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The Global Privacy Management Software market is expected to grow at a significant CAGR during the forecast period
The reports of identity theft, accidental disclosure of customer and proprietary business information as well as successful attempts by hackers to infiltrate systems and take information are on rise. The growing concern for data privacy has increased the number of laws and regulations that are concerned regarding the information to be collected and maintained. The process of storing the information - how and where, as well as transfer of the information is being scrutinized. Privacy management software assists enterprises to run privacy impact assessments and to follow events which lead to unauthorized disclosures of personal data. The software also helps to check activities against requirements from privacy regulations. The software examines and records data flow of personal information. It assists authoring and distribution of privacy policies and also tracks user awareness.
The privacy management software vendors assist financial institutions, IT and telecommunication companies, and others to conduct their business operations in compliance with various government regulations and for data protection. The privacy management software market has started evolving in the past few years and is expected to withness a significant growth rate in the upcoming years.
The major factors that contribute the market growth is the growing adoption of Bring-your-own-devices (BYOD) and the data protection and governance regulations. The security related spending by enterprises is also expected to increase after the European Union General Data Protection Regulation (EU GDPR). The awareness regarding privacy management is low but is anticipated to grow in the near future.
Among the applications such as risk management, reporting and analytics, the compliance mangement segment is expected to grow at the highest CAGR during the forecast period. This is due to the greater need for identifying and interpreting regulatory changes. This identification enables the enterprises to cope with the varying regulatory environment easily and reduce the risk of non-compliance.
Among the organisation size segements, the large enterprises segment is expected to have a greater market size than the SME segment. Large enterprises work with huge amount of data and have multiple data sources. It is nearly impossible for large companies to keep a manual check on the varying rules and regulations and maintain data privacy.
The global Privacy Management Software Market is segmented into application, deployment mode, organization size, vertical and region/country.
By application, the global privacy management software is segmented into compliance management, risk management, reporting and analytics, and others.
By deployment mode, the global privacy management software is segmented into on-premises and cloud.
By organization size, the global privacy management software is segmented into small and medium-sized enterprises (SMEs) and large enterprises.
By vertical, the global privacy management software is segmented into telecommunication and IT; food, beverages and consumer goods; healthcare and pharmaceutical, government and defense; banking, financial services and insurance (BFSI); and others.
By region, the global privacy management software market is segmented into North America, Europe, Asia-Pacific, and rest of the world.
The global market for privacy management software is expected to grow at a significant CAGR during the forecast period. The geographical analysis of privacy management software market is studied for North America, Europe, Asia-Pacific, and the rest of the world (including the Middle East, Africa, and Latin America).
Among the regions mentioned, North America is anticipated to have the largest market share during the forecast period. The US occupies nearly 80%-85% share in the region as most of the leading vendors are headquartered here with strong customer base. The market size of Europe is estimated to grow at the highest CAGR from 2018-2023, followed by APAC. EU GDPR and other ePrivacy regulations such as Payment Card Industry (PCI), the Healthcare Information Trust Alliance (HITRUST), Telecommunications Service Companies Privacy Regulation (Germany), Information Commissioners Office (United Kingdom), and Privacy and Electronic Communications Regulations (United Kingdom), have been issued to supplement existing laws and regulations regarding data privacy.
The key players in the privacy management software market are identified across all the major regions based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise. Some of them are— Nymity Inc. (US), OneTrust, LLC (UK), TrustArc Inc (US), SIMBUS, LLC. (US), BigID, Inc. (US), International Business Machines Corporation (US), Protiviti Inc. (US), Proteus-Cyber Ltd. (UK), 2B Advice LLC (US), TokenEx (US), SureCloud (UK), AURA DIFUSION S.L.(US), AvePoint, Inc. (US), LogicGate, Inc. (US), MetricStream Inc. (US), PossibleNOW, Inc.(US), RSA Security LLC.(US), and Bwise (US). The key strategies adopted by most of the players are partnerships and agreements, collaborations, and new product releases
TABLE OF CONTENTS
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.3 Research Objectives
2.4 Markets Structure
3 Research Methodology
4 Market Dynamics
LIST OF TABLES
Table 1 Global Privacy Management Software Market, By Region, 2018–2023
Table 2 North America: Global Privacy Management Software Market, By Country, 2018–2023
Table 3 Europe: Global Privacy Management Software Market, By Country, 2018–2023
Table 4 Asia-Pacific: Global Privacy Management Software Market, By Country, 2018–2023
Table 5 Rest Of The World: Global Privacy Management Software Market, By Country, 2018–2023
LIST OF FIGURES
FIGURE 1 Global Privacy Management Software Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Porter’s Five Forces Analysis Of Global Privacy Management Software Market
FIGURE 4 Value Chain/Supply Chain Of Global Privacy Management Software Market
FIGURE 5 Share Of Global Privacy Management Software Market In 2017, By Country (In %)
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