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.
The digital vault market is cementing its foothold by improving at a CAGR of 14.1% during the forecast period 2018–2023. The market is set to achieve a valuation of $873.81 million from $451.63 million in 2018, according to the study conducted by Market Research Future.
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 the 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.
A strong need to keep enterprise data secured from advanced cyber-attacks and meet stringent compliance requirements act as the major driving factors for global growth of the digital vault market. However, limited security spending and availability of various cyber security solutions to protect enterprise data are restraining growth of the market.