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Middle 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,
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.
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.
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.
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 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.
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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.
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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By Country |
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Growing at a CAGR of 40.4%, the market will exhibit steady growth in the forecast period (2023-2030).
Increasing investments in data privacy technology and digital transformation are expected to boost the market growth.
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.
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