Innovations will Boost Privacy Management Tools Market Growth in the Foreseeable Future

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
that are based on observed data providing qualitative and quantitative analysis.
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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.
Privacy Management Tools Market: Drivers and Challenges
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
Segmentation on the basis of Types:
Software Platforms
Service
Segmentation on the basis of Applications:
Compliance management
Reporting and Analytics
Risk management
Others
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Key Contracts:
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.
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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.