Pune, India, June 24, 2021 (GLOBE NEWSWIRE) – The global Data protection software market Size is expected to reach $ 17.75 billion until 2028 with an excellent CAGR of 41.5% in the forecast period. Growing concerns about personal and sensitive data will have a tremendous impact on market growth in the coming years, according to a Fortune Business Insights report entitled “Data Protection Software Market 2021-2028”. The market size in 2020 was $ 1.12 billion.
Effects of COVID-19:
Working remotely to accelerate data management software demand amid COVID-19
As a result of the COVID-19 pandemic, various companies and institutions experienced acute and permanent standstills. Organizations have difficulty handling sensitive data due to the widespread adoption of remote location and home working strategies. Massive data leaks and security attacks occurred around the world during the pandemic. Various nations have adopted health standards to manage the publicly identifying information (PII) of COVID positive workers. Organizations can validate their shared content after implementing the program. Hence, these factors together will have an excellent impact on data protection software market share.
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Based on the provision, the market is divided into the cloud and local. It is expected that on-premises will have the largest share in the forecast period due to their internal performance and reliability.
Based on the application, the market is categorized into Compliance Management, Risk Management, Reporting & Analytics and others. It is expected that compliance management will experience a rapid rate of growth.
The market is divided into large companies and small and medium-sized enterprises (SMEs) depending on the size of the company. Large companies are expected to hold the lion’s share over the forecast period.
Based on the industry, the market is segmented into BFSI, IT & Telecom, Government, Manufacturing, Retail, Healthcare, and Others (Education, etc.).
Geographically, the market is divided into North America, South America, Asia-Pacific, Europe and the Middle East and Africa.
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The report on Data protection software market includes?
The market report offers excellent insights into the market, systematic data with detailed analysis, market dynamics and aspects showing the development and growth, thorough information on key market players, as well as procured statistics on dominant regions.
High acceptance of IoT devices for strengthening Data protection software market growth
With the proliferation of IoT device manufacturing, BFSI, healthcare and other industries, the demand for privacy management applications is increasing. According to McKinsey & Company, 43 billion IoT-connected systems will be reached by 2023. Similarly, the widespread use of 5G technologies is expected to provide opportunities for key industry leaders to expand their offerings. The wireless network enables data and transactions to be exchanged in real time. As a result, the market for apps is expected to grow with the number of IoT devices and applications. This would enable the data protection management industry to expand rapidly in the years to come.
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Implement strict laws to increase growth in Asia Pacific
The Asia-Pacific region is expected to expand rapidly over the forecast period. Japan, China, India, Singapore and other countries are focused on creating strict privacy regulations for consumers, which in turn will help the market expand. To cope with the number of data breaches, China and India have passed national data protection laws. Singapore’s Cyber Security Agency announced the “Singapore’s Safer Cyberspace Masterplan 2020” in October 2020 with the aim of enforcing strict data protection regulations. Europe is expected to increase with a significant CAGR in the forecast period due to the introduction of the GDPR in numerous European countries.
Invest heavily in advanced data protection software to fuel competition
In order to meet the increasing demand for data security and management, the big players are investing in the development and publication of advanced data protection applications. These companies provide tools to process consumer data in accordance with the rules and regulations of each country. Also, many companies such as IBM Corporation, Protiviti, Inc, RSA Security LLC, SureCloud (London), and OvalEdge (Georgia, USA) are focused on introducing breakthrough data protection management software to gain a competitive advantage.
April 2020: TrustArc, Inc. announced the launch of its privacy platform to help organizations automate, simplify, and mitigate privacy risks.
The report lists the key companies in the Data Protection Software Market:
- OneTrust, LLC (Georgia, USA)
- AvePoint, Inc. (New Jersey, USA)
- TrustArc, Inc. (California, USA)
- Securiti.AI. (California, United States)
- BigID, Inc. (New York, USA)
- IBM Corporation (New York, USA)
- Protiviti, Inc. (California, USA)
- RSA Security LLC (Massachusetts, USA)
- SureCloud (London)
Main table of contents:
- Definition by segment
- Research methodology / approach
- Data sources
- The central theses
- Market dynamics
- Macro and microeconomic indicators
- Drivers, restrictions, opportunities and trends
- Effects of COVID-19
- Short term effects
- Long-term effect
- Competitive landscape
- Business strategies adopted by key players
- Consolidated SWOT Analysis of Key Players
- Global insights and analysis of the major players in the Data Protection market share, 2020
- Key market insights and strategic recommendations
- Distinguished companies (Covered for Key 10 players only)
- Key management
- Headquarters etc.
- Offers / business segments
- Important details (Key details are subject to data availability in the public area and / or in chargeable databases)
- Employee size
- Financial metrics
- Past and current earnings
- Geographical share
- Business segment share
- Recent developments
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