Data Privacy Software Market To Garner US$ 35,088 Million
Tokyo, Aug. 23, 2022 (GLOBE NEWSWIRE) — The global data privacy software market size accounted for US$ 1,692 Million in 2021 and is estimated to achieve a market size of US$ 35,088 Million by 2030; growing at a CAGR of 40.2%.
Data Privacy Software Market Report Highlights:
- Global data privacy software market size earned USD 1,692 million in revenue and is projected to grow at a CAGR of 40.2% from 2022-2030
- North America data privacy software market projected to lead with more than 40% market share
- Growing use of next-generation technologies, growth in cyberattacks, and high individual knowledge of data privacy solutions to be the key driving factors
- Asia-Pacific data privacy software market to witness fastest growth in terms of revenue during the forecast period
- On-premise data privacy software deployment to be the popular deployment type
- Growing number of smartphone users across the world coupled with rising use of banking applications and inclination towards online funds transfer is also supporting the data privacy software market growth
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Data Privacy Software Market Report Coverage:
|Parameter||Data Privacy Software Market|
|Data Privacy Software Market Size 2021||US$ 1,692 Million|
|Data Privacy Software Market Forecast 2030||US$ 35,088 Million|
|Data Privacy Software Market CAGR During 2022 – 2030||40.2%|
|Data Privacy Software Market Analysis Period||2018 – 2030|
|Data Privacy Software Market Base Year||2021|
|Data Privacy Software Market Forecast Data||2022 – 2030|
|Segments Covered||By Deployment Model, By Application, By Industry Vertical, By Organization Size, And By Geography|
|Data Privacy Software Market Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||AvePoint, Inc., BigID, Inc., Egnyte, IBM Corporation, Nymity Inc., OneTrust, LLC, Protiviti, Inc., RSA Security LLC, Securiti.AI., SureCloud, and TrustArc, Inc.|
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
Data privacy focuses on individuals’ rights, privacy preferences, the purpose of data collecting and processing, and how organizations control data subjects’ data. Similarly, it focuses on collecting, processing, sharing, archiving, and deleting data in accordance with the law. The rising number of strict government regulations related to data privacy is the primary factor boosting the global data privacy software market revenue. Some of the important government regulations for data privacy that may apply to various industries include the California Consumer Privacy Act (CCPA), the EU General Data Protection Regulation (GPDR), the Health Insurance Portability and Accountability Act (HIPAA), and others.
With the use of data privacy software businesses can manage their company’s privacy program. Responding to consumer queries or data subject requests (DSR/DSAR) and mapping sensitive data are examples of this. The rising awareness among individuals regarding the importance of data privacy is expanding the data privacy software market share. One major data privacy software market trend that is supporting market growth is the rising adoption of IoT devices across the world.
COVID-19 Impact on the Global Data Privacy Software Market Value
Driven by lockdown restrictions and fear of catching COVID-19, many people have turned to the internet to replace many of their offline activities during the epidemic, resulting in a rise in online traffic—and greater tracking by commercial and public websites. Remote working has been a requirement in some regions for more than a year and is likely to become a normal working pattern, thus the accompanying data privacy risks remain significant. Employee, student, and corporate reliance on digital platforms has generated several chances for cyber criminals to conduct assaults. The most major global responses to the pandemic have been based on an intrusive use of technology that tries to exploit people’s health data. While the procedures employed appear to be appropriate on the surface, the medium used to administer the program disregard key problems relating to human dignity and privacy. As a result, the demand for data privacy software remained prevalent even during the coronavirus pandemic period and will continue to do so in the coming years.
Data Privacy Software Market Dynamics
The increasing use of data privacy management solutions across industries is driving the global data privacy software market growth. The increasing number of smartphone users across the world is also supporting the market growth. A growing number of banking applications coupled with a rising inclination towards online funds transfer are also uplifting the data privacy software market size.
However, the lack of awareness for data privacy solutions in low and middle-income countries and their lack of budget both factors are expected to restrict the market from growing. Furthermore, the rapid adoption of data privacy solutions in aerospace & defense industries is likely to generate numerous growth prospects for the market in the coming years from 2022 to 2030.
Increasing Number Of Cyberattacks Fuels The Global Data Privacy Software Market Share
The global information security market is expanding rapidly. This is mostly due to enterprises strengthening their defenses against cyber attacks – and an increase in such threats, including within their organizations. The Identity Theft Resource Center discovered that more than 90% of data breaches are related to cyberattacks, indicating a rapid start to data breaches in 2022 following a record-breaking 2021. Human error is responsible for 95 percent of cybersecurity breaches, according to the World Economic Forum. According to a Microsoft analysis, the United States was the target of 46 percent of cyberattacks in 2020, more than double any other country. According to Accenture statistics, 68% of company leaders believe their cybersecurity risks are increasing. According to a recent estimate, data breaches would expose 22 billion records by 2021. All of these industry facts demonstrate that there has been a significant increase in cyberattacks, and to address this issue, businesses are implementing data privacy software to prevent their and their client’s information from falling into the hands of cybercriminals.
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Data Privacy Software Market Segmentation
The global market has been split into five categories: deployment model, application, industry vertical, organization size, and region.
Compliance management, reporting and analytics, risk management, and others are the application segments. According to our data privacy software industry analysis, the compliance management sub-segment will dominate in the coming years. The risk management sub-segment, on the other hand, is expected to grow significantly since this application finds and evaluates threats and negative repercussions of the operation in the individual’s data.
The industry vertical segment is further split into BFSI, government, IT & telecom, healthcare, manufacturing, retail, and others. Among them, the BFSI industry gathered the largest amount of shares in 2021 and will continue to lead in the coming years. Data privacy management in the BFSI sector is one of the foremost things that have to comply with government regulations. As a result, data privacy software for the BFSI sector is growing rapidly during the projected timeframe. On the other hand, the healthcare industry is growing at the fastest rate as the data stored by healthcare organizations is very critical and needs to be protected with highly efficient data privacy software. In addition to that, legislative efforts from the Health Insurance Portability and Accountability Act (HIPAA) are also supporting the data privacy software demand in the healthcare sector.
Furthermore, the enterprise size section includes both major organizations and small and medium-sized enterprises (SMEs). Large enterprises will hold a significant market share in the next years, while SMEs will experience the quickest growth rate (CAGR) in the future.
Data Privacy Software Market Regional Outlook
North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa account for the majority of the worldwide data privacy software industry. Because of the presence of prominent firms in the region, North America produced the most revenue in the global data privacy software sector. The growing use of next-generation technologies, growth in cyberattacks, and high individual knowledge of data privacy solutions are the primary reasons driving the North American data privacy software industry during the projected timeframe.
Asia-Pacific is one of the fastest-growing regions in the global data privacy software sector. The growing number of smartphone users, enhanced infrastructure, increased usage of IoT devices, and a thriving social media sector are all elements driving demand for the Asia-Pacific data privacy software market in the next years.
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Data Privacy Software Market Players
Some prominent data privacy software companies covered in the industry include AvePoint, Inc., BigID, Inc., IBM Corporation, Egnyte, Nymity Inc., Protiviti, Inc., One Trust, LLC, RSA Security LLC, SureCloud, Securiti.AI., and TrustArc, Inc.
Questions Answered By This Report:
- What was the market size of data privacy software market in 2021?
- What will be the CAGR of data privacy software market during the forecast period from 2022 to 2030?
- Who are the major players in global data privacy software market?
- Which region held the largest share in data privacy software market in 2021?
- What are the key market drivers of data privacy software market?
- Who is the largest end user of data privacy software market?
- What is the projected data privacy software market value in 2030?
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