With the major shift toward the BYOD trend, organizations are expected to improve work flexibility of employees. Due to the adoption of BYOD, employees are able to access official data in their personal systems through personal or open networks. In addition, this will generate the need for data privacy management software as it helps the company to reduce the risk of data loss and to monitor activities, and control unauthorized access to data.
Organizations use data to run and it’s important for them to save their data from online threats. With the use of data privacy, management industries are expected to move toward more secured data information. Change in nature of working, growth in awareness toward data privacy among consumers, increase in need for data security along with the growth in adoption of BYOD trend drive the growth of the market. However, a lack of awareness about this software is expected to hinder the growth of the market. Furthermore, government initiatives toward data privacy & security provide lucrative opportunities for the data privacy management software market.
Governments of different countries introduced several data privacy laws due to which adoption of software has become a necessity within an organization. For instance, General Data Protection Regulation (GDPR) law is designed to give citizens more control over their personal data. The basic aim of the GDPR policy is to simplify regulatory environment for the organization so businesses and citizens can fully benefit from the digital economy.
Lack of awareness about data privacy management software among small and medium-sized businesses majorly restrains the growth of the data privacy management software market. Large organizations take big steps toward data privacy management. However, medium and small industries still need to look and understand the importance of the software. This market is still in its initial phase with limited number of companies providing the software, which makes the software more expensive and restrains its adoption among small and medium-sized businesses.
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