Privacy Management Software Market Predicted to Grow $15.2 billion by 2028

(IT-NEWSWIRE.COM, June 21, 2023 ) According to a research report "Privacy Management Software Market by Application (Data Discovery & Mapping, DSAR, PIA, Consent & Preference Management), Deployment Mode, Organization Size (Large Enterprises, SMEs), Vertical and Region - Global Forecast to 2028" published by MarketsandMarkets, the privacy management software market size is expected to grow from USD 2.7 billion in 2023 to USD 15.2 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 41.9% during the forecast period. The rapid growth of digital financial services and growing incidences of data theft and data breaches is likely to boost the adoption of privacy management software globally.

Browse 251 market data Tables and 50 Figures spread through 246 Pages and in-depth TOC on "Privacy Management Software Market - Global Forecast to 2028"

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By application, the incident & breach management segment is expected to grow at a higher CAGR during the forecast period.

Incident and breach management refers to the processes and procedures that organizations put in place to effectively handle and respond to security incidents and data breaches handle and respond to security incidents and data breaches effectively. These incidents can range from unauthorized access to systems, data leaks, malware attacks, or any other security event that compromises the confidentiality, integrity, or availability of sensitive information. Effective incident and breach management is essential for minimizing the impact of security incidents, protecting sensitive data, and maintaining the trust of customers and stakeholders. Organizations often use incident response management tools and technologies to streamline and automate incident handling processes, ensuring a swift and coordinated response to security incidents.

By Organization Size, large enterprises hold the largest market size during the forecast period.

Enterprises with more than 1,000 employees are considered large enterprises. The adoption of privacy management software among large enterprises has been significant, driven by several factors related to regulatory compliance, data protection, risk management, and organizational efficiency. The adoption of privacy management software among large enterprises has been significant, driven by several factors related to regulatory compliance, data protection, risk management, and organizational efficiency. Privacy management software offers numerous benefits for large enterprises as they navigate complex regulatory landscapes, handle vast amounts of data, and manage privacy risks across their organizations. The adoption of privacy management software among large enterprises has been significant, driven by several factors related to regulatory compliance, data protection, risk management, and organizational efficiency.

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By Region, Asia Pacific is expected to grow at a higher CAGR during the forecast period.

Asia Pacific region comprises of China, Japan, India, and rest of Asia Pacific region. The Asia Pacific region is the fastest growing region in the global privacy management software market. The Asia Pacific region has witnessed a rapid shift towards digital transformation, with increased internet connectivity, smartphone penetration, and e-commerce adoption. This digitalization has resulted in the generation, collection, and storage of vast amounts of personal data by organizations. Consequently, there is a heightened need to protect individuals' personal information from unauthorized access, misuse, and exploitation. In October 2022, Australian health insurance provider Medibank suffered a data breach which that impacted over 9.7 million people. The hacker posted patients’ personal medical information. This is likely to boost the adoption of privacy management software in the region.

Some of the key players operating in the privacy management software market are - OneTrust (US), TrustArc (US), Securiti (US), BigID (US), Exterro (US), SAP (Germany), IBM (US), Collibra (US), DataGuard (Germany), and LogicGate (US).

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Privacy Management Software Market Predicted to Grow $15.2 billion by 2028