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, lack of awareness about this software is expected to hinder the growth of the market. Furthermore, government initiatives towards data privacy & security provide lucrative opportunities for the data privacy management software market.
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COVID-19 scenario analysis:
► The outbreak of COVID-19 has led governments across the world to take extraordinary measures to protect their residents. Corporates are expected to implement aberrant measures to safeguard their employees and extended workforce. Therefore, the collection of personal data by corporates is expected to comply with the requirements of data protection laws.
► The spread of COVID-19 globally has generated numerous privacy, data protection, security, and compliance questions. These challenges drive the need for companies and organizations to ensure their digital experience platform(s) are not only secure but also future-proof.
► However, many organizations have started to adopt the change in the way of working and operate through remote working. Employees using home broadband as opposed to safer office networks, pose risk of hackers exploiting less robust home broadband connections and taking advantage of workplace disruption.
► In addition, companies need to ensure that their cloud storage is secure and meets necessary regulations to protect the company and the data. Employees should also consult their IT policy to understand their responsibility. To manage these generated data from the companies as well as the individual site, it is important to manage, secure & transform the data. To complete this, data privacy management is significant. These factors are estimated to provide lucrative opportunities for the data privacy management software market in the coming years.
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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.
Key benefits of the report:
► This study presents the analytical depiction of the global data privacy management software market along with the current trends and future estimations to determine the imminent investment pockets.
► The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global data privacy management software market share.
► The current market is quantitatively analyzed to highlight the global data privacy management software market growth scenario.
► Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
► The report provides detailed data privacy management analysis based on competitive intensity and how the competition will take shape in coming years.
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 system through personal or open network. In addition, this will generate the need for data privacy management software as it help the company to reduce the risk of data loss and to monitor activities and control unauthorized access to data.
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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.
Key Market Players:
► OneTrust, LLC
► Securiti.AI.
► IBM Corporation
► BigID, Inc.
► RSA Security LLC
► AvePoint, Inc.
► Company 10
► Protiviti, Inc.
► SureCloud
► TrustArc, Inc.
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