Privacy Management Software Market 2021 | Report by Size, Growth, Sales Revenue, Future Demands, Growth Factors, Emerging Trends, Competitive Landscape and Forecast to 2030

In a recent published report, Kenneth Research has updated the market report for Privacy Management Software Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Privacy Management Software Market products.

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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further projected to touch USD 6 million by 2023.

Market Synopsis

The Global Privacy Management Software market is expected to grow at a significant CAGR during the forecast periodThe 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 Final Report will cover the impact analysis of COVID-19 on this industry:

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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.

Segmentation

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.

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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.

Regional analysis

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.

Key Players

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

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Intended Audience

Government Agencies

Privacy Management Software Service/Solution Providers

Financial Advisory/Consulting Firms

System Integrators

Research Institutes and Organizations

Technology Standards Organizations

Venture capitalist/angel investors

Information security directors/managers

About Kenneth Research

Kenneth Research is a reselling agency providing market research solutions in different verticals such as Automotive and Transportation, Chemicals and Materials, Healthcare, Food & Beverage and Consumer Packaged Goods, Semiconductors, Electronics & ICT, Packaging, and Others. Our portfolio includes set of market research insights such as market sizing and market forecasting, market share analysis and key positioning of the players (manufacturers, deals and distributors, etc), understanding the competitive landscape and their business at a ground level and many more. Our research experts deliver the offerings efficiently and effectively within a stipulated time. The market study provided by Kenneth Research helps the Industry veterans/investors to think and to act wisely in their overall strategy formulation

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