As organizations embrace privacy as a strategic imperative, OneTrust leads in market share for the fourth consecutive year
ATLANTA, Aug. 9, 2023 /PRNewswire/ — OneTrust, the market-defining leader for trust intelligence, today announced it is the top-ranking company for 2022 market share in IDC’s latest Worldwide Data Privacy Compliance Software Market Shares report: OneTrust Continues to Hold Its Large Lead Over the Market. The report, released in May 2023, notes the company represents a 30% market share with twice the nearest competitor’s share.
The data privacy management software market saw continued strong growth in 2022 despite market shifts and economic headwinds, according to IDC.1
“Privacy is a key pillar of the future of trust. Trust is an up-leveling of the security conversation to include attributes such as risk, compliance, privacy, and even business ethics,” said Ryan O’Leary, research director, Privacy and Legal Technology at IDC.2 “These elements transform the conversation from what “must” a company do to prevent negative outcomes to what “should” a company do.”
Today, several key trends are driving the demand for data privacy software:
- The proliferation of data privacy regulation around the globe means more organizations than ever will need to comply with stricter and wider-reaching requirements for collecting and processing personal data. In the US specifically, five states will be live with new privacy laws in 2023, up from just one in 2022, and several more states have passed new laws.
- Previously defined frameworks are being updated, such as the European Commission’s final Adequacy Decision for EU-US data transfers.
- With widespread generative AI adoption, understanding and managing data privacy risks within AI will be essential to promoting responsible AI, complying with AI regulations, and ensuring people’s data and privacy rights remain protected.
“The value of understanding your data, where it resides, and how to manage it responsibly cannot be overstated,” said Ojas Rege, general manager, Privacy & Data Governance Cloud at OneTrust. “This is why data privacy has emerged as a competitive differentiator for our customers, transforming compliance efforts into trust initiatives. As privacy and AI regulation expands and evolves around the globe, OneTrust is the only platform combining the automation and regulatory intelligence organizations need to remain agile amid continuous change. Our sustained market share leadership is a testament to our incredible customers and dedicated team.”
According to IDC’s report, data visibility and data management are persistent challenges for companies. Data discovery is fundamental to understanding and managing data and a foundational exercise for any strong data privacy program.
OneTrust Data Discovery is the tool companies use to provide this foundation of visibility and control for any data, privacy, or security team. With AI-powered data classification, built-in regulatory intelligence, and automated policy enforcement, Data Discovery delivers the capabilities enterprises need to automate data security and governance.
OneTrust Data Discovery is available on OneTrust’s Privacy & Data Governance Cloud, the unified platform for security, marketing, and privacy teams to ensure the responsible use of data throughout their organization. Privacy Management, Data Discovery & Governance, and Consent & Preferences come together to help organizations better understand their data across the business, meet regulatory requirements, and provide transparency and choice to individuals.
Download the report: Learn more about growth and key trends in the data privacy compliance software market
About OneTrust
OneTrust is the trust intelligence cloud platform organizations use to transform trust from an abstract concept into a measurable competitive advantage. Organizations globally use OneTrust to enable the responsible use of data and AI while protecting the privacy rights of individuals, implement and report on their cyber security program, make their social impact goals a reality, and create a speak up culture of trust. Over 14,000 customers use OneTrust’s technology, including half of the Global 2,000. OneTrust currently ranks #24 on the Forbes Cloud 100 list of top private cloud companies in the world and employs over 2,000 people in regions across North America, South America, Asia, Europe, and Australia.
1 IDC, Worldwide Data Privacy Compliance Software Market Shares, 2022: OneTrust Continues to Hold its Large Lead Over the Market, Doc #US50209423, May 2023
2 IDC, Future of Trust: Data Processing and the Consent Problem, Ryan O’Leary, February 2023
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SOURCE OneTrust