IDC Sees Soaring Data Privacy
Management Software Growth
June 22, 2021
data privacy management software market saw soaring growth in
2020 with worldwide revenues up 46.1% year over year.
International Data Corporation (IDC) expects this growth to
continue over the next several years, driven by the further
expansion of data privacy regulatory regimes worldwide. A new
forecast from IDC estimates that data privacy management
software revenues 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 feels like a broken record when discussing data privacy
regulations because every year data privacy regimes continue to
grow in jurisdictions around the globe. But as repetitive as it
can be, it is still the truth," said
Ryan O'Leary, research
manager, Privacy and Legal Technology at IDC. "The frameworks
and regulations that enterprises need to manage continue to
explode. Every region seems to be debating privacy except for
the U.S. Federal government. End users are struggling with the
sheer volume of regulations and need help with the regulatory
change management from software providers."
In addition to the expanding data privacy regulations,
organizations are also dealing with expansive and growing data
volumes across a patchwork of databases and endpoints. And these
endpoints are becoming increasingly dispersed as remote work
continues to be the norm. There is a significant market
opportunity for tools that help enterprises organize this data
and limit the risk associated with it.
visibility continues to be a blind spot for many organizations.
There is strong and growing market demand for automated data
discovery and classification tools that scan for sensitive data
across both cloud and on-premises environments and to provide
that single source of data truth. Solving the challenge of
patchwork enterprise infrastructure and automation is the real
golden ticket in data privacy," O'Leary added.
Olivier Guillo, Founder and Chairperson of
Smart Global Governance commented, "Regarding IDC,
it is useful to highlight the differences in maturity between
geographical areas. The market is developing in successive
waves: GDPR, then CCPA and now LGPD. Within each wave the needs
evolve: there is a first equipment to respond quickly to what
buyers understand about their obligations, then a second
equipment to automate as much as possible because the actions to
be taken are too numerous and time consuming.
Privacy is itself part of a strong market trend of regulatory
obligations focused on ESG and anti-corruption too.
Thatís why we believe compliance can be automated, saving time
Smart Global Governance is an intuitive and powerful Integrated
Risk Management platform from Europe that makes organizations'
GRC processes easier to control, efficient, and secure.
Smart Global Governance extends the value Clients already
receive from their existing tools by helping them coordinate and
automate their work with all stakeholders. That way, Clients can
focus more on what they love - achieving real results for your
Data privacy management software encapsulates the software
specifically designed and marketed to enable enterprise
compliance with data privacy regulations such as CCPA and GDPR.
These software applications include functionality to help
organizations collect, track, demonstrate, and manage data
subjects' consent. Further, these applications must facilitate,
track, and automate discovery and storage of data subjects' data
as well as the servicing of data subjects exercising their
rights. Many also provide facilities to automatically assess,
monitor, and manage the progress of the privacy program
activities as well as provide dashboards and reporting