The global privacy management software market is accounted to US$ 521.3 Mn in 2018 and is expected to grow at a CAGR of 13.7% during the forecast period 2019 – 2027, to account to US$ 1,585.9 Mn by 2027. Key industry firms include AvePoint,BigID,IBM, Nymity, OneTrust, Protiviti, RSA Security, LogicGate, SureCloud TrustArc.
The global privacy management software market by industrial vertical was led by BFSI industry segment. Other material considered in the privacy management software market includes Telecommunication & IT, BFSI, Government & Defense, and others.
Europe is anticipated to be the fastest growing market and North America is to be the highest revenue contributor throughout the forecast period in the privacy management software market.
The European Commission released a guide for small- and medium-sized enterprises to help them comply with the upcoming EU General Data Protection Regulation. The European Commission also advises SMEs on what they must do to abide by the rules, including gathering consent, communicating with data subjects, implementing data protection by design, and advising companies on whether they need a data protection officer.
The overall Compliance Management spending recorded by European region in the year 2018 was over US$ 107.9 Mn, which is expected to fuel privacy management software market in this region.
Improved accountability for ensuring data security
With snow balling volume and prominence of data that the modern information system maintains, privacy and security breach pose an augmenting threat not only to users, but also to system operators and designers. The organizations are thriving for the software that would enable them to implement their tasks without too much interference, however in case of misbehavior the software must be capable of hold the user accountable.
The rising demand for accountability is therefore enforcing the organizations to adopt privacy management software that would allow them to maximize their autonomy and capture their accountability. This will drive the privacy management software market in the forecast period.
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- AvePoint, Inc.
- BigID, Inc.
- IBM Corporation
- Nymity Inc.
- OneTrust, LLC
- Protiviti Inc.
- RSA Security LLC
- LogicGate, Inc.
- TrustArc Inc.
International co-ordination will remain patchy at best
Since the formal introduction of GDPR, the privacy management software market has already seen other regions move to instate their own legislation, including California, South America and Asia Pacific. Although many of the proposed drafts and new regulations are less stringent than GDPR.
In an ideal world, culture of international business would lead to an international standard for data privacy. Instead, on the global stage, the privacy management software market is most likely foresee enforcement shaping how international companies go about approaching data privacy in their business practices.
Some of the companies in the landscape have been working as best they can to apply the tightest standards on a global basis, providing that benefit to all. Others are projected to risk-assess and act by region, while remaining might continue to pay lip-service to the regulation due to the limited number of cases where significant penalties were enforced.
This trend anticipates the growth of privacy management software market in the forecast period.
The privacy management software market by application is segmented into Compliance Management, Risk Management, Reporting & Analytics, and Others. Privacy compliance software has evolved to be an invaluable tool in generating effective privacy programs that encapsulated several privacy laws and regulations.
Also, the privacy concern among the consumers has have also impacted their confidence and trust over the organizations catering to them. Furthermore, people are beginning to understand that their data is vulnerable to be shared without their consent they are demanding the organizations to take the accountability of securing their data and stay in line with the new privacy regulations are expected to provide substantial growth opportunity to the key players in privacy management software market.
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New market initiatives were observed as the most adopted strategy in global privacy management software market. Few of the recent market initiatives are listed below:
2019: BigID announced its partnership with Immuta, for delivering an integrated solution for the automation of privacy centric data science initiatives.
2019: OneTrust completed acquisition of DataGuidance. An integration of OneTrust and DataGuidance, the clients has an access on actionable information related with changing legal and compliance frameworks globally and tools to execute and monitor the compliance.
2018: The Everton FC club selected SureCloud’s GDPR Suite. The company offered its cloud-based suite of solutions to the club with an aim to control and monitor the data and GDPR compliance.
GLOBAL PRIVACY MANAGEMENT SOFTWARE – MARKET SEGMENTATION
By Deployment Type
By Organization Size
- Small & Medium Enterprise
- Large Enterprise
- Compliance Management
- Risk Management
- Reporting & Analytics
By Industry Vertical
- Telecommunication & IT
- Government & Defense
- North America
- Rest of Europe
- Asia Pacific (APAC)
- South Korea
- Rest of Asia Pacific
- Middle East and Africa (MEA)
- South Africa
- Saudi Arabia
- Rest of MEA
- South America (SAM)
- Rest of SAM
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