacy management software, businesses may create efficient data governance frameworks. Organizations can use it to develop data handling rules, monitor data flows, and set safeguards to guarantee ethical data processing procedures. This encourages data management that is transparent and accountable. Owing to the rising risk of privacy concerns, the adoption of privacy management software is estimated to rise.
A company's existing systems and databases must smoothly interact with privacy management software. However, changes in data formats, protocols, or system architectures may lead to issues with compatibility. These technical differences may complicate and lengthen the integration process. Regarding privacy management, organizations frequently have special procedures and regulations. Customization and setup might be needed to integrate privacy management software following certain business regulations, data structures, and workflows. This customization might be difficult and might ask for advanced knowledge.
On the basis of application, the market is segmented into data discovery & mapping; data subject access request (DSAR); consent & preference management (CPM); privacy impact assessment (PIA), incident & breach management; vendor & third-party risk management; and others. The privacy impact assessment (PIA), incident & breach management segment acquired a substantial revenue share in the market in 2022. The policies & procedures businesses implement to properly handle and respond to security incidents & data breaches are called incident & breach management. These incidents can involve virus assaults, illegal system access, data leaks, or any other security occurrence compromising the confidentiality, integrity, or accessibility of sensitive data.
By enterprises size, the market is fragmented into large enterprises, and SMEs. In 2022, the large enterprises segment witnessed the largest revenue share in the market. Large enterprises are referred to as those with more than 1,000 employees. Large enterprises have substantially adopted privacy management software, which can be attributed to several variables, including rising need for data protection, risk management, and organizational effectiveness.
Based on deployment type, the market is classified into cloud, and on-premises. The cloud segment recovered a remarkable revenue share in the market in 2022. Organizations may manage privacy-related tasks, compliance, and data protection in a cloud computing environment with the help of adaptable and scalable cloud privacy management software. It provides advantages, including lower infrastructure costs, better accessibility, and the capacity to use reliable cloud service providers' infrastructure & security features.
Based on vertical, the market is categorized into BFSI, government & defense, healthcare & life science, retail & ecommerce, manufacturing, IT & telecommunications, and others. In 2022, the BFSI segment generated the maximum revenue share in the market. The BFSI sector deals with the financial data of clients and there are high chances of direct financial losses in case of any sort of data breaches. Due to this, to maintain compliance with data protection laws, preserve customer privacy, and reduce privacy risks, BFSI firms must use privacy management software. Privacy management software is essential for BFSI firms to safeguard client data and uphold confidence in the digital age.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 2.1 Billion |
| Market size forecast in 2030 | USD 26.1 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 37.8% from 2023 to 2030 |
| Number of Pages | 335 |
| Number of Table | 493 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling |
| Segments covered | Deployment Type, Enterprise Size, Application, Vertical, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the North America region led the market by generating the highest revenue share. The mix of federal, state, and sector-specific privacy laws, developing regulatory frameworks, advocacy initiatives, and public demand for privacy rights describe the privacy environment in North America. The region's market of privacy management software is anticipated to expand due to the demand for comprehensive federal privacy legislation and the requirement.
Free Valuable Insights: Global Privacy Management Software Market size to reach USD 26.1 Billion by 2030
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, SAP SE, OneTrust, LLC, Securiti, Inc., BigID, Inc., Egnyte, Inc., WireWheel, Inc., Truyo (IntraEdge, Inc.), DataCo GmbH, Exterro, Inc. (Leeds Equity Partners, LLC)
By Application
By Enterprise Size
By Deployment Type
By Vertical
By Geography
The Market size is projected to reach USD 26.1 billion by 2030.
Protection of Personal Data is Required Due to Growing Privacy Concerns are driving the Market in coming years, however, System Integration with Privacy Management Software restraints the growth of the Market.
IBM Corporation, SAP SE, OneTrust, LLC, Securiti, Inc., BigID, Inc., Egnyte, Inc., WireWheel, Inc., Truyo (IntraEdge, Inc.), DataCo GmbH, Exterro, Inc. (Leeds Equity Partners, LLC)
The On-premise segment acquired maximum revenue share in the Global Privacy Management Software Market by Deployment Type in 2022; thereby, achieving a market value of $14.2 billion by 2030.
The Data Discovery & Mapping segment is leading the Market by Application in 2022; thereby, achieving a market value of $6.7 billion by 2030.
The North America region dominated the Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $9.8 billion by 2030.
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