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Privacy Management Software Market: A Comprehensive Overview
The privacy management software market is likely to garner substantial traction in the future. Legislations for data protection and governance drive market growth. Market Research Future (MRFR) states that the privacy management software market will escalate from USD 2.8 BN in 2022 to USD 29.8 BN by 2030, registering a 40.20% CAGR throughout the review period (2022-2030).
Increasing numbers of healthcare, financial & insurance service providers, BPOs & KPOs, and technology organizations are creating RPA projects that demand access to large amounts of personal data that must be protected. Moreover, changing privacy regulation compliance encourages enterprises to prioritize data privacy and set foundations to secure and store their most asset.
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Leading Privacy Management Software Market Players Include
Privacy Management Software Market – Competitive Analysis
Highly competitive, the privacy management software market appears fragmented with many well-established players.
Most enterprises are fast-tracking their cloud adoption to accelerate their digital transformations. As a result, this drives the demand for industry-leading data privacy & governance and cloud-native data management solutions delivering trusted data with intelligence and automation. Additionally, increasing innovations in cloud, AI and data privacy & cybersecurity excellence drive the market’s growth.
Rising demand for AI-based analytics, privacy risk reporting insights, data security control automation, and AI analytics that apply to privacy risk management substantiate the market’s growth. Furthermore, the proliferating trend of patented technology that can automate guided decision-making for risk prioritization & reduction, data protection, and analysis of privacy breaches impact the market rise.
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Privacy Management Software Market – Segments
The market analysis is segmented into application, deployment mode, vertical, and region. The application segment is sub-segmented into compliance management, risk management, reporting and analytics, and others. The deployment mode segment is sub-segmented into on-premises and cloud.
The vertical segment is sub-segmented into IT & telecommunication, food & beverages, consumer goods, healthcare & pharmaceutical, government & Defense, BFSI, and others. By regions, the privacy management software market is segmented into the Asia-Pacific, Americas, Europe, and the rest of the world.
Privacy Management Software Market – Regional Analysis
North America dominates the privacy management software market. The strong presence of notable players and demand for privacy management software expertise are key driving forces. Besides, the increasing number of smartphone users, higher use of IoT devices, improved infrastructure, and a thriving social media industry drive the privacy management software market demand.
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Industry/ Innovation/ Related News:
Aug. 10, 2023 — Osano, a start-up data privacy platform developer, announced raising US$25 MN in a Series B funding round. Funds will be put toward expanding Osano’s engineering, product development and sales departments, investing more in R&D and building a channel program. Osano aims to expand its product suite, continuing to serve its customers’ needs and maintaining high customer service satisfaction.
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