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Middle East and Africa Data Privacy Software Market Size, Share & COVID-19 Impact Analysis, By Deployment (Cloud, On-Premise), By Application (Compliance Management, Risk Management, Reporting and Analysis, Others), By Enterprise Type (Small and Medium Enterprise, Large Enterprise), By Industry (BFSI, IT and telecommunication, Government, Manufacturing, Retail, Healthcare, Others), 2023-2030
Report Format: PDF | Published Date: Apr, 2023 | Report ID: FBI107454 | Status : PublishedMiddle East and Africa data privacy software market is projected to grow at a CAGR of 40.4% during the forecast period. The global data privacy software market is projected to grow from USD 1.99 billion in 2022 to USD 30.31 billion by 2030.
With the evolution of digital technology and new developments in the Middle East and African region, the protection and securing of data are gaining importance in the region. In view of this, the governments of particular states are also revising data protection regulations and guidelines. In 2018, the ICT Ministry anticipated the fourth reviewed form of the text compatible with the GDPR (General Data Protection Regulation) of the European Union. Also, various key players in the region are expanding their product portfolios with innovations, collaborations, and partnerships. For instance,
- In May 2021, Provtiviti partnered with Sword GRC to deliver its compliance and governance risk management software and solutions in the Middle East. The team aids enterprises with the identification of program gaps and optimizing risk in their IT network.
Furthermore, the growing country-wise data privacy regulations and acts along with enterprises focusing on developing and delivering compliance-based solutions for organizations are contributing to the data privacy software market growth in the region.
LATEST TRENDS
Imposition of Rules/Sanctions with the Rising Number of Violations by Big IT Firms to Propel the Market Development
The COVID-19 pandemic drove the personal data value in the region’s economy along with the vulnerability of data breach attacks. Hence, the General Data Protection Regulation (GDPR), U.A.E. Data Protection Law, and African Union Convention on Cyber Security and Personal Data Protection have been reviewing and upgrading their data protection and privacy laws in the region. Furthermore, the implementation of Artificial Intelligence (AI) automates data discovery, anonymization, and classification, further fueling the demand for data privacy software solutions. According to Kaspersky, there were 68 cases of data breaches and cyber-attacks under investigation with 29 cyber gangs actively targeting companies in the region, in 2021. Additionally, the penalties in place for violating the GDPR regulations were fines of up to 20 million Euros or 4% of global revenue.
Thus, organizations in the region are increasingly investing in data privacy solutions and other security measures to protect their sensitive information and comply with data protection regulations, which is boosting the demand for these solutions.
DRIVING FACTORS
Increasing Investments in Data Privacy Technology and Digital Transformation to Boost the Market Growth
Cloud services enable organizations to store and process data on remote servers, providing flexibility and scalability. These factors increase the implementation of cloud services, which are enabling digital transformation at a higher rate. Additionally, cross-border data transfer increases the complexity of regional compliance regulations, resulting in increased adoption of data privacy software systems by enterprises. These factors are driving the investments in data privacy technology such as data loss prevention (DLP), encryption, and access control systems in the region.
Thus, the increasing investments and quick adoption of cloud services are driving the market growth during forecast period.
RESTRAINING FACTORS
Shortage of Skilled Professionals to Hamper the Market Growth
The shortage of skilled professionals in the region can limit the implementation of data privacy solutions, especially as digital transformation and cyber security threats continue to increase. This shortage can be attributed to the limited availability of educational and training programs in the region. As a result, various organizations face difficulties finding skilled personnel, primarily SMEs, to invest in and implement comprehensive data privacy solutions.
Such factors hinder the growth of data privacy solutions and platforms, resulting in reduced overall market growth.
KEY INDUSTRY PLAYERS
Key Players Are Innovating their Products to Strengthen Their Market Position
The Middle East and Africa market is consolidated by leading players such as KATIM, Check Point Software Technologies Ltd., Mine PrivacyOps, IBM Corporation, SharePass, and Trend Micro Inc. These key players are deploying data privacy software solutions including services and platforms, to expand their business models and enable secure business management, while adopting strategies such as acquisitions, collaborations, product launches, and partnerships, resulting in increased data privacy software market share.
List of Key Companies Profiled:
- Symantec Inc. (U.S.)
- KATIM (U.A.E)
- IBM Corporation (U.S.)
- Sharepass (Australia)
- Oracle Corporation (U.S.)
- Check Point Software Technologies Ltd. (Israel)
- Trend Micro Inc. (Japan)
- Microsoft Corporation (U.S.)
- Palo Alto Networks (U.S.)
- Mine PrivacyOps (Israel)
KEY INDUSTRY DEVELOPMENTS:
- September 2022: ISACA partnered with the National Data Management Office (NDMO), to launch education campaigns for data privacy and data security. The goal of this partnership is to deliver balanced growth for data management in Saudi Arabia, expansion of networks, and deploy courses and certifications for data literacy, to enhance data management culture in the country.
- June 2022: Spirion collaborated with Spire Solutions to address the rising demand for data privacy and security solutions across Middle East and Africa (MEA). The collaboration includes the distribution agreement for Spirion’s sensitive data privacy, government solutions, and security suite in the region.
- May 2022: Blackberry partnered with Midis Group, which comprises of numerous IT service providers, to deploy their services including cyber security, and AI-based Cylance, among others. This partnership enhanced Blackberry’s geographical footprint owing to the expansion of business operations and a wide network of more than 170 partners and affiliates.
- February 2022: Secruiti expanded its presence in MEA by recruiting channel partners and new executives in the region. The company proactively recruited security-based service vendors to grow the present channel partners.
REPORT COVERAGE
The report offers a thorough analysis of the market, comprising qualitative and quantitative insights, a detailed assessment of potential market segments trends, drivers, opportunities, size and growth rate. Additionally, it provides an in-depth analysis of market dynamics, emerging trends, and competitive landscape.
REPORT SCOPE & SEGMENTATION
ATTRIBUTE | DETAILS |
Study Period | 2019 – 2030 |
Base Year | 2022 |
Estimated Year | 2023 |
Forecast Period | 2023 – 2030 |
Historical Period | 2019 – 2021 |
Growth Rate | CAGR of 40.4% from 2023 to 2030 |
Unit | Value (USD Billion) |
Segmentation | By Deployment, Application, Enterprise Type, Industry, and Country |
By Deployment |
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By Application |
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By Enterprise Type |
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By Industry |
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Frequently Asked Questions
At what CAGR is the Middle East and Africa Data Privacy Software market projected to grow in the forecast period (2023-2030)?
Growing at a CAGR of 40.4%, the market will exhibit steady growth in the forecast period (2023-2030).
What are the key factors driving the Middle East and Africa Data Privacy Software market?
Increasing investments in data privacy technology and digital transformation are expected to boost the market growth.
Who are the major players in this market?
KATIM, Check Point Software Technologies Ltd., Mine PrivacyOps, IBM Corporation, SharePass, and Trend Micro Inc. are the major market players in the Middle East and Africa market.
- Middle East
- 2022
- 2019-2021
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