As companies scramble to ensure they’re in compliance with the California Consumer Privacy Act, a surge of startups is hoping to cash in on data solutions.
It’s a California Gold Rush redux
Companies meeting certain criteria are expected to spend a collective $55B making sure they meet the new rules, and it’s estimated that more than 200 companies and consultants are already pitching products and services. For example:
- TerraTrue built a privacy platform allowing companies to better corral customer data and automate compliance with myriad laws.
- DataFleets offers machine-learning tools that limit the likelihood of leaking consumers’ private info.
And the market could get bigger
California isn’t the only actor regulating how companies use consumer data. The European Union’s General Data Protection Regulation, implemented in 2018, protects its citizens’ personal information.
And there could be additional legislation coming from:
- The UK, post-Brexit
- New York and Washington states
- Your US Congress
This potential mishmash of laws could prove complicated, which would mean more business for those who know how to navigate it.