Privacy management tools market is one of the significantly increasing market due to rising risk of data theft and data loss. This privacy management tool includes solutions that helps the privacy management to establish accountability and compliance. This further helps organizations to report on the status of the privacy program – generating quantitative metrics supported by evidence generated by privacy management software. These privacy management tools also generate reports_bk_01_01_2020 that are based on observed data providing qualitative and quantitative analysis.
These privacy management tools help enterprises in conducting privacy impact assessment, and checking and monitoring activities according to the requirement of privacy regulations. This helps in tracking incident due to which unauthorized access of personal data has done. The market for privacy management tools is increasing due to rising governance for regulators and organizations and increasing risk of cyber-attacks.
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The major factor driving the adoption of privacy management tool is the increasing adoption of BYOD. Enterprises are adopting BYOD concept in their organizations in order to improve flexibility of work for employees. The adoption of BYOD has led many employees to access official data in their personal system through personal or open network. This creates the risk of data theft and data loss. Companies are adopting privacy management tools so as to reduce the risk of data loss and to monitoring the activities and controlling unauthorized access to data.
The key challenge for privacy management tools market is the lack of awareness. This technology is at its introductory phase due to which limited number of companies are providing software solutions related to privacy management tools. This increases the cost of its hardware and software and reduces the adoption of Privacy management tools.
Privacy Management Tools Market: Segmentation
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In April 2017, OneTrust, a privacy management software provider has entered into the partnership with RSA program. This has established interoperability between the OneTrust Enterprise Privacy Management Software Platform and RSA Archer GRC Platform from RSA, a Dell Technologies business.
In December 2016, OneTrust, privacy management software provider has launched new privacy assessment templates to support U.S. federal agency privacy compliance, based on Department of Homeland Security.
In privacy management tools market there are many vendors some of them are NYMITY, OneTrust, TRUSTe, SIMBUS and others.
Presently, North America and Europe is holding the largest market share for privacy management tools market due to high adoption of BYOD concept and growing use of digital technologies in many large industries such as hospitality, BFSI and healthcare.
The adoption of cloud based platform is also impacting the market for privacy management tools in a positive manner as large solution providers have started providing these privacy management tools on cloud to small enterprises which is less in cost.
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In Europe region, the market for privacy management tools is witnessing high growth rate due to the increasing demand for security and compliance platforms among businesses for compliance and governance management.
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