Privacy Management Software Market to 2027 - Global Analysis and Forecasts by Application (Compliance Management, Risk Management, Reporting and Analytics, Others); Deployment Mode (On-Premises, Cloud); Organization Size (SMEs, Large Enterprises); Industry Vertical (Telecommunication and IT, BFSI, Government and Defense, Others)
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$ 1,585.8 Mn by 2027. The global privacy management software market is experiencing steady growth in the forecast period with regards to continuous research and development activities, to bring necessary innovations in privacy management software market. The cloud hold a significant position in deployment type segment, which is a model where the data is stored in the third-party cloud provider. The clients have no control over the location of the infrastructure; this infers that if a vendor's data center is breached, the enterprise will have no control over time period of the outage or what data may be conceded. The cloud deployment model is ideal for organizations which are willing to adopt analytics solutions with low investment. It mainly allows the company to procure the data with all their services, but on an economical expense. Thus, the rapidly increasing demand for cloud based deployment is expected to boost the privacy management software market in the near future.
The privacy management software market is fragmented with the presence of several industries and the competitive dynamics in the privacy management software market is expected to change during the upcoming years. In addition to this, various initiatives are undertaken by the governmental bodies to accelerate the privacy management software market further. For instance, California in 2018 influenced by the EU's GDPR regulation, amended CCPA (California Consumer Privacy Act) of 2018. The law (AB375) was signed by Jerry Brown, and it mirrored the GDPR in several aspects. This law is expected to provide the state's 40 million residents with the right to access the data that companies hold on them. In addition these residents would also have the authority to update their information, or request it to be deleted and not sold to the third party. This initiative provides multiple benefits to the privacy management software market players and thus increasing the growth of privacy management software market in the region.
A key trend which will predominantly affect the privacy management software market in a coming year is the emerging international co-ordination will remain patchy at best. With the advancement in technology in today's world and the existing network, the formal introduction of GDPR, the 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 market is most likely foresee enforcement shaping how international companies go about approaching data privacy in their business practices. These factors are anticipated to gain traction in the coming times having a significant impact of the privacy management software market.
Privacy management software market by Organization Size is segmented into small & medium enterprises and large enterprises. The large enterprise segment holds a significant share in the privacy management software market during the forecast period. Large organizations collect and store huge amounts of data but it's difficult for them to track, secure or report on this data's history or flow. The latest financing, which has taken the startup's valuation to $46.1M, is a result of BigID's timely offering: helping companies comply with the Global Data Protection Right (GDPR) data privacy regulations. This need for compliance with a new legal framework and increasing pushback from privacy-focused consumers has changed the way software company's look at privacy solutions are expected to fuel the demand for privacy management software market during the forecast period. Europe region is the fastest growing as increased access to government data sources in machine readable formats across borders and jurisdictions will provide AI practitioners with a wide variety of data to help train AI systems. The adoption of international data interoperability standards will help speed the development and adoption of AI systems, and increase the efficiency of data sharing processes. Government incentives to increase willingness and comfort with sharing information with the public and private sectors will help shift the mentality of data as a product, and encourage data sharing. Furthermore, North America holds the dominant share in the privacy management software market.
The overall privacy management software market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the privacy management software market. Also, multiple primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the privacy management software market. Some of the players present in privacy management software market are AvePoint, Inc., BigID, Inc., IBM Corporation, Nymity Inc., OneTrust, LLC, Protiviti Inc., RSA Security LLC, LogicGate, Inc., SureCloud, and TrustArc Inc. among others.