Asia Pacific Data Privacy Software Market Size, Share & COVID-19 Impact Analysis, By Deployment (On-premises and Cloud), By Application (Compliance Management, Risk Management, Reporting & Analytics, and Others), By Enterprise Type (Small & Medium Enterprises (SMEs) and Large Enterprises, By Industry (BFSI, IT and Telecommunication, Government, Manufacturing, Retail, Healthcare, and Others), and Regional Forecast, 2023-2030

Asia Pacific holds a prominent market share in the global data privacy software market. It is projected to grow at a CAGR of 43.9% during the forecast period. The global market for data privacy software market size is projected to grow from USD 1.99 billion in 2022 to USD 30.31 billion by 2030.

Developing nations in the Asia Pacific region, such as India, Singapore, Malaysia, and others, have started focusing on implementing laws and regulations on consumer privacy acts. The efforts toward digital transformation, where digital technologies are leveraged for enhanced growth, productivity, and financial prospects. Thus, implementation of such regulations enable regional players to develop strategic approaches toward privacy.

• As per the IDC report 2023, 45% of enterprises in the Asia Pacific are expected to adopt continuous risk assessment instead of security annual audits by 2027. This would leverage service vendors to minimize the burden of technical debt, policies, and practices.

Furthermore, various attributes, such as data sovereignty controls, confidential computing, compliance management, reporting, and analytics, contribute to the Asia Pacific data privacy software market growth. 

LATEST TRENDS

Emerging Data Privacy Startups to Open up New Opportunities

Entrepreneurship helps to boost the economic growth of a nation and hence, small firms such as startups are vital for economic growth. Tech-based startups help in faster development, new innovations, advancements, and digitization in the nation.

With developing nations, the region is home to hundreds of tech-based startups. Moreover, countries such as India and Singapore promote a startup culture with various initiatives and investments by the key players in this market. For instance,

• In October 2021, Arcana Network, a blockchain startup, raised funding of USD 2.3 million through some of the leading investors in the blockchain industry. Arcana Network is a blockchain startup that delivers solutions in data privacy and decentralized storage for Ethereum and EVM adaptable applications.  

Furthermore, governments in these nations also support startups with new proposals and schemes, with their concerns over sensitive data protection and the promotion of technological developments. For instance, the Singapore government's establishment of PDPA (Personal Data Protection Act), the 2022 bill (Digital Personal Data Protection Bill 2022) in India, and many others contribute to the Asia Pacific data privacy software market growth.   

DRIVING FACTORS

Surge in Investments by Organizations in Data Centers to Drive the Market Demand

Data center services are developed to secure the integrity and performance of the data center elements. These data centers are developed to aid business applications and mechanisms, such as productivity applications, cloud services, artificial intelligence, machine learning, big data, and others.

Accompanying AI/ Machine Learning (ML), big data and cloud adoption growth are developing data protection and security regulations and guidelines. Enterprises seeking to leverage the advantages of these applications, such as cloud services, are worried about data processing, storage, and protection.

Data privacy software are required to secure the personal and business data generated through these applications. With the increase in the use of these applications, the deployment of data center solutions also increases and eventually increases the demand for this market. Various key players in the region are expanding their businesses with investments in data centers to enhance the growth of such applications in the region. For instance,

• In December 2022, Synk announced the launch of its first data center in Sydney, Australia. The data center helps enterprises in the Australian region with better security of their applications. The increase in data breaches and compliance with regional data is the driving factor for the data centers.

Such initiatives by various organizations drive the Asia Pacific data privacy software market share in the industry.

RESTRAINING FACTORS

Human Error Increases the Level of Intricacy and Endangers the Privacy of Data

Every day common human error affects the protection and privacy of data. Lack of software knowledge and unawareness of employees can lead deletion of data, the possibility of phishing scams, the use of weak passwords and other mistakes. Also, the employees with privileged access can browse unaccepted websites, thus endangering data security.

Such human errors result in colossal damage, often more significant than those linked with cyber-attacks. Errors caused or purposefully done by individuals are also known as data breaches. These attacks increase the need for a hybrid work culture, and governing compliances encouraging investments in Asia Pacific data privacy software market.

KEY INDUSTRY PLAYERS

The key players are investing in innovating and developing progressive privacy software to satisfy the rising demand for data management and protection in this market. These market players are delivering software to manage customer data per every country's regulations and guidelines. Some prominent players provide interactive sessions for enterprises to interact with software and privacy specialists for handling clients' information.

List of the Key Companies Profiled:

• Tsaaro (India)


• Privitar Ltd (Singapore)


• Skyflow (India)


• Securitybulls (India)


• Handd (Malaysia)


• IBM Corporation (U.S.)


• Secruiti (U.S.)


• ActMobile Networks Inc (U.S.)


• OneTrust (U.S.)


• AvePoint (U.S.)

KEY INDUSTRY DEVELOPMENTS:

• January 2023 - Tsaaro hosted data privacy week event in India to boost the country's privacy landscape. The event welcomed ideas and discussions emphasizing on the future of data privacy software and protection, focusing on effective enforcement in the digital markets.


• August 2022 - Skyflow expanded its alliance with VISA to develop secured payment standards, i.e. Network Tokenization. Skyflow's Data Privacy Vault aids enterprises to securely manage payment data, assemble, and store consumer’s Personally Identifiable Information (PII) data, carry out workflows, and incorporate with third-party facilities without violating privacy.


• April 2022 - Privitar partnered with Denedo to enhance modernized data provisioning. With Privitar's proficiency in data privacy software and provisioning and Denodo's expertise in data virtualization, both companies are developing a force multiplier influence. It enables enterprises with an agile approach to generating, governing, protecting, and managing data solutions.


• March 2022 - New Zelanad’s Privacy Commissioner awarded the Secruiti platform with the Privacy Trust Mark. It is a recognition of excellence in privacy in New Zealand.

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