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.
Sign up for MIS Asia eNewsletters.