Global Privacy Management Software Market SWOT Analysis To 2027 Leading By AvePoint, BigID, IBM, Nymity, OneTrust, Protiviti, RSA Security, LogicGate, SureCloud and TrustArc

The global privacy management software market is accounted to US$ 521.3 Mn in 2018 and is expected to grow at a CAGR of 13.7% during the forecast period 2019 – 2027, to account to US$ 1,585.9 Mn by 2027. The privacy management software market has recently witnessed a significant adoption in European countries such as UK, France, Italy, and others. The growth in adoption of the privacy management software is attributed to several factors such as Changing regulations and Norms in favor of market growth and growing awareness towards data privacy among consumers.

Some of the key companies operating in privacy management software market across the globe include AvePoint, Inc., BigID, Inc., IBM Corporation, Nymity Inc., OneTrust, LLC, Protiviti Inc., RSA Security LLC, LogicGate, Inc., SureCloud, and TrustArc Inc. among various other leading market players. Several other players are also functioning in the market worldwide, contributing significant revenue shares year on year.

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With snow balling volume and prominence of data that the modern information system maintains, privacy and security breach pose an augmenting threat not only to users, but also to system operators and designers. The organizations are thriving for the software that would enable them to implement their tasks without too much interference, however in case of misbehavior the software must be capable of hold the user accountable. The rising demand for accountability is therefore enforcing the organizations to adopt privacy management software that would allow them to maximize their autonomy and capture their accountability. This will drive the privacy management software market in the forecast period.

There has been constant advancements in the privacy management software market. For instance, in 2019 OneTrust works with Adobe to reveal new mobile tools to encourage marketing and privacy professionals in understanding potential privacy risks and opportunities. The new Mobile App Privacy Health Check offers deeper vision into the technologies which they are utilizing to power the customer’s mobile experiences.

The global privacy management software market by industrial vertical was led by BFSI industry segment. Other material considered in the privacy management software market includes Telecommunication & IT, BFSI, Government & Defense, and others.

The privacy management software market by application is segmented into Compliance Management, Risk Management, Reporting & Analytics, and Others. Privacy compliance software has evolved to be an invaluable tool in generating effective privacy programs that encapsulated several privacy laws and regulations. Also, the privacy concern among the consumers has have also impacted their confidence and trust over the organizations catering to them. Furthermore, people are beginning to understand that their data is vulnerable to be shared without their consent they are demanding the organizations to take the accountability of securing their data and stay in line with the new privacy regulations are expected to provide substantial growth opportunity to the key players in privacy management software market.

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