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:
Data Privacy Software Market Report Coverage:
|Market||Data Privacy Software Market|
|Data Privacy Software Market Size 2021||USD 1,692 Million|
|Data Privacy Software Market Forecast 2030||USD 35,088 Million|
|Data Privacy Software Market CAGR During 2022 - 2030||40.2%|
|Data Privacy Software Market Analysis Period||2018 - 2030|
|Data Privacy Software Market Base Year||2021|
|Data Privacy Software Market Forecast Data||2022 - 2030|
|Segments Covered||By Deployment Model, By Application, By Industry Vertical, By Organization Size, And By Geography
|Data Privacy Software Market Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||AvePoint, Inc., BigID, Inc., Egnyte, IBM Corporation, Nymity Inc., OneTrust, LLC, Protiviti, Inc., RSA Security LLC, Securiti.AI., SureCloud, and TrustArc, Inc.|
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
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
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
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
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
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
The Middle East & Africa (MEA)
The growing investments and presence of key players support the North American data privacy software market growth
According to our geographical assessment of the data privacy software sector, North America is the worldwide market leader and will remain so in the next years. The high rate of adoption of new technologies, the presence of significant banking and financial organizations, and growing consumer awareness of data protection acts are all factors boosting the regional market growth. Then again, with greater awareness of The California Consumer Privacy Act, for example, the United States government is ready to create a slew of stringent data protection legislation. The Asia-Pacific area, on the other hand, is expected to have the fastest CAGR from 2022 to 2030. The increasing number of cyberattacks in emerging economies such as China and India, as well as increased government activities in Singapore, Japan, China, and India, are driving the Asia-Pacific data privacy software market share.
Data Privacy Software Market Players
Some of the top data privacy software companies offered in the professional report include AvePoint, Inc., BigID, Inc., IBM Corporation, Egnyte, Nymity Inc., Protiviti, Inc., OneTrust, LLC, RSA Security LLC, SureCloud, Securiti.AI., and TrustArc, Inc.
The estimated value of global data privacy software market in 2021 was accounted to be USD 1,692 Million.
The projected CAGR data privacy software market during the analysis period of 2022 to 2030 is 40.2%.
The prominent players of the global data privacy software market are AvePoint, Inc., BigID, Inc., Egnyte, IBM Corporation, Nymity Inc., OneTrust, LLC, Protiviti, Inc., RSA Security LLC, Securiti.AI., SureCloud, and TrustArc, Inc.
North America held the dominating data privacy software during the analysis period of 2022 to 2030.
Asia-Pacific region exhibited fastest growing CAGR for data privacy software during the analysis period of 2022 to 2030.
Growing cyberattacks and data theft incidences around the world, adoption of inefficient data privacy solutions, and growing adoption of smartphones and laptops drives the growth of global data privacy software market.
Based on deployment model, on-premise segment is expected to hold the maximum share data privacy software market.