Privacy Management Software Market worth $15.2 billion by 2028- Exclusive Report by MarketsandMarkets™

CHICAGO, June 19, 2023 /PRNewswire/ -- The adoption of AI and automation, requirements for accountability and transparency, considerations for cross-border data transfer, integration with current IT ecosystems, and ongoing innovation in privacy management solutions are all factors that point to a bright future for the privacy management software market.

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, according to a new report by MarketsandMarkets™. The rapid growth of digital financial services and growing incidences of data theft and data breaches is likely to boost the adoption of privacy management software globally.

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251 - Tables
50 - Figures
246 - Pages

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Scope of Report

By application, the incident & breach management segment is expected to grow at a higher CAGR during the forecast period.

Incident and breach management refers to the processes and procedures that organizations put in place to effectively handle and respond to security incidents and data breaches handle and respond to security incidents and data breaches effectively. These incidents can range from unauthorized access to systems, data leaks, malware attacks, or any other security event that compromises the confidentiality, integrity, or availability of sensitive information. Effective incident and breach management is essential for minimizing the impact of security incidents, protecting sensitive data, and maintaining the trust of customers and stakeholders. Organizations often use incident response management tools and technologies to streamline and automate incident handling processes, ensuring a swift and coordinated response to security incidents.

By Organization Size, large enterprises hold the largest market size during the forecast period.

Enterprises with more than 1,000 employees are considered large enterprises. The adoption of privacy management software among large enterprises has been significant, driven by several factors related to regulatory compliance, data protection, risk management, and organizational efficiency. The adoption of privacy management software among large enterprises has been significant, driven by several factors related to regulatory compliance, data protection, risk management, and organizational efficiency. Privacy management software offers numerous benefits for large enterprises as they navigate complex regulatory landscapes, handle vast amounts of data, and manage privacy risks across their organizations. The adoption of privacy management software among large enterprises has been significant, driven by several factors related to regulatory compliance, data protection, risk management, and organizational efficiency.

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By Region, Asia Pacific is expected to grow at a higher CAGR during the forecast period.

Asia Pacific region comprises of China, Japan, India, and rest of Asia Pacific region. The Asia Pacific region is the fastest growing region in the global Privacy Management Software Market.  The Asia Pacific region has witnessed a rapid shift towards digital transformation, with increased internet connectivity, smartphone penetration, and e-commerce adoption. This digitalization has resulted in the generation, collection, and storage of vast amounts of personal data by organizations. Consequently, there is a heightened need to protect individuals' personal information from unauthorized access, misuse, and exploitation. In October 2022, Australian health insurance provider Medibank suffered a data breach which that impacted over 9.7 million people. The hacker posted patients' personal medical information. This is likely to boost the adoption of privacy management software in the region.

Top Key Companies in Privacy Management Software Market:

Some of the key players operating in the Privacy Management Software Market are - OneTrust (US), TrustArc (US), Securiti (US), BigID (US), Exterro (US), SAP (Germany), IBM (US), Collibra (US), DataGuard (Germany), and LogicGate (US).

Recent Developments:

• In May 2023, OneTrust launched AI-driven document classification to support organizations to completely identify and classifying unstructured data to enhance data governance and data discovery.
• In April 2023, BigID announced a technology partnership with Thales, a data security technology provider, to combine BigID data intelligence and Thales CipherTrust Platform to encrypt, anonymize, and delete data.
• In May 2021, Securiti announced the collaboration between Security and Workday by launching Securiti for Workday to enhance security, privacy, governance, and compliance for sensitive employee and financial data within the Workday platform.
• In March 2021, IBM announced the launch of the launch of IBM OpenPages Data Privacy Management, a new module in the OpenPages platform that enables organizations to meet new data privacy challenges.
• In December 2020, Exterro acquired AccessData, a forensic investigation technology provider, to help customers manage legal governance, risk, and compliance (GRC) obligations.
• In June 2020, TrustArc partnered with BigID, a leading provider of data discovery and intelligence solutions for privacy, protection, and insights. This collaboration aims to assist organizations in discovering, classifying, understanding, and safeguarding personal and sensitive data to ensure ongoing privacy compliance.

Privacy Management Software Market Advantages:

• Organisations can establish effective data protection procedures thanks to privacy management software. It assists with sensitive data identification and classification, controls data access and permissions, and activity monitoring. This reduces the possibility of data breaches and enhances general security by ensuring that data is adequately safeguarded from unauthorised access.
• Utilising privacy management software makes it easier to handle requests from data subjects for information, data rectification, or data erasure. It offers centralised workflows and automation capabilities, allowing for the quick and correct handling of requests while minimising manual labour.
• Software for privacy management encourages openness and confidence between businesses and their customers. It makes it possible for businesses to clearly explain their data handling policies, consent requirements, and privacy practises. Customers, partners, and stakeholders become more trustworthy as a result, building stronger bonds and improving brand reputation.
• Software for privacy management automates privacy-related procedures, minimising human and administrative work. It offers centralised management of privacy agreements, supporting materials, and consent choices, making it simpler to keep up with privacy-related information updates. Organisations may now concentrate on their core business operations while also improving operational efficiency and saving time.
• Software for privacy management helps efficient data governance by offering tools for monitoring data usage, enforcing privacy laws, and keeping audit trails. By collecting and documenting privacy-related activity, it promotes accountability by ensuring that organisations can prove compliance and address regulatory enquiries or audits.
• Software for managing privacy is made to keep up with the complexity of privacy regulations and the growth of data. It is appropriate for organisations of all sizes and in a variety of industries since it can grow to manage big datasets, adapt to changing rules, and take into account different business settings.

Report Objectives

• To define, describe, and forecast the global Privacy Management Software Market based on application (data discovery & mapping, consent & preference management, data subject access request, privacy impact assessment, incident & breach management, vendor & third-party risk management, and other applications), deployment mode (cloud and on-premises), organization size (SMEs and large enterprises), vertical (BFSI, retail & eCommerce, IT & telecommunications, government & defense, healthcare, manufacturing, and other verticals) and region.
• To forecast the market size of the five major regional segments: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
• To strategically analyze the market subsegments with respect to individual growth trends, prospects, and contributions to the total market
• To provide detailed information related to the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
• To strategically analyze macro and micromarkets¹ with respect to growth trends, prospects, and their contributions to the overall market
• To analyze industry trends, patents and innovations, and pricing data related to the Privacy Management Software Market.
• To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for major players.
• To profile key players in the market and comprehensively analyze their market share/ranking and core-competencies across segments and subsegments.
• To track and analyze competitive developments, such as mergers and acquisitions, new product developments, and partnerships and collaborations in the market.

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