According to the Market Statsville Group (MSG), theglobal 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.
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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.
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.
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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.
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