Privacy management software companies, specialize in providing solutions to help organizations comply with data privacy regulations and protect sensitive information. These companies offer tools for data discovery, consent management, and compliance reporting, aiding businesses in safeguarding user privacy and maintaining regulatory compliance. Privacy management software companies play a crucial role in addressing the growing concerns around data privacy.
Latest Company Updates:
August 2023-
Osano Inc., a startup that builds privacy management software, said today that it raised $25 million in new funding. The company plans to use the money to expand its team and work toward its goal of streamlining privacy compliance to become the leading data privacy platform. The software suite aims to simplify privacy compliance by helping organizations develop, manage, and scale their privacy programs to build trust and stay compliant. With automated, streamlined compliance that ensures user consent, Osano says its suite enables users to "be stewards of consumer privacy." Business leaders using Osano can feel confident their data privacy and compliance programs are up to par, and resources are properly allocated to focus on compliance tasks that can't be automated.
July 2023-
Osano Inc., a startup that offers privacy management software, today launched its Osano Privacy Maturity Model, a framework with multiple levels that helps organizations assess and enhance their privacy programs. Alongside this, Osano also unveiled a new Data Mapping product that assists companies in understanding where personal data is stored, mitigating privacy risks, and developing more mature privacy practices. The Privacy Maturity Model provides organizations with a structured methodology to evaluate their current privacy programs. It helps identify high-risk gaps, set priorities for improvement, and track progress in privacy maturity over time. This framework guides privacy professionals seeking to boost their expertise and measure advancements in privacy programs. The model allows businesses to methodically review existing privacy efforts, pinpoint potential high-risk weaknesses, establish priorities to advance, and monitor privacy maturity improvements. This framework directs privacy specialists eager to expand their knowledge and gauge the progress of privacy programs.
Some of Privacy Management Software Companies Listed Below:
Strategic Maneuvers:
To maintain their edge, leading players are adopting various approaches.
Market Share Determinants:
Several factors influence a company's market dominance.
New Entrants and the Rising Tide:
While established players hold sway, innovative startups are carving their own paths. BigID focuses on data discovery and governance with its advanced analytics platform, while Protiviti and Proteus-Cyber specialize in privacy consulting and compliance implementation services. Nymity tackles data anonymization and privacy-preserving computation, while 2B Advice caters to small and medium-sized businesses with its cost-effective solutions. These agile newcomers challenge the status quo with differentiated offerings and nimble delivery models.
Investment Trends Shaping the Future:
Companies are pouring resources into several key areas.
Privacy Management Software Market Size was valued at USD 2 billion in 2021. The Privacy Management Software Market industry is projected to grow from USD 2.8 Billion in 2022 to USD 29.8 billion by 2030,exhibiting a compound annual growth rate (CAGR) of 40.20% during the forecast period (2022 - 2030). The legislation governing data protection and governance, as well as the expanding use of BYOD (bring your own device) practices, are the main factors driving market growth.
Figure 1: Privacy Management Software Market Size, 2022-2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The privacy management software market is expected to grow steadily throughout the projected period due to ongoing research and development activities to bring about necessary improvements in the privacy management software industry. The cloud occupies a large place in the deployment type sector, which is a model in which data is kept in a third-party cloud provider. Clients have no control over the infrastructure's location; this means that if a vendor's data center is penetrated, the company will have no control over the duration of the outage or what data may be conceded. The cloud deployment option is appropriate for firms who want to implement analytics solutions with less expenditure. It primarily enables the organization to obtain data with all of their offerings but at a reasonable cost. As a result, the rapidly growing demand for cloud-based deployment is projected to drive the privacy management software market in the near future.
The privacy management software market is fragmented due to the presence of numerous industries, and the competitive dynamics in the privacy management software industry are projected to evolve in the approaching years. Furthermore, different activities are being conducted by government agencies to further accelerate the privacy management software market.
The increasing international cohesion will remain uneven at best, which will have a significant impact on the privacy management software market in the following year. With today's technological advancements and the existing network, the market has already seen other regions seek to enact their own legislation, including California, South America, and Asia Pacific. Despite the fact that many suggested drafts and new legislation are less restrictive than GDPR. In an ideal world, worldwide corporate culture would result in an international norm for data privacy. Instead, on a worldwide scale, the market expects enforcement to shape how foreign corporations manage data privacy in their business processes. These elements are expected to improve gain traction in the next years, affecting the privacy management software market significantly.
The Privacy Management Software Market segmentation, based on application, This segment divided into three categories: Compliance Management, Risk Management, Reporting and Analytics. The segment is anticipated to be led by compliance management during the forecast period. The software enables businesses to conduct operations that adhere to the rules governing the protection of confidential data. The demand for software across compliance management applications is soaring due to the expanding data protection laws. As the software recognises & assesses threats and adverse effects of the operation on the individual's data, risk management is anticipated to experience rapid growth. The data privacy software is thus gaining popularity in risk management in order to reduce the risk of disclosing the client's private information. “
The privacy management software market segmentation, based on development mode. This segment divided into three categories: Telecommunication & IT, BFSI, Government & defense. Throughout the projection period, the BFSI sector is anticipated to hold a dominant market share. It is anticipated that rising online customer interactions and the expanding use of digital banking applications will drive up demand for the programme. Additionally, businesses all over BFS store and manage extremely private user data. During the forecast period, growth in the healthcare sector is anticipated. The industry's growth is likely to be boosted by the growing risks to patient health data brought on by an increase in cyberattacks. In addition, demand for privacy management software is rising as a result of the introduction of the Health Insurance Portability and Accountability Act (HIPPA) in the healthcare sector.
Figure 2: Privacy Management Software Market, by Surgery, 2021& 2030(USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. Asia-Pacific is one of the world's fastest-growing markets for data privacy software. The increasing number of smartphone users, improved infrastructure, higher use of IoT devices, and a thriving social media industry will all drive demand for the Asia-Pacific data privacy software market in the coming years.
Further, the major countries studiedin the market reportare: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: PRIVACY MANAGEMENT SOFTWARE MARKET SHARE BY REGION 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Privacy Management Software Market accounts for the second-largest market share as a result of extremely advanced technologies and development. As a result, the PMS Market is expected to grow at a faster rate throughout the forecast period. Further, the Germany Privacy Management Software Market held the largest market share, and the UK Privacy Management Software Market was the fastest growing market in the European region
The North America privacy management software market will have the biggest market share. With rising need for data privacy and rapid adoption of new technologies, the market will thrive. Moreover, China Privacy Management Software Market held the largest market share, and the India Privacy Management Software Market was the fastest growing market in the Asia-Pacific region
The major market players are investing a lot of money in R&D to expand their product lines, which will spur the market for privacy management software to expand even further. In addition, market participants are launching new products, entering into contracts, acquiring companies, increasing investments, and working with other organizations, among other significant market developments, in an effort to expand their footprint. In order to grow and survive in a market that is becoming more competitive and growing, competitors in the privacy management software industry must offer products that are affordable.
Manufacturing locally to cut operational costs is one of the main business methods used by manufacturers in the privacy management software industry to benefit customers and develop the market sector. The privacy management software industry has recently given medicine some of the most important advantages. Major players in the privacy management software market, including AvePoint, Inc., BigID, Inc., SureCloud, Securiti.AI., IBM Corporation, Egnyte, Nymity Inc., Protiviti, Inc., One Trust, LLC, RSA Security LLC, TrustArc Inc. and others.
AvePoint is the leading independent provider of SaaS solutions for data migration, management, and protection in Microsoft 365. AvePoint, headquartered in Jersey City, New Jersey, was founded in 2001. In addition, the corporation has offices and a strong presence in the United States, Canada, Australia, South Africa, the United Kingdom, France, Germany, the Netherlands, Switzerland, Japan, Singapore, and China. In October 2020, AvePoint Inc. released new SaaS (Software as a Service) insights and policies to limit the leakage of sensitive data. This privacy management system limits data oversharing as well.
TrustArc (previously TRUSTe) is a San Francisco-based privacy compliance technology company. The company offers software and services to assist businesses in updating their privacy management processes to ensure compliance with government legislation and best practices. Their privacy stamp or compliance certification can be utilized as a marketing strategy. In April 2021, The launch of Audiencerate, a privacy verification of the business, was announced by TrustArc, LLC. The verification system helps organisations manage and safeguard personal data in accordance with sector-specific standards.
In December 2022, Palo Alto Networks announced the launch of Medical IoT Security, a complete zero-trust security solution for medical devices. It will allow healthcare organizations to safely implement and manage new linked technologies. Zero trust is a cybersecurity strategy that safeguards an organization by removing implicit trust by constantly validating every user and device.
In October 2022, Securiti, a multi-cloud data protection, governance, and security firm, announced the introduction of DataControls Cloud. It establishes a consistent layer of data intelligence and controls across public clouds, SaaS, private clouds, and data clouds. The system functions as a centralized data command center, assisting firms in meeting their basic privacy, security, governance, and compliance needs.
Compliance Management
Risk Management
Reporting and Analytics
Telecommunication & IT
Government & Defense
North America
Privacy Management Software Market Highlights:
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