Description

According to the Market Statsville Group (MSG), the global Data Protection Compliance Software Market size is expected to project a CAGR of 21.2% from 2022 to 2030. The enterprises need to comply with certain regulations specified by governments and other data security organizations. Achieving regulatory compliance can involve many actions, from ensuring the servers' physical security to promptly reporting breaches. Owing to manual errors in compliance with regulations, organizations prefer adopting software to ensure data protection. The surging concerns regarding a breach of personal and confidential data and surging country-wise data protection acts and regulations are among the driving factors that fuel the demand for data protection compliance software. The rising adoption of emerging technologies such as artificial intelligence, machine learning, and IoT devices is expected to create opportunities for the market in the coming years.

Global Data Protection Compliance Software Market Definition

The data protection compliance software is an application that helps organizations overcome compliance and operational challenges. It assists the organizations in managing customer data, consent forms, and data security. Some platforms also enable the company's customers to edit the stored personal data. By enabling data protection automation, this software helps organizations maintain data protection in developing business processes for products and services without the need for programming expertise.

COVID-19 Impact on the Global Data Protection Compliance Software Market

Amidst the COVID-19 pandemic, various organizations across every vertical witnessed shutdown. Also, data breaches and cybersecurity incidents occurred across the world. Many organizations and companies such as BigBasket, Twitter, and more faced data breaches and other data loss incidents. The increasing concern of personal data loss surged the demand for software to protect the data. Thus, organizations started implementing data protection software. According to Organisation for Economic Co-operation and Development (OECD), in 2020, governments across the world had frameworks to support extraordinary measures in ways that are fast, secure, trustworthy, scalable, and in compliance with existing privacy and data protection regulations and passed certain laws accordingly. For instance, The Italian government published a Decree to create a special legal framework for collecting and sharing personal data related to health by public health authorities and by private companies that are part of the national health system for the duration of the state of emergency. Hence, with the increasing cybercrime since the pandemic and strict government regulations, the data protection compliance software market is expected to witness rapid growth in the forecast period.

Scope of the Global Data Protection Compliance Software Market

The study categorizes the data protection compliance software market based on component, deployment type, enterprise type, and end-use industry at the regional and global levels.

By Component (Revenue, USD Million, 2017-2030)

• Solution
• Service

Deployment Type (Revenue, USD Million, 2017-2030)

• Cloud
• On-Premises

By Enterprise Type (Revenue, USD Million, 2017-2030)

• Large Enterprises
• SMEs (Small and midsize enterprises)

By End-Use Industry (Revenue, USD Million, 2017-2030)

• IT & Telecom
• Healthcare
• BFSI
• Retail Business
• Manufacturing Business
• Education
• Other

By Region Outlook (Revenue, USD Million, 2017-2030)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Italy
  • France
  • UK
  • Spain
  • Poland
  • Russia
  • Slovenia
  • Slovakia
  • the Netherlands
  • Belgium
  • Norway
  • Denmark
  • Czech Republic
  • Sweden
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Indonesia
  • Malaysia
  • Thailand
  • Vietnam
  • The Philippines
  • Singapore
  • Australia & New Zealand
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Colombia
  • Rest of South America
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Northern Africa
  • Rest of MEA

The BFSI segment is witnessed to account for the highest market share, by end-use industry

Based on the end-use industry, the global data protection compliance software market is divided into IT & telecom, healthcare, BFSI, retail business, manufacturing business, education, and other. In 2021, the BSFI segment accounted for the highest market share in the global data protection compliance software market. Banking and financial services are more likely to be attacked than other sectors, underlining the need for these organizations to safeguard their data. Banks are among the most highly regulated industries all over the world. Apart from banking-specific regulations, general geography-specific regulations such as SOX (Sarbanes–Oxley Act), GDPR (General Data Protection Regulation), and more comply. The rise in the need for data protection with the increasingly strict regulations in the BSFI sector surges the need for data protection compliance software, propelling the data protection compliance software market growth.

North America accounts for the highest market share during the forecast period

Based on the regions, the global data protection compliance software market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, North America, followed by Europe, is estimated to hold the highest market share in the global data protection compliance software market during the forecast period. The growth of the region is primarily due to the high focus on innovations obtained from R&D, and technological advancements in developed countries such as US and Canada. The APAC region is expected to be the fastest-growing region in the forecast period. The growth in the APAC region is driven by surging digital transformation and high adoption of cloud and web-based applications.

Key Market Players in the Global Data Protection Compliance Software Market

• SAP
• Oracle
• IBM
• Symantec
• Talend
• Swascan
• AWS
• Capgemini
• Hitachi Systems Security
• Microsoft

Recent Developments

• In March 2022, IBM launched the industry's first cloud service to perform key management across hybrid, multi-cloud environments, helping enterprises mitigate risk to critical data from cyberattacks and insider threats. The new service empowers businesses to take advantage of IBM's cloud security capabilities – no matter where their data resides – including on other clouds and on-premises.
• In October 2020, Akarion and Hitachi Systems Security signed a mutual agreement to bring their business vision and expertise together and work on promoting digital trust. The goal of this collaboration was to facilitate unique data protection and data security offering to meet the needs of a wide range of stakeholders.
• In February 2021, AWS and EU data transfers strengthened commitments to protect customer data. They announced strengthened contractual commitments. Significantly, these new commitments apply to all customer data subject to GDPR processed by AWS, whether it is transferred outside the European Economic Area (EEA) or not.

Key Issues Addressed

• What is the market size by various segmentation of the data protection compliance software by region and its respective countries?
• What are the customer buying behavior, key takeaways, and Porter's 5 forces of the data protection compliance software market?
• What are the key opportunities and trends for manufacturers involved in the data protection compliance software supply chain?
• What are the fundamental dynamics (drivers, restraints, opportunities, and challenges) of the market?
• What and how regulations, schemes, patents, and policies are impacting the growth of the market?
• What are the upcoming technological solutions influencing market trends? How will existing companies adapt to the new change in technology?
• The market player positioning, top winning strategies by years, company product developments, and launches will be?
• How has COVID-19 impacted the demand and sales of data protection compliance software in the global market? Also, the expected BPS drop or rise count of the market and market predicted recovery period.
• Detailed analysis of the competitors and their latest launch, and what are the prominent startups introduced in the target market? Also, detailed company profiling of 25+ leading and prominent companies in the market.