Privacy Management Software Market Growing Trends, Future Outlook, Advance Technology, Global Size, Share And Forecast - 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 [https://www.marketsandmarkets.com/Market-Reports/privacy-management-software-market-60397848.html?utm_campaign=privacymanagementsoftwaremarket&utm_source=abnewswire.com&utm_medium=paidpr] is projected to expand at a compound annual growth rate (CAGR) of 41.9% during the forecast period, increasing from USD 2.7 billion in 2023 to USD 15.2 billion by 2028. The rise of IoT in the retail sector and the adoption of innovative retail technologies to unify online and offline shopping experiences are anticipated to fuel the growth of the global privacy management software market.

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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.

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.

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Unique Features in the Privacy Management Software Market

Privacy management software often includes advanced tools for identifying and mapping personal data across an organization's systems. These features allow businesses to locate sensitive data quickly, ensuring compliance with regulations such as GDPR and CCPA. Automated data discovery and classification enhance efficiency and reduce the risk of human error.

One of the standout features is the ability to automate compliance with various data privacy laws. These platforms provide pre-configured templates, workflows, and compliance checklists tailored to specific regulations. This automation helps businesses maintain ongoing adherence to evolving legal requirements.

Modern privacy management tools enable organizations to handle data subject requests (DSRs) efficiently. Features such as automated responses, tracking systems, and dashboards streamline the process of granting, denying, or resolving requests, such as access, rectification, or data deletion.

Privacy management software is designed to integrate seamlessly with other enterprise tools like CRM, ERP, and cloud platforms. This interoperability ensures consistent data handling and simplifies privacy management processes across diverse technological ecosystems.

The software often includes built-in mechanisms for conducting Privacy Impact Assessments (PIAs) and Data Protection Impact Assessments (DPIAs). These tools provide risk evaluation insights, helping businesses identify vulnerabilities and prioritize mitigation strategies.

Major Highlights of the Privacy Management Software Market

The proliferation of data privacy regulations, such as GDPR in Europe, CCPA in California, and others worldwide, has driven the demand for privacy management software. Businesses are increasingly adopting these solutions to navigate the evolving legal landscape and ensure compliance.

The integration of Internet of Things (IoT) devices and advanced digital technologies in industries like retail, healthcare, and finance has heightened data privacy concerns. These trends have amplified the need for robust privacy management tools to manage and secure vast amounts of sensitive data.

With regulations empowering individuals to exercise their data rights, there has been a surge in data subject requests, such as access, modification, and deletion. Privacy management software is increasingly used to handle these requests efficiently and transparently.

Industries such as retail, healthcare, BFSI (Banking, Financial Services, and Insurance), and IT are becoming major adopters of privacy management software. These sectors are leveraging these tools to secure sensitive information, manage compliance, and build consumer trust.

The integration of artificial intelligence (AI) and automation in privacy management software is revolutionizing the market. These technologies enhance data discovery, streamline compliance processes, and provide actionable insights into potential privacy risks.

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Top Companies in the Privacy Management Software Market

OneTrust (US), TrustArc (US), Securiti (US), BigID (US), Exterro (US), SAP (Germany), IBM (US), Collibra (US), DataGuard (Germany), and LogicGate (US).

OneTrust

OneTrust is a global provider of privacy management software and solutions, offering a comprehensive platform that helps organizations comply with privacy regulations, manage risks, and build trust with their customers. The platform offers various features such as data mapping, consent and preference management, privacy impact assessments, vendor risk management, incident and breach management, and cookie compliance. The company serves a variety of industry verticals such as entertainment, telecommunications, retail, manufacturing, financial services, healthcare, travel & hospitality, government, public sector, transportation, consulting, technology, and others. The company has headquarters in North America and has its global hubs in India and Spain.

TrustArc

TrustArc privacy compliance and risk management solutions helps organizations navigate the complex landscape of data privacy regulations. With a comprehensive platform and a focus on building trust and transparency, TrustArc enables businesses to implement effective privacy programs, meet regulatory requirements, and enhance customer confidence in their data handling practices. In 2019, TrustArc acquired Nymity, a global privacy technology provider, to develop privacy-driven solutions and meet the growing data privacy requirements. TrustArc's platform offers a centralized hub for managing privacy programs, policies, and compliance activities. It provides tools for conducting privacy assessments, creating data inventories, managing consent, and automating privacy processes. The company serves customers across consumer products, retail, financial services, entertainment, technology, cloud-based services, application development, pharma, and medical industries.

Securiti (US)

Securiti is a San Jose-based company specializing in data security, privacy, and governance solutions. Since its founding in 2018, Securiti has emerged as a leader in helping organizations manage sensitive data in compliance with global privacy regulations. Their offerings include tools for privacy management, data security, compliance automation, and leveraging AI for enhanced data protection.

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