Privacy Management Software Market 2030: Challenges for SMEs

The global privacy management software market size is expected to reach USD 30.15 billion by 2030, growing at a CAGR of 39.5% from 2024 to 2030, according to a new report by Grand View Research, Inc. The rising incidence of data breaches and cyber-attacks has increased the need for enhanced data security and privacy measures, prompting businesses to invest in sophisticated software to protect sensitive information. Moreover, growing consumer awareness and concern regarding personal data privacy have pressured companies to implement transparent and comprehensive privacy practices, boosting the demand for privacy management tools.

The proliferation of data-driven business models and the expansion of digital services are significant drivers of the privacy management software market. For instance, with over 247.2 million subscribers globally, Netflix’s success is attributed to its sophisticated recommendation engine. By incorporating machine learning and data analytics, along with a dedication to streaming optimization, Netflix provides a personalized cinematic experience for each user, thereby cementing its status as a pioneering leader in the entertainment industry.

Gather more insights about the market drivers, restrains and growth of the Privacy Management Software Market

As businesses increasingly rely on data analytics to inform strategic decisions, optimize operations, and enhance customer experiences, the volume and sensitivity of data being collected and processed have surged. This escalation necessitates robust privacy management solutions to ensure data handling practices comply with stringent regulatory standards and mitigate the risks associated with data breaches and unauthorized access. In addition, the widespread adoption of digital services, from e-commerce to cloud computing, has amplified the complexity of managing personal data across diverse platforms and jurisdictions. Consequently, organizations are compelled to implement advanced privacy management software to maintain data integrity, build consumer trust, and sustain competitive advantage in a data-centric landscape.

Increasing regulatory requirements significantly drive the privacy management software market. Regulations such as the General Data Protection Regulation (GDPR) in Europe and the California Consumer Privacy Act (CCPA) in the U.S. impose stringent obligations on organizations to manage and protect personal data. Compliance with these regulations necessitates comprehensive privacy management solutions to ensure data handling practices meet legal standards, thereby avoiding substantial fines and reputational damage. Furthermore, as governments worldwide continue to implement and tighten data privacy laws, businesses across various sectors are compelled to adopt advanced privacy management software to navigate the complex regulatory landscape, safeguard consumer trust, and maintain operational integrity.

Privacy Management Software Market Report Highlights:

• Based on the deployment mode, the on-premises segment held the largest revenue share of over 62% in 2023. This is driven by the need for enhanced control and security
• Based on enterprise size, the large enterprise segment held the largest revenue share in 2023. The adoption of privacy management software in large enterprises is primarily driven by the complexity and volume of data handling and the compilation of stringent regulatory requirements
• Based on application, the data discovery and mapping segment is anticipated to grow at the highest CAGR from 2024 to 2030. This is driven by the need for comprehensive visibility and control over organizational data
• Based on end use, the healthcare segment is anticipated to grow at a CAGR of over 41% during the forecast period. This is primarily driven by the imperative to protect patient data and adhere to stringent healthcare regulations
• Based on region, North America held the major share of over 38% of the market in 2023. The privacy management software in the North American market is experiencing growth driven by stringent data protection regulations such as the California Consumer Privacy Act (CCPA) and increasing consumer awareness of data privacy

Browse more reports published by Grand View Research.

• Embedded Software Market Size, Share & Trends Analysis Report By Operating System (General Purpose Operating System, Real-time Operating System), By Functionality, By Vertical (Automotive, Manufacturing), By Region, And Segment Forecasts, 2024 – 2030
• Platform Engineering Services Market Size, Share & Trends Analysis Report By Deployment, By Organization Size, By Service Type, By Vertical (BFSI, Manufacturing) By Region, And Segment Forecasts, 2024 – 2030

List of Key Players in the Privacy Management Software Market

• BigID Inc.
• Collibra
• DataGrail, Inc.
• DataGuard
• International Business Machines Corporation
• One Identity LLC
• OneTrust, LLC. 
• Securiti
• Spirion, LLC
• TrustArc Inc. 

About Grand View Research

Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.

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