Privacy Management Software Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Privacy Management Software Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The Privacy Management Software Market is expected to witness growth at a CAGR of 13.7% over the forecast period (2021-2026). Organizations have been struggling with the daunting task of protecting the 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.

• The California Consumer Protection Act (CCPA) and the General Data Protection Regulation (GDPR) by the European Union have highlighted the importance of protecting data and the consequences of failing to do so for the organizations. Additionally, from the financial account data for the Gramm-Leach-Bliley Act (GLBA), healthcare data for the Health Insurance Portability and Accountability Act (HIPPA), or managing the compliance for general risks that information thieves pose to everyone; hence, data protection is critical in managing information risk.
• Organizations these days are subjected to protecting sensitive and private information in many ways. Hence, they are mandated to demonstrate diligence in maintaining the accurate inventories of personal data and how it is transmitted and handled. The growing advocacy and awareness have resulted in more pressure on the companies to provide the customer with insight on their data being utilized. This has resulted in increased adoption of privacy management software.
• Additionally, as these technologies are in the introductory phase cybercriminals also have started targeting these platforms. For instance, in March and April 2020, Zoom meetings have been comprised across the world. The CERT-In, the national agency to combat cyber-attacks have mentioned the unguarded usage of the Zoom meeting App can be vulnerable to cyber-attacks. However, the site is not the only one who was targeting amid this lockdown. The rise in attacks on these platforms is expected to attract more demand for privacy management software by these companies.
• Due to the ongoing COVID-19 outbreak, the countries across the world have implemented precautionary measures. This has resulted in a rise in the adoption of video communication platforms. In the past four months, the new domain registration on these video communication platforms, including Zoom, has rapidly increased. According to the Checkpoint Security, since January 2020, more than 1700 new domains were registered and 25% of which registered in the first week of March 2020.
• Furthermore, most of the companies adopted the "work from home" model due to the widespread outbreak of COVID-19. Although the situation is improving, this crisis has opened the door for the new hybrid work model, wherein organisations are planning to shift a portion of their workforce to operate remotely considering the long term benefits.

• According to the HIPAA, the top 3 data breaches in the healthcare sector in 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 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 organizations.
• Following such instances, new regulations came into effect and have been formulated. For example, in 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.

• The North American 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 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, 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 United States increased from 614 breaches in 2013 to 1108 breaches in 2020. Furthermore, in 2020, 300,562,519 individuals were impacted by the data breach.

The privacy management software market appears to be highly competitive with the presence of many domestic and international players in the market. The market is moderately concentrated moving towards the fragmented stage in the near future. The key strategies adopted by the major players in the market are product innovation, mergers, acquisitions, and partnerships. Some of the major players in the market are OneTrust, TrustArc, Securiti, SAI Global, and SAP SE.

• May 2020 - OneTrust LLC. has announced a launch of two of its new products to support organizations in establishing ISO compliance and ISMS programs. These two products - OneTrust GRC Audit Management and Policy Management, enable the organization with a proactive, risk-based approach to auditing while streamlining policy development, distribution, and enforcement.

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