Find stats on top websites
Industry Landscape
The data privacy and AI governance industry is experiencing rapid growth, driven by an ever-evolving global regulatory landscape (GDPR, CCPA, EU AI Act). Businesses are increasingly adopting automated solutions to manage consent, DSRs, data mapping, and AI risk, moving towards proactive compliance and trust-building. The integration of AI governance is a critical new frontier, pushing the industry to address ethical and compliance challenges of AI adoption. Automation and comprehensive platforms are key to managing complexity and demonstrating ROI.
Total Assets Under Management (AUM)
Data Privacy Software Market Size in United States
~Approximately 7.5 billion USD (2024)
(23.5% CAGR)
Fueled by increasing data breaches and stringent regulations.
Driven by the adoption of AI governance solutions.
Demand for automated compliance tools across industries.
Total Addressable Market
18.5 billion USD
Market Growth Stage
Pace of Market Growth
Emerging Technologies
Federated Learning for Privacy-Preserving AI
Federated learning enables collaborative AI model training across decentralized data sources without sharing raw data, enhancing privacy and security in AI applications.
Homomorphic Encryption
Homomorphic encryption allows computations on encrypted data without decrypting it, providing a critical layer of privacy for sensitive information processing in the cloud and AI contexts.
Privacy-Enhancing Computation (PEC) via Zero-Knowledge Proofs
Zero-Knowledge Proofs allow one party to prove they know a value to another party, without revealing any information about the value itself, enabling verifiable data privacy and compliance.
Impactful Policy Frameworks
EU AI Act (2024)
The European Union AI Act is a comprehensive regulatory framework for artificial intelligence, classifying AI systems based on their risk level and imposing stringent requirements on high-risk AI systems, including obligations for data governance, human oversight, and transparency.
This act directly impacts TrustArc by expanding the scope of their AI governance solutions, requiring them to help clients assess, manage, and document the risks associated with their AI systems to ensure compliance.
California Privacy Rights Act (CPRA) (2023)
The CPRA amended and expanded the California Consumer Privacy Act (CCPA), establishing the California Privacy Protection Agency (CPPA) and granting consumers additional rights regarding their personal information, including the right to correct inaccurate personal data and opt-out of sharing sensitive personal information.
The CPRA necessitates that TrustArc enhances its DSR and consent management tools to address new consumer rights and facilitate compliance for businesses operating in California.
Virginia Consumer Data Protection Act (VCDPA) (2023)
The VCDPA grants Virginia consumers new rights regarding their personal data, including the right to access, delete, and opt-out of the sale of personal data, and imposes obligations on businesses that collect, process, or sell personal data of Virginia residents.
TrustArc must ensure its platform provides robust support for VCDPA-specific DSRs and privacy program management, enabling clients to meet the varying state-level compliance requirements.
Transform Your Ideas into Action in Minutes with WaxWing
Sign up now and unleash the power of AI for your business growth
