Privacy Management Software Market Size
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 13.70 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Privacy Management Software Market Analysis
The Privacy Management Software market is expected to register a CAGR of 13.7% over the forecast period. Organizations have been struggling with the daunting task of protecting the data from their operations. The greater involvement and initiatives, coupled with an increase in the number of privacy rules and various laws for data protection, are driving the adoption of the privacy management software market.
The California Consumer Protection Act (CCPA) and the General Data Protection Regulation (GDPR) by the European Union have highlighted the importance of protecting data and the consequences of failing to do so for organizations. Furthermore, data protection is critical in managing information risk, from financial account data for the Gramm-Leach-Bliley Act (GLBA) to healthcare data for the Health Insurance Portability and Accountability Act (HIPAA) and managing compliance for the general risks that information thieves pose to everyone.
- Organizations these days are subjected to protecting sensitive and private information in many ways. Hence, they are mandated to demonstrate diligence in maintaining accurate inventories of personal data and how it is transmitted and handled. The growing advocacy and awareness have resulted in more pressure on the companies to provide the customer with insight into the data being utilized. This has resulted in increased adoption of privacy management software.
- The rising use of "bring your own device" (BYOD) is one of the significant aspects fueling the growth of the studied market. Moreover, government regulations and data protection would increase market growth.
- Major players in the market are partnering with other firms to expand the portfolio of privacy management solutions. For instance, in October last year, Microsoft announced its partnership with Onetrust, Securiti.ai, and WireWheel to develop subject rights management abilities for personal data stored outside of the Microsoft 365 environment, allowing users to have streamlined responses to subject requests.
- Furthermore, most companies adopted the "work from home" model due to the widespread outbreak of COVID-19. Although the situation improved, this crisis opened the door for the new hybrid work model.
Privacy Management Software Market Trends
This section covers the major market trends shaping the Privacy Management Software Market according to our research experts:
Rising Need to Achieve Compliance with Privacy Requirements
- According to the HHS, there is an exponential rise in cybercrimes resulting from healthcare data breaches. A total of 526 of the 713 breaches reported in the previous year were categorized as "hacking" or "IT incidents." These incidents accounted for 94 percent of the total records breached, with 43.1 million records last year. Also, HIPAA says that every day last year, 500 or more records and an average of 1.95 violations of health data were reported.
- The existence of cybercrime can be traced back many years. Over the years, the threat has evolved into a severe problem for individuals, organizations, and society as a whole. Therefore, data protection regulations also developed into more stringent laws. According to estimates, this will accelerate organizations' adoption of privacy management software.
- Following such instances, new regulations came into effect and have been formulated. The Department for Digital, Culture, Media, and Sport (DCMS) in the United Kingdom releases a report on a cybersecurity breaches survey each year with the official statistics regarding the most prevalent type of cybersecurity breaches.
- The survey indicated that about 45% of businesses and 65% of charities have implemented "Bring Your Own Device," where staff use their own private devices, such as laptops, for work purposes. While these devices add flexibility at work, they also increase the need for data protection and privacy management solutions.
North America to Hold the Largest Market Share
The North American region is a primary hub for all major organizations worldwide. The expansion of the retail industry and the growth of IoT drive the demand for smart devices and mobiles in the region. Thus, companies must comply with data privacy regulations given the increasing pressure from laws, advocacy, and awareness against data breaches.
- In the utility industry, the US government mandated the adoption of version 5 of the North American Electric Reliability Corporation Critical Infrastructure Protection (NERC CIP) as the cybersecurity standard. The healthcare industry abides by HIPPA requirements for securing data. This also includes the adoption of privacy management software.
- Notably, the United States is experiencing an increasing number of cyber threats. According to the Identity Theft Resource Center (ITRC), the average number of breaches in the country has increased marginally over the past few years. According to the ITRC's recent estimates, the average number of data breaches faced by the United States increased from 614 violations in 2013 to 1,1862 breaches in the last year. Furthermore, in the first half of the current year, more than 53 million individuals were affected by data compromises, including breaches, leakage, and exposure.
Privacy Management Software Industry Overview
There are a lot of domestic and international players in the market for privacy management software, which makes it a very competitive market. The market is moderately concentrated, moving towards fragmentation in the near future. The key strategies adopted by the major players in the market are product innovation, mergers, acquisitions, and partnerships. Some of the major players in the market are OneTrust, TrustArc, Securiti, SAI Global, and SAP SE.
In May 2022, OneTrust announced the launch of a Trust Intelligence Platform, establishing a new category of technology dedicated to solving critical business challenges around trust and transparency. Trust intelligence gives organizations visibility across all trust domains, actions based on AI and regulatory intelligence, and automation to make trust a reflex by design.
In January 2022, OneTrust announced its partnership with the Microsoft Intelligent Security Association (MISA), a community of software vendors and managed security service providers that have combined their solutions to meet the demands of the rising privacy and security landscape. Through this partnership, OneTrust helps Microsoft 365 customers automate data subject access requests (DSARs) across all of their Microsoft 365 systems.
Privacy Management Software Market Leaders
OneTrust LLC
TrustArc Inc.
Securiti Inc.
SAI Global Pty Ltd.
SAP SE
*Disclaimer: Major Players sorted in no particular order
Privacy Management Software Market News
- December 2022: Palo Alto Networks announced the launch of Medical IoT Security, which is a complete zero-trust security solution for medical devices. It will enable healthcare institutions to deploy and manage new connected technologies securely. Zero trust is a strategic process for cybersecurity that secures an organization by eradicating implicit trust by constantly verifying every user and device.
- October 2022: Securiti, a multi-cloud data protection, governance, and security company, announced the launch of DataControls Cloud. It creates a layer of unified data intelligence and controls across public clouds, SaaS, private clouds, and data clouds. The solution acts as a centralized data command center that helps businesses meet their basic privacy, security, governance, and compliance requirements.
Privacy Management Software Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHT
4.1 Market Overview
4.2 Core Privacy Requirements and Core Functions of a Privacy Management Offering
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Consumers
4.3.3 Threat of New Entrants
4.3.4 Intensity of Competitive Rivalry
4.3.5 Threat of Substitutes
4.4 Assessment of Impact of COVID-19 on the Industry
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Increase in the number of Privacy Rules and Varied Privacy Laws
5.1.2 Rising Need to Achieve Compliance with Privacy Requirements
5.2 Market Challenges
6. MARKET SEGMENTATION
6.1 By Deployment Type
6.1.1 On-Premise
6.1.2 On-Demand (Cloud/SaaS)
6.2 By Organization Size
6.2.1 Small and Medium Enterprises
6.2.2 Large Enterprises
6.3 Geography
6.3.1 North America
6.3.2 Europe
6.3.3 Asia-Pacific
6.3.4 Latin America
6.3.5 Middle East & Africa
7. COMPETITIVE LANDSCAPE
7.1 Vendor Ranking Analysis
7.2 Key Vendor Profiles
7.2.1 OneTrust LLC
7.2.2 TrustArc Inc.
7.2.3 Securiti Inc.
7.2.4 SAI Global Pty Ltd.
7.2.5 SAP SE
7.2.6 Syrenis Ltd.
7.2.7 Crownpeak Technology Inc.
7.2.8 Exterro Inc.
7.2.9 WireWheel Inc.
7.2.10 BigID Inc.
7.2.11 Smart Global Governance
7.2.12 Privacy Company
7.2.13 Nymity
7.2.14 Collibra
8. INVESTMENT ANALYSIS
9. FUTURE OF THE MARKET
Privacy Management Software Industry Segmentation
Privacy management software is defined as the software that is specifically designed and marketed to enable enterprise compliance with data privacy regulations such as GDPR and CCPA, among others. The study provides a detailed account of qualitative and quantitative findings across various organization sizes, deployment types, and geographies.
The Privacy Management Software Market is segmented by Deployment Type (On-Premise, On-Demand), Organization Size (Small and Medium Enterprises, Large Enterprises), and Geography (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa).
The market sizes and forecasts are provided in terms of value (in USD million) for all the above segments.
| By Deployment Type | |
| On-Premise | |
| On-Demand (Cloud/SaaS) |
| By Organization Size | |
| Small and Medium Enterprises | |
| Large Enterprises |
| Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| Latin America | |
| Middle East & Africa |
Privacy Management Software Market Research FAQs
What is the current Privacy Management Software Market size?
The Privacy Management Software Market is projected to register a CAGR of 13.70% during the forecast period (2024-2029)
Who are the key players in Privacy Management Software Market?
OneTrust LLC, TrustArc Inc., Securiti Inc., SAI Global Pty Ltd. and SAP SE are the major companies operating in the Privacy Management Software Market.
Which is the fastest growing region in Privacy Management Software Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Privacy Management Software Market?
In 2024, the North America accounts for the largest market share in Privacy Management Software Market.
What years does this Privacy Management Software Market cover?
The report covers the Privacy Management Software Market historical market size for years: 2021, 2022 and 2023. The report also forecasts the Privacy Management Software Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Privacy Management Software Industry Report
Statistics for the 2023 Privacy Management Software market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Privacy Management Software analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
