Data Privacy Management Platform Market Size, Share, Growth, And Industry Analysis, By Type (Web-based On Premise and others), By Application (Compliance Management, Risk Management, Reporting and Analytics, and Others), Regional Forecast To 2031

Updated On: 01 April 2024

Data Privacy Management Platform Market Report Overview

• 

•  Request a Free Sample to learn more about this report

The global data privacy management platform market size was USD 1.40076 billion in 2021. As per our research, the market is expected to reach USD 20.81 billion in 2031, exhibiting a CAGR of 29.38% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the smart boxing gear market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over. 

The purpose of data management platforms is to collect, organize, and activate first-, second-, and third-party audience data from a number of online, offline, and mobile sources. Thus, a large amount of data can be logically accessed, resulting in focused performance and personalization. Data privacy management software also systematizes and modernizes specific data privacy processes, such as fulfilling data subject access requests (DSAR). Data discovery and management tools are commonly available to help organizations at every level of privacy complexity. The majority of reputable providers can also support automatic updates to reflect changes in regulatory requirements over time.

COVID-19 Impact:  Pandemic Raises Opportunities with Growing Usage of Could-Based Applications

COVID-19 has affected many aspects, such as travel bans and quarantines; indoor/outdoor event restrictions all around the world, and several countries proclaimed a state of contingency. As a result, people have to work remotely or work from home which has increased the demand for cloud-based applications. Thus, to secure users’ data and privacy, companies will require data privacy management platforms which are likely to elevate the market over the forecast period.   

Latest Trends

"Increasing Government Regulations for Users’ Data Protection surge the demand for Data Privacy Management tools "

In recent years, cloud-based mobile applications are gaining traction which helps users to provide the best results for their queries however, they use and share real-time information such as transactions and personal details. Therefore, the concern for data privacy is increasing which compels different countries’ governments to implement data privacy enforcement laws and regulations. Hence, companies are required to abide by government laws and regulations which spur the demand for data privacy management platform market growth. In May 2021 - A unified security, privacyOps, and compliance solution for the Securiti for Workday platform have launched by the Securiti Inc. Also, a new solution and a strategic investment have been declared from Workday Ventures.

May 2020 – to support organizations in establishing ISO compliance and ISMS programs two new product

Data Privacy Management Platform Market Segmentation

• 

•  Request a Free Sample to learn more about this report

• By Type Analysis

According to type, the market can be segmented into Web-based On Premise.

• By Application Analysis

Based on application, the market can be divided into Compliance Management, Risk Management, Reporting and Analytics, and Others.

Driving Factors

"Increasing Adoption of Data Privacy Solutions to Determine the Users’ Data Privacy Spur the Market Growth"

The increasing adoption of security services that are most likely to enhance growth in the data privacy management platform market. Further, increasing demand for IoT technology in devices and application drive the market growth as rising demand for tools for the determination of management of privacy is one of the major attributes which is likely to boost the growth of the market.

"Growing Government Pressure to comply with regulations Enhance Market Growth"

One of the other driving factors of the market is the growing number of cybercrimes and misuse of users’ data & privacy cases. Thus, to control companies’ arbitrariness, government regulate guidelines for users and their privacy safety which lead to a growing demand for data privacy management platform in the market.

Restraining Factors

"Lack of awareness of data privacy management platforms can Restrict Market Expansion"

Along with the driving factors, the market has some key challenges which includes the lack of awareness of the privacy management platform. There are only a few companies providing privacy management tool software solutions since this technology is still in its initial phase. Consequently, its hardware and software costs increase and privacy management tools that are less likely to be adopted which may confine the market growth.

Data Privacy Management Platform Market Regional Insights

• 

•  Request a Free Sample to learn more about this report

"Presence of Large IT companies in North America Fuel Market Development "

In terms of regional insights, North America is the prominent leader in the data privacy management platform market. As the region is considered the hub for the world’s top organizations. In addition, the rising number of IT companies, smart devices; mobiles, and industries and their expansion in the world, is anticipated to enhance the demand for data privacy management tools. As well, the rising number of cybercrime, breaches, and data theft cases surge the demand for data privacy management platforms. Consequently, the laws, advocacy, and awareness of data breaches have made it necessary for companies to adhere to data privacy regulations. Further, the Asia Pacific is predicted to grow in the market over the forecast period owing to the rising economy in the developing nations.

 Key Industry Players

"Key companies are Prioritizing Solutions to Obedient Latest Guidelines "

The data privacy management platform market is intending to be extremely competitive with the existence of multination companies in the market. Therefore, the key players are adopting smart strategies, innovative technology, product quality enhancement, collaboration & partnership with competitors, mergers, acquisitions, and so on. In addition, some key players of the market for instance SIMBUS360, Didomi, TrustArc, Nymity, Protiviti, OneTrust, BigID, 2B Advice, Feroot, Proteus-Cyber hold the majority of the data privacy management platform market shares. Additionally, OneTrust LLC. has announced the launch of two of its new products. 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.

List of Market Players Profiled

• SIMBUS360
• Didomi
• TrustArc
• Nymity
• Protiviti
• OneTrust
• BigID
• 2B Advice
• Feroot
• Proteus-Cyber
• IBM
• Trust Hub

Report Coverage

The report concentrates on insights into the data privacy management platform market size, share, growth rate, segmentation by type, application, key players, and previous and current market scenarios.  It also monitors key trends related to the market, along with scrutinizing aspects such as production capacity utilization rate and regulatory policies in different countries. The report also collects the market’s precise data and forecasts by market experts. It also explains the study of this industry’s financial performance, investments, progress, innovation marks, and new product launches by the top companies and offers a deep understanding of the current market structure, competitive analysis based on key players, key growth factors, and restraints that affect the demand for growth, prospects, and risks. As well as, the post-COVID-19 pandemic’s effects on international market restrictions and a profound understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been described rigorously to provide clarification of the market competition.

This report also explains the research based on methodologies that explain price trend analysis of target companies, collection of data, statistics, target participants, import-export, statistics, and previous years’ records on the basis of market sales. Moreover, all the significant aspects which influence the market such as small or medium business industry, macro-economic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been clarified in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.