Today's privacy advisory market looks like the information security market did 10 years ago as the Payment Card Industry Data Security Standard and mandatory data-breach notification was coming full swing. And where is that market heading today? Last month, Gartner projected that spending on information security vendors will hit $101 billion by 2018, at least a quadrupling over the past decade.
Several indicators point to privacy following the same meteoric rise as security:
- 2014 saw record-high levels of global privacy enforcement levels, and it's just getting going. The European Union is on the verge of updating its privacy law to include a new fine capacity of up to 5% of global revenues;
- Digital disruption -- namely, big data, the internet of things, mobile apps, cloud computing and augmented reality -- is picking up steam with no easy privacy solution in sight;
- State-sponsored and organized crime continue an unabated string of spectacular breaches of personal data; and
- Business models in nearly every industry continue to transform toward more intensive uses of personal data for competitive advantage.
If the $3 billion estimate is in the ballpark, and it's true there's no one dominant market leader, an upcoming wave of corporate spending is totally up for grabs.
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