Data Privacy Software Market Size - Global Industry Share, Analysis, Trends and Forecast 2022 - 2030

The Global Data Privacy Software Market Size accounted for USD 1,692 Million in 2021 and is estimated to achieve a market size of USD 35,088 Million by 2030; growing at a CAGR of 40.2%.

Data privacy is one of the widely shared issues that have prompted several tech giants and data-related companies to increase their investments in data privacy solutions. The increased investment in this platform by various sectors is driving the data privacy software market revenue. In the approaching years, the fast developing cloud-based solutions and websites with insufficient safety and privacy will drive the data privacy software market growth. Businesses in all industries that have paid less attention to data privacy have lost a substantial amount of valuable data as well as millions of dollars. As a result, increased data privacy awareness is propelling the data privacy software market share. The most important motivation for firms to handle data privacy seriously is to avoid huge fines. Companies that fail to comply with these data privacy standards may face fines of 10 million dollars or more. In addition to that, organizations may face a 20-year punishment.

Global Data Privacy Software Market Dynamics:

Market Drivers:

• Growing cyberattacks and data theft incidences around the world
• Adoption data privacy solutions in widespread industries
• Growing adoption of smartphones
• Increasing trend of mobile banking applications

Market Restraints:

• Lack of awareness in developing countries
• High cost of these solutions

Market Opportunities:

• Implementation of IoT, wearables, and cloud solutions increases risks
• Growing strict government guidelines for these solutions

Data Privacy Software Market Report Coverage:

The growing number of cyberattacks is one of the primary factors boosting the global data privacy software market value. As the quantity and sophistication of cyberattacks increase, organizations are under growing pressure to protect them from compromise. Though businesses have responded by increasing their security budgets and implementing more complex defenses, keeping up with the threats that may emerge in the next years will be difficult.

A lack of data protection, the consequences of a global pandemic, and an increase in exploit complexity have resulted in a significant increase in hacked and compromised data from sources that are becoming more widespread in the workplace, such as mobile and Internet Of Things (IoT) devices. Furthermore, COVID-19 has increased remote workforces, opening the door for cyberattacks. These reasons are causing the global data privacy software industry to expand substantially in the next years.

However, a lack of awareness in developing nations and a lack of budget concerns in small and medium-sized businesses are limiting the market's ability to grow. Furthermore, the growing use of IoT, wearables and smartphone users provides opportunities for cybercriminals to attack their gadgets. As a result, these factors are producing considerable potential prospects for the market between 2022 and 2030.

Data Privacy Software Market Segmentation

The worldwide data privacy software market is split based on deployment model, application, industry vertical, organization size, and geography.

Market by Deployment Model

• On-Premise
• Cloud

Among deployment model segment, the on-premise data privacy software is likely to lead the market with utmost shares in 2021. With on-premise security, servers and data are physically located in office, and users can use backup and disaster recovery software to extract the data when needed it during a network failure. Many industries extensively use on-premise softwares to protect important data from cyber criminals. As a result, the demand for on-premise segment is gradually comanding a lead in the coming future. On the other hand, with advancement in technologies, and improved data privacy solutions, the cloud-based data privacy software are gaining significant traction in the coming years

Market by Application

• Compliance Management
• Reporting & Analytics
• Risk Management
• Others

According to our data privacy software industry analysis, the compliance management sub-segment will account for a sizable market share between 2022 and 2030. Many businesses, particularly those in the legal, healthcare, and financial sectors, are obligated to follow data storage and sharing compliance rules. Rising demand for software across compliance management solutions, as well as expanding data protection rules, are fueling the expansion of the data privacy software market. However, risk management application is likely to witness the fastest growth during the forecasted years 2022 – 2030.

Market by Industry Vertical

• BFSI
• Government
• IT & Telecom
• Healthcare
• Manufacturing
• Retail
• Others

According to our data privacy software market forecast, BFSI generated the largest data privacy software market revenue from 2022 to 2030. Cybercriminals all around the world target banking and financial sectors with the primary goal of stealing money or banking-related data. In addition, the increased use of online banking, e-wallets, and mobile banking applications is driving up need for data privacy software in the BFSI sector. Furthermore, as the banking and financial sector's complaint management laws become more stringent, there is a major opportunity for data privacy solutions in this area.

Market by Organization Size

• Large Enterprises
• Small & Medium Enterprises (SMEs)

According to our data privacy software market forecast, large enterprises held the most market share in 2021 and are expected to continue to do so in the years ahead, from 2022 to 2030. Most large enterprises have a global presence, which benefits the data privacy software market. Furthermore, large corporations acquire, store, and operate on massive amounts of client data, necessitating the adoption of multiple data privacy management solutions, increasing demand. However, SMEs are likely to develop rapidly in the next years due to the increasing number of SMEs around the world and greater vulnerabilities among SMEs to data breaches.

Data Privacy Software Market Regional Outlook

North America

• U.S.
• Canada

Europe

• U.K.
• Germany
• France
• Spain
• Rest of Europe

Latin America

• Mexico
• Brazil
• Rest of Latin America

Asia-Pacific

• India
• Japan
• China
• Australia
• South Korea
• Rest of Asia-Pacific

The Middle East & Africa (MEA)

• Gulf Cooperation Council (GCC)
• South Africa
• Rest of the Middle East & Africa