Privacy Management Software Market Minding All the P’s and Q’s

The Global Privacy Management Software Market 2020 is expecting growth at 22.8% CAGR during the forecast period (2018-2023), reveals Market Research Future (MRFR). The mounting number of cyber-attacks, rising concerns concerning data privacy, and rigid government regulations regarding data security are major factors expected to compel market growth.

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Top Market Contenders

The significant players in the Privacy Management Software Market are identified across all the major regions. The top ones are OneTrust LLC (UK), Nymity Inc. (US), SIMBUS LLC. (US), TrustArc Inc (US), International Business Machines Corporation (US), BigID Inc. (US), Proteus-Cyber Ltd. (UK), Protiviti Inc. (US), TokenEx (US), 2B Advice LLC (US), AURA DIFUSION S.L.(US), SureCloud (UK), LogicGate Inc. (US), AvePoint Inc. (US), PossibleNOW Inc.(US), MetricStream Inc. (US),  Bwise (US), and RSA Security LLC (US).

Significant factors influencing market growth are the rising adoption of bring-your-own-devices (BYOD) and the data protection and governance regulations.

Top Impacting Factors

With snowballing volume and prominence of data that the modern information system maintains, privacy and security breach poses a growing threat, not only to users but also to system operators as well as designers. Organizations desire software that would enable them to implement their tasks without much interference; however, in case of misconduct, the software must be capable of hold the user liable. Seeing this, the rising demand for accountability is forcing organizations to adopt privacy management software that would allow them to maximize autonomy and capture accountability. This will drive the Privacy Management Software Market in the forecast period, as per MRFR’s analysis.

The ever-increasing enterprise expenditures for data privacy is also creating an opportunity for companies in the Privacy Management Software Market to gain a strong customer base, and making the future fruitful for the market during the years 2018 to 2023.

On the global stage, the Privacy Management Software Market is most likely shaping how international companies handle data privacy in their daily business practices. Some of the renowned companies in the landscape have been working to attain the highest standards on a global base, providing that benefit to all. However, others are projected to risk-assess and act by region, while the remaining might continue to pay lip-service to the regulations due to the limited number of cases. Such a trend anticipates growth of the Privacy Management Software Market in the forecast period at an exceptional level, higher than in previous years.

At the same time, other significant factors influencing market growth are the rising adoption of bring-your-own-devices (BYOD) and the data protection and governance regulations. The security-related expenditure by enterprises is also expected to increase with implementation of the European Union General Data Protection Regulation (EU GDPR). Current awareness regarding privacy management is low but is anticipated to grow in the near future, finds MRFR in its latest study.

 Market Segmentation

The global Privacy Management Software Market under segmented analysis has covered the segments of deployment mode, application, and organization size, and vertical.

Among the application segment, the global privacy management software study has included risk management, compliance management, and reporting and analytics. Among the deployment mode segment, the global privacy management software has included on-premises and cloud.

Among the organization size segment, global privacy management software has included small and medium-sized enterprises (SMEs) and large enterprises. Among the vertical segment, the global Privacy Management Software Market has included telecommunication and IT, reporting and analytics, beverages and consumer goods, food,  government and defense, banking, healthcare and pharmaceutical, financial services and insurance (BFSI), and others.

Regional Outlook

With snowballing volume and prominence of data that the modern information system maintains, privacy and security breach poses a growing threat, not only to users but also to system operators as well as designers.

North America, Europe, Asia-Pacific, and the rest of the world are the top regions mentioned in the study of the global Privacy Management Software Market.

Among the regions mentioned, the North American region is likely to own the largest market share during the assessment period. The US occupies about 80%-85% share in the region as most of the chief vendors are headquartered there with a sturdy customer base.

The market size of Europe is estimated to swell at the highest CAGR from 2018-2023, followed by EU GDPR and other ePrivacy regulations such as the Healthcare Information Trust Alliance (HITRUST), Payment Card Industry (PCI), Information Commissioners Office (United Kingdom), Telecommunications Service Companies Privacy Regulation (Germany), Privacy and Electronic Communications Regulations (United Kingdom). These have been issued to supplement existing laws and regulations regarding data privacy.

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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
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