DUBLIN--(BUSINESS WIRE)--The "Privacy Management Software Market - Growth, Trends, and Forecasts (2020-2025)" report has been added to ResearchAndMarkets.com's offering.
The Privacy Management Software Market is expected to witness a growth at a CAGR of 13.7% over the forecast period (2020-2025).
Organizations have been struggling with the daunting task of protecting data of their operations. The greater involvement and initiatives with an increase in the number of privacy rules and various laws for data protection are driving the adoption of the privacy management software market.
- OneTrust LLC
- TrustArc Inc.
- Securiti Inc.
- SAI Global Pty Ltd.
- SAP SE
- Syrenis Ltd.
- Crownpeak Technology Inc.
- Exterro Inc.
- WireWheel Inc.
- BigID Inc.
Key Market Trends
Rising Need to Achieve Compliance with Privacy Requirements
According to the HIPAA, the top 3 data breaches in the healthcare sector in the United States witnessed a combined loss of more than 5.2 million patient records, which includes organizations like Accudoc Solutions, UnityPoint Health, and Employees retirement system of Texas. The existence of cybercrime can be traced back to many years. Over these years, the threat has evolved to a severe problem for individuals, organizations, and hence, society at large. Therefore, data protection regulations also developed towards more stringent laws. This is estimated to drive the adoption of privacy management software by the organizations.
- Following such instances, new regulations came into effect and have been formulated. For example, in the United Kingdom, the official statistics regarding the most common type of cybersecurity breaches are being published annually by the Department for Digital, Culture, Media, and Sport (DCMS) in a report called the cybersecurity Breaches Survey.
- The survey indicated that about 45% of businesses and 65% of charities have implemented Bring Your Own Device (BYOD) , where staff uses their own private devices, such as laptops, for work purposes. While these devices add flexibility at work, they also increase the need for data protection and privacy management solutions.
North America to Hold the Largest Market Share
The North America region is a primary hub for all the major organizations across the world. The expansion of the retail industry and the growth of IoT are driving the demand for smart devices and mobiles in the region. Thus, companies must comply with data privacy regulations with the increasing pressure from the laws, advocacy, and awareness against the data breaches.
- In the utility industry, the US government mandated the adoption of version 5 of the North American Electric Reliability Corporation Critical Infrastructure Protection (NERC CIP) as the cybersecurity standard, and the healthcare industry abides by HIPPA requirements for securing data. This also includes the adoption of privacy management software.
- Notably, the United States is experiencing an increasing number of cyber threats. According to the Identity Theft Resource Center (ITRC), the average number of breaches in the country has increased marginally over the past few years. According to the ITRC's recent estimates, the average number of data breaches faced by the United States increased from 614 breaches in 2013 to 1473 breaches in 2019.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHT
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.3 Market Drivers
4.3.1 Increase in the number of Privacy Rules and Varied Privacy Laws
4.3.2 Rising Need to Achieve Compliance with Privacy Requirements
4.4 Market Challenges
4.5 Impact of COVID-19 on the Industry
4.6 Core Privacy Requirements and Core Functions of a Privacy Management Offering
5 MARKET SEGMENTATION (Trends, Dynamics and, Market Forecasts from 2019-2025)
5.1 By Deployment Type
5.1.2 On-Demand (Cloud/SaaS)
5.2 By Organization Size
5.2.1 Small and Medium Enterprises
5.2.2 Large Enterprises
5.3.1 North America
5.3.4 Latin America
5.3.5 Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Vendor Ranking Analysis
6.2 Company Profiles
7 INVESTMENT AND FUTURE OUTLOOK
For more information about this report visit https://www.researchandmarkets.com/r/9xn0hd