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

Europe is the second largest region in the global data privacy software market. It is projected to grow at a CAGR of 41.2% during the forecast period. The global market for cyber security is projected to grow from USD 1.99 billion in 2022 to USD 30.31 billion by 2030.

Governments across Europe are implementing GDPR (General Data Protection Regulation) to access individuals over their data and streamline the regulatory environment for international business by combining the regulation within the EU.

Moreover, implementing GDPR across the E.U. applies to organizations in Europe and all companies processing and holding personal data in the European Union, regardless of the company's location.

Additionally, the transfer of personal data from the European Union and the U.K. is forbidden unless they take place by permitting avenues set out in the EU GDPR and U.K. GDPR, respectively. Governments across various regions are collaborating with the European nations to bring the policy framework across the countries. For instance,

• In March 2022, the U.S. Government and European Commission announced an agreement to the Trans-Atlantic data privacy Framework to enable the transfer of personal data outside the framework. The framework would substitute the prior Privacy Shield from an E.U. law perspective.

Our report on the Europe data privacy software market covers the following countries/regions – U.K., Germany, France, Italy, Spain, Russia, Benelux, Nordics, and the Rest of Europe.

LATEST TRENDS

Implementation of AI Governance Across the Region to Propel Market Growth

Many of the applications used by the individual organizations incorporate A.I. The impact on privacy is assessed by A.I. integrated into larger solutions across organizations. By bringing personal information analysis to new heights, A.I. in data privacy makes it easier to use personal information in ways that could violate privacy interests.

Furthermore, the data fed into machine learning with complex algorithms allows the user to analyze huge data sets and make estimations using these data. Moreover, increasing amounts of data are being collected by enhancing the machine's skills, and information on human behavior is being monitored and influences decisions. Thus, implementing  Artificial Intelligence (AI) creates the market growth.

DRIVING FACTORS

Adoption of Cloud-based Services to Fuel the Market Growth

European Union (EU) are focusing on developing a digital strategy by collaborating with organizations to interpret the regulations. Companies across the region are integrating cloud architecture in their product offerings to provide backup, replication, disaster recovery planning, and compliance with the General Data Protection Regulation (GDPR).

For instance, in December 2022, Microsoft announced the launch of Microsoft Cloud for the EU data boundary solution to commercial customers and the public sector in the European Free Trade Association (EFTA) and the European Union (EU). Microsoft assists customers in processing and storing the data to EU data boundary for Azure, Dynamics 365, Microsoft 365, and Power Platform services.

Additionally, various industrial sectors are focusing on investing in public cloud services, thus driving the demand for public cloud in Europe. For instance,

According to the International Data Corporation (IDC), European public cloud services spending will range from USD 148 billion in 2023 to USD 258 billion by 2026. Banking, discrete manufacturing, and professional services remain the maximum-spending businesses in public cloud services, with 36% of the overall services spent in 2023.

RESTRAINING FACTORS

Human Error in Data Privacy Software Creates a Level of Complexity

Human errors occur significantly, which affects data protection and privacy. Ill-informed employees use weak passwords, fall for phishing scams, and mistakenly delete data that cause the leaking of complex data, either maliciously or by mistake. Additionally, dispersed customer data across multiple locations and formats leads to misleading and inaccurate responses. For instance,

• In May 2022, the U.K. Supervisory Authority fined an American facial recognition company over USD 8.0 million for using customers’ personal data, the absence of a legal basis, failure to meet data protection standards for biometric data, and a clear data retention policy.

Thus, the above mentioned factors hinder the data privacy software market growth.

KEY INDUSTRY PLAYERS

In terms of the competitive landscape, Privacy Company, Bird Consulting, Actecil, caralegal GmbH, RESPONSUM BV, Prighter and Dastra are the key players in the Europe market, focused on strengthening their product portfolio, active involvement in product enhancement and distribution network through the strategic collaboration for the acceleration of product launches increase their data privacy software market share in the Europe market.

LIST OF KEY COMPANIES PROFILED:

• Privacy Company (Netherlands)


• BIRD Consulting GmbH (Austria)


• Actecil (France)


• Caralegal GmbH (Germany)


• RESPONSUM BV (Belgium)


• Prighter (Austria)


• Dastra (France)


• Jeva Systems & Compliance SL (Spain)


• SureCloud (U.K.)


• DRACOON GmbH (Germany)

KEY INDUSTRY DEVELOPMENTS:

• February 2023: Jeva launched data protection for micro-SMEs and SMEs that offers services, assures compliance with the data protection law, and services related to technological solutions.


• November 2022: Caralegal partnered with Otto Schmidt by providing a data protection platform for caralegal users to access the Owlit online library with legal texts, legal textbooks, and specialist journals.


• November 2022: COOKIEBOX announced a partnership with Caralegal, offering the rules regarding data processing and cookies.

REPORT COVERAGE

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The market report provides qualitative and quantitative insights into the market and a detailed analysis of the Europe market size & growth rate for all possible segments in the market. The research report elaborates on the market dynamics and competitive landscape along with the market forecast. Various key insights presented in the report are an overview of the adoption of technology, an overview of price analysis, an overview of the regulatory scenario by key countries, new product launches, key industry developments, mergers, acquisitions & partnerships, and the impact of COVID-19 on the market.

Report Scope & Segmentation