The privacy management software market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 41.9% during the forecast period, to reach USD 15.2 billion by 2028 from USD 2.7 billion in 2023. The advent of IoT in retail sector and adoption of new retail technologies to integrate online and offline shopping experiences is expected to drive the growth of the global privacy management software market.
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By application, the incident & breach management segment is expected to grow at a higher CAGR during the forecast period.
Incident and breach management refers to the processes and procedures that organizations put in place to effectively handle and respond to security incidents and data breaches handle and respond to security incidents and data breaches effectively. These incidents can range from unauthorized access to systems, data leaks, malware attacks, or any other security event that compromises the confidentiality, integrity, or availability of sensitive information. Effective incident and breach management is essential for minimizing the impact of security incidents, protecting sensitive data, and maintaining the trust of customers and stakeholders. Organizations often use incident response management tools and technologies to streamline and automate incident handling processes, ensuring a swift and coordinated response to security incidents.
By Organization Size, large enterprises hold the largest market size during the forecast period.
Enterprises with more than 1,000 employees are considered large enterprises. The adoption of privacy management software among large enterprises has been significant, driven by several factors related to regulatory compliance, data protection, risk management, and organizational efficiency. The adoption of privacy management software among large enterprises has been significant, driven by several factors related to regulatory compliance, data protection, risk management, and organizational efficiency. Privacy management software offers numerous benefits for large enterprises as they navigate complex regulatory landscapes, handle vast amounts of data, and manage privacy risks across their organizations. The adoption of privacy management software among large enterprises has been significant, driven by several factors related to regulatory compliance, data protection, risk management, and organizational efficiency.
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Major vendors in this market are based in North America, and Europe. OneTrust (US), TrustArc (US), Securiti (US), BigID (US), and Exterro (US) are among the leading players operating in the privacy management software market. These players have adopted various growth strategies to strengthen their position in the market. These include product launches, contracts, partnerships, mergers and acquisitions, and new product development activities further to expand their presence in the privacy management software market.
OneTrust is a global provider of privacy management software and solutions, offering a comprehensive platform that helps organizations comply with privacy regulations, manage risks, and build trust with their customers. The platform offers various features such as data mapping, consent and preference management, privacy impact assessments, vendor risk management, incident and breach management, and cookie compliance. The company serves a variety of industry verticals such as entertainment, telecommunications, retail, manufacturing, financial services, healthcare, travel & hospitality, government, public sector, transportation, consulting, technology, and others. The company has headquarters in North America and has its global hubs in India and Spain.
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TrustArc privacy compliance and risk management solutions helps organizations navigate the complex landscape of data privacy regulations. With a comprehensive platform and a focus on building trust and transparency, TrustArc enables businesses to implement effective privacy programs, meet regulatory requirements, and enhance customer confidence in their data handling practices. In 2019, TrustArc acquired Nymity, a global privacy technology provider, to develop privacy-driven solutions and meet the growing data privacy requirements. TrustArc’s platform offers a centralized hub for managing privacy programs, policies, and compliance activities. It provides tools for conducting privacy assessments, creating data inventories, managing consent, and automating privacy processes. The company serves customers across consumer products, retail, financial services, entertainment, technology, cloud-based services, application development, pharma, and medical industries.
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