Given the evolving market scenario, organizations accepted the need for advanced technology to simplify the process of storing data, online backups, and document management.
Enterprises globally are augmenting their cyber-security capabilities by adopting improved rules and regulations. Many prominent organizations primarily viewed the initial impulse to plan and implement data regulatory programs with the fear of penalties.
Given the current scenario, organizations accepted the need for advanced technology to simplify the process of storing data, online backups, and document management. And with the increased implementation of encryption technology, the security market sees new heights.
As a result, data privacy management software market observed a soaring growth in last year with overall revenues up 46.1% year over year globally. IDC forecasts say that this growth will continue over the next several years, steered by the further development of data privacy regulatory regimes worldwide.
In fact, it is anticipated that the data privacy management software revenues will nearly twofold between 2020 and 2025 – touching nearly $2.3 billion in 2025. This will be with a five years CAGR of nearly 14.3% as the frameworks and regulations businesses to manage will continue to explode.
Ryan O’Leary, research manager, of privacy and legal technology at IDC explained – “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.”
Certainly, organizations across industries are dealing with expansive and growing data volumes today. Every region appears to be debating privacy except for the US government and the end-users are struggling with the regulations as they require help with the regulatory change management from their software providers.
Moreover, alongside the expanding data privacy regulations, enterprises are dealing with growing data volumes spanning a patchwork of databases and endpoints. Such endpoints have become increasingly dispersed with remote work continues to be the norm.
There is a significant market opportunity for the technology solutions that help firms organize this data – limiting the risk associated around. Certainly, data visibility remains a blind spot for many businesses globally. This led to the robust market demand for automated data discovery as well as classification tools.
O’Leary also said that these tools can “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.”
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Data privacy management software captures the software precisely designed and marketed to enable business compliance with data privacy regulations which includes CCPA and GDPR. Such software and apps involve functionality to help organizations track, collect, demonstrate, and manage the consent of data subjects.
Moreover, these applications need to automate, facilitate, and track the discovery and storage of data subjects’ records and the servicing of data subjects working out their rights. There are facilities to automatically assess while managing the progress of the privacy program activities.
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