How Rising Data Security Concerns Is Pushing Top Data Privacy Software Companies to Enhance Their Offerings?

Data privacy is concerned with how data should be gathered, managed, stored, and shared with any third parties. It also involves adhering to any privacy regulations that may be in force. Data privacy, in conjunction with data security, produces a data protection area with protected usable data as an output. The right management of data is not the only important aspect of data privacy; the public's expectation of privacy, which emphasizes the individual as a central figure, is also very significant.

As per Fortune Business Insights, the global market for data privacy software will reach USD 30.31 billion by 2030 with a CAGR of 40.9%. The market reached the valuation of USD 1.99 billion in 2022 and is also anticipated to reach USD 2.76 billion in 2023.

Fortune Business Insights Highlights The Top 9 Data Privacy Software Companies:

1. OneTrust, LLC

To stop spam and other security threats associated with abusive automated software, OneTrust, LLC, a privacy and security company, uses analytics and other techniques. A Unified Privacy Management Platform and OneTrust Privacy Management products are provided by OneTrust, LLC. To operationalize privacy programs, the system offers regulatory knowledge, automation, and adaptable solutions. As required by law or in response to legitimate requests from public authorities, OneTrust, LLC shares personal information with OneTrust Companies, vendors, and Event sponsors.

2. AvePoint, Inc.

AvePoint, Inc. is a software company that safeguards the security and privacy of the personal data of various clients, workers, and third parties. Enterprise risk management, data validation, classification, and protection are among the products offered by AvePoint, Inc. By automating privacy and security programs across enterprise content for SharePoint, Microsoft Office 365, Salesforce, Slack, file shares, SharePoint Server Subscription Edition, and Teams, these tools continuously secure data.

3. TrustArc, Inc.

TrustArc, Inc. is a privacy technology business that automates the collection, processing, and privacy of user data.  The operations and privacy strategy solutions from TrustArc Inc. offer tactical advice for achieving legal compliance and operationalizing the complexities of daily privacy management. TrustArc introduced PrivacyCentral in March 2021 as a supplier of a data intelligence center for holistically administering an ongoing, scalable privacy program. The use of this program removes the need for repetitive compliance procedures when new regulations are adopted and simplifies the development and maintenance of an ongoing privacy program.

4. Securiti.AI.

Securiti.AI is an all-in-one data security management solution that provides total security posture awareness across cloud data platforms together with detailed insights into user data.  Different data privacy products are offered by Securiti.AI, which also has a fully automated backend and integrated privacy regulation intelligence. It includes several different products, like assessment automation, data mapping, people data graphs, and DSR automation, to name a few. Securiti.AI. introduced the first Data Control cloud in October 2022 to assist businesses with their major requirements regarding data security, compliance, governance, and privacy.

5. BigID, Inc.

Using a single platform for data visibility and control, BigID, Inc., a leader in compliance, data privacy, security, and governance, enables organizations to proactively manage, discover, protect, and maximize the value of their data. BigID, Inc. develops a self-privacy portal with customizable capabilities to manage privacy preferences and data rights requests in one location, along with deletion routines, request categories, timetables for compliance, and remedy. BigID and Wiz, a top cloud security platform, established a cooperation in November 2022 with the goal of increasing enterprise data visibility and management and preventing data breaches.

6. IBM Corporation

IBM Corporation offers data security solutions that help to produce customer experiences that drive enterprises, using a holistic and adaptable approach to data protection based on Zero Trust principles. Consent management, thorough data protection, IBM Cloud Pak for Security, and data resilience are just a few of the data protection solutions provided by IBM Corporation. In order to meet privacy policies and issues, IBM Corporation announced the introduction of IBM OpenPages Data Privacy Management in March 2021.

7. Protiviti, Inc.

Protiviti, Inc. assists in safeguarding and securely managing user data. The company's strategy for data protection focuses on three areas: identifying and safeguarding the most valuable assets of its clients, offering ongoing monitoring, and delivering a systematic, prompt response to breaches. Data identification and security, data security compliance, third-party risk management, cyber defense and response, and cyber resilience are just a few of the data protection services provided by Protiviti, Inc. To broaden its clients' options for digital transformation and customer experience, the international consulting firm Protiviti Inc. purchased R2integrated in December 2022.

8. RSA Security LLC

The most security-sensitive enterprises are the focus of RSA Security LLC, a top identity and access management company with expertise in the financial services, federal government healthcare, energy, and technology services. SecurID and IDPlus, two data security systems and solutions offered by RSA Security LLC, give various customers security and flexibility. The Archer Risk and Compliance software division will be sold by RSA Security LLC, the cybersecurity division of Dell Technologies Inc., for more than USD 2 billion in January 2023.

9. SureCloud

SureCloud, a potent cloud-based solution for data privacy management, centralizes compliance data and delivers pre-configured workflows that quickly finish challenging jobs to satisfy various international regulations. Through a capability-based approach to GRC, SureCloud offers a complete solution. To assist clients in achieving their operational goals, the company offers specialized consulting services and best-of-breed, highly adaptable software.

How Rising Concerns about Data Privacy Across Businesses is Creating Demand for The Software?