OneTrust, the market-defining leader for trust intelligence, “owns the market” for the third consecutive year according to IDC’s Worldwide Data Privacy Compliance Software Market Shares report, released in August 2022.1 The report highlights OneTrust’s continued category leadership, as OneTrust leads the market with 29.7% share, more than twice the share of the nearest competitor. OneTrust also grew 73% faster year-over-year than the rest of the market.
According to IDC, “Trust continues to be a differentiator for business and an area of investment. Privacy is a key pillar of trust and the tailwinds of trust investment fuel this market.”
“Leading the market for the third consecutive year is a testament to our incredible customers and team,” said Ojas Rege, General Manager of the Privacy and Data Governance Cloud at OneTrust. “Privacy is the central pillar of trust, and trust is increasingly a competitive differentiator for our customers.”
According to IDC’s report, the data privacy management software market saw soaring growth in 2021 (26.4% yoy) amid continued expansion of data privacy regulatory regimes worldwide. In 2023, privacy regulation will cover even more citizens as five United States state laws are set to go into effect: the California Privacy Rights Act (CPRA), the Virginia Consumer Data Protection Act (CDPA), the Connecticut Data Privacy Act (CTDPA), the Colorado Privacy Act (CPA), and the Utah Consumer Privacy Act (UCPA). Soon, more organizations than ever will need to comply with stricter and wider-reaching requirements for collecting and processing personal data.
Rege continued, “2023 will be a year of extensive regulatory expansion. At OneTrust, we will help our customers navigate this complex patchwork of laws and requirements through the innovation of our Trust Intelligence Platform and the unmatched domain expertise of our privacy professionals.”
“Privacy continues to shift, evolve, and mature as privacy regulations become universal. While the regulations can be cumbersome for enterprises, they are equally as unwieldy for regulators. Enforcement can only cover so much. Technology suppliers need to pay attention to regulatory focus and enable their clients to protect those most vulnerable areas,” said Ryan O’Leary, research director, Privacy and Legal Technology at IDC.
As more of the world adopts data privacy regulations and people demand greater control of their data, organizations have a critical opportunity to build trust and deliver more valuable experiences. The OneTrust Privacy and Data Governance Cloud is the single platform to operationalize compliance with privacy laws around the globe. In one place, OneTrust offers privacy and data governance automation to help organizations better understand their data across the business, meet regulatory requirements, operationalize risk mitigation, and provide transparency and choice to individuals.