Market Size of Privacy Management Software Industry
| 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.
