Demand for data privacy management software will remain strong, driven by expanding regulatory and data management requirements, says IDC
NEEDHAM, Mass .– (COMMERCIAL THREAD) – The data privacy management software market has experienced tremendous growth in 2020 with global revenue rising 46.1% year-over-year. International Data Company (IDC) expects this growth to continue over the next several years, driven by the continued expansion of data privacy regulatory regimes around the world. A new provide of IDC estimates that data privacy management software revenue will nearly double between 2020 and 2025, reaching nearly $ 2.3 billion in 2025 with a five-year compound annual growth rate (CAGR) of 14 , 3%.
“It sounds like a broken record when discussing data privacy regulations, as each year data privacy regimes continue to develop in jurisdictions around the world. But as repetitive as it may be, it’s still the truth, ”said Ryan o’leary, Research Director, Privacy and Legal Technology at IDC. “The frameworks and regulations that businesses must manage continue to explode. Every region seems to be debating confidentiality except the US federal government. End users are grappling with the sheer volume of regulations and need help managing regulatory changes from software vendors. ”
In addition to growing data privacy regulations, businesses also face growing and growing volumes of data across a patchwork of databases and endpoints. And these endpoints are increasingly dispersed as remote working continues to be the norm. There is a significant market opportunity for tools that help businesses organize this data and mitigate the risks associated with it.
“Data visibility continues to be a blind spot for many organizations. There is a strong and growing market demand for automated data discovery and classification tools that analyze sensitive data in cloud and on-premises environments and provide this single source of data truth. Solving the patchwork infrastructure and business automation challenge is the real golden ticket to data privacy, ”added O’Leary.
Data privacy management software encapsulates software specifically designed and marketed to enable the business to comply with data privacy regulations such as CCPA and GDPR. These software applications include functionality to help organizations collect, track, demonstrate, and manage data subject consent. In addition, these applications must facilitate, monitor and automate the discovery and storage of data of data subjects as well as the service of data subjects exercising their rights. Many also provide facilities to automatically assess, monitor and manage the progress of privacy program activities, as well as dashboards and reporting capabilities.
For organizations evaluating their data privacy management options, IDC recently released a MarketScape report that assesses 11 vendors of data privacy management software. The report, IDC MarketScape: Global Data Privacy Management Software Vendor Review 2021 (IDC # US46858221), uses a comprehensive framework to assess these suppliers against a set of criteria that explain short and long term success in the market. The 11 data privacy management software vendors assessed in the MarketScape report are: 1Touch.io, BigID, Collibra, DataGrail, Exterro, OneTrust, Securiti, Smart Global Governance, Spririon, TrustArc and WireWheel.
About IDC MarketScape
the IDC MarketScape The vendor analysis model is designed to provide an overview of the competitive ability of IT, telecommunications, or industry-specific vendors in a given market. The research methodology uses a rigorous scoring methodology based on both qualitative and quantitative criteria which results in a single graphic illustration of the position of each supplier in a given market. IDC MarketScape provides a clear framework within which product and service offerings, capabilities and strategies, as well as current and future success factors in the IT, Telecom, or industry-specific vendor market can be compared from significantly. The framework also provides technology buyers with a transparent basis for companies to independently compare the strengths and weaknesses of current and potential suppliers.
For more information on IDC MarketScape, please contact Karen Moser at [email protected]
International Data Corporation (IDC) is the world’s leading provider of business information, advisory services and events for the information technology, telecommunications and consumer technology markets. With more than 1,100 analysts worldwide, IDC provides global, regional and local expertise in technology, benchmarking and IT procurement, as well as industry opportunities and trends in more than 110 countries. IDC’s insight and insight helps IT professionals, business leaders, and the investment community make fact-based technology decisions and achieve their core business goals. Founded in 1964, IDC is a 100% subsidiary of International Data Group (IDG), a global leader in technology media, data and marketing services. To learn more about IDC, please visit www.idc.com. Follow IDC on Twitter at @IDC and LinkedIn. Subscribe to IDC Blog for industry news and ideas.