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

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

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 rising adoption of IoT devices with increasing internet penetration and growing spending on cyber security initiatives to offer opportunities for the growth of privacy management software market. The time to implement data privacy management software represents a significant challenge for the growth of the privacy management software market.

“As per organization size, the SMEs segment is projected to witness the highest CAGR during the forecast period. “

Organizations with employee size under 1,000 are categorized under SMEs. SMEs recognize the importance of data privacy and the need to comply with regulatory requirements. As privacy concerns continue to grow, SMEs are recognizing the need to invest in privacy management software to meet regulatory requirements, protect customer data, enhance their reputation, and gain a competitive edge. While the specific needs and priorities may vary among SMEs, the benefits of adopting privacy management software are clear, enabling them to manage privacy risks effectively and ensure compliance with privacy regulations. Privacy management software offers several benefits for small and medium-sized enterprises (SMEs) as they navigate the complex landscape of data privacy and regulatory compliance. Privacy management software provides SMEs with the necessary tools and capabilities to navigate the complexities of data privacy and regulatory compliance. By implementing such software, SMEs can effectively enhance their data protection practices, streamline privacy processes, build customer trust, and mitigate privacy risks.

“As per vertical, the IT & telecommunications vertical to hold second largest market share in 2023.“

The IT and Telecom industry handles vast amounts of sensitive customer data, making privacy management a critical aspect of its operations. Privacy management software is crucial in helping IT and Telecom organizations ensure compliance with data protection regulations, customer privacy, and mitigate privacy risks. Privacy management software is essential for the IT & Telecom industry to ensure compliance, protect customer data, and maintain trust in an increasingly privacy-focused landscape. By adopting privacy management software and implementing privacy best practices, IT & Telecom organizations can enhance data protection, mitigate privacy risks, and build strong customer relationships based on trust and transparency.

As per region, the Middle East & Africa region is projected to witness the second highest CAGR during the forecast period.

The Middle East & Africa region is experiencing growth in the adoption of privacy management software with the growing digitalization and adoption of innovative technologies such as IoT, AI, and cloud. The privacy management software helps the organizations in the region to keep the track of changing regulatory landscapes across the regions, such as the European Union's General Data Protection Regulation (GDPR), local data protection laws, and industry-specific regulations. The market growth in the MEA region is projected to be high due to the considerable implementation in developed countries in the Middle East. The major attraction of this region is its potential for growth, which is significantly increasing in Africa.

The breakup of the profiles of the primary participants is given below:

By Company: Tier I: 34%, Tier II: 43%, and Tier III: 23%

By Designation: C-Level Executives: 50%, Director Level: 30%, and Others: 20%

By Region: North America: 30%, Europe: 30%, Asia Pacific: 25%, ,Rest of World: 15%

Note: Others include sales managers, marketing managers, and product managers

Note: Rest of the World includes the Middle East & Africa and Latin America

Note: Tier 1 companies have revenues more than USD 100 million; tier 2 companies’ revenue ranges from USD 10 million to USD 100 million; and tier 3 companies’ revenue is less than 10 million

Source: Secondary Literature, Expert Interviews, and MarketsandMarkets Analysis

Some of the major vendors offering privacy management software across the globe include OneTrust (US), TrustArc (US), Securiti (US), BigID(US), Exterro (US), SAP (Germany), IBM (US), Collibra (US), DataGuard (Germany), LogicGate (US), Truyo (US), Segment (US), Spirion (US), Didomi (France), SureCloud (UK), DataGrail (US), Egnyte (US), WireWheel (US), Data Privacy Manager (UK), SAI360 (US), Straits Interactive (Singapore), Corporater (Norway), Transcend (US), Ketch (US), Secuvy (US), Clarip (US), DPOrganizer (UK), MineOS (Israel), Osano (Ireland), and PrivacyEngine (Ireland).

Research coverage:

The market study covers the privacy management software market across segments. It aims at estimating the market size and the growth potential of this market across different segments, such as application, deployment mode, organization size, vertical, and region. It includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Reasons to buy this report:

The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall privacy management software market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.

The report provides insights on the following pointers:

Analysis of key drivers (need for personal data protection with increasing privacy concerns, growing number of data subject access requests from customers to access personal data, growing cases of data breaches and misuse with digital transformation), restraints (integration of privacy management software with existing systems), opportunities (rising adoption of IoT devices with increasing internet penetration, growing spending on cybersecurity initiatives), and challenges (time to implement data privacy management software, rapid pace of technological advancements) influencing the growth of the privacy management software market.

Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the privacy management software market.

Market Development: Comprehensive information about lucrative markets – the report analyses the privacy management software market across varied regions.

Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the privacy management software market.

Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players like OneTrust (US), TrustArc (US), Securiti (US), BigID (US), Exterro (US), SAP (Germany), IBM (US), Collibra (US), DataGuard (Germany), LogicGate (US), among others in the privacy management software market.