February 21, 2024
Gdpr Services Market
Ict

The Global Gdpr Services Market Driven By Increasing Regulatory Compliance Needs

The global GDPR services market comprises a wide range of data protection and privacy solutions that help organizations comply with the stringent General Data Protection Regulation (GDPR). GDPR services assist companies in conducting data protection impact assessments, data subject rights management, privacy by design, breach notifications, and audit services. The demand for GDPR services has significantly risen in recent years as businesses across regions recognize the need to protect customer privacy, gain user trust, avoid hefty fines for non-compliance and align with international data standards.

The global GDPR services market is estimated to be valued at US$ 1673.71 Bn in 2023 and is expected to exhibit a CAGR of 26% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends in the GDPR services market is the rise of integrated GDPR solutions. Vendors are focusing on developing comprehensive platforms that offer multiple capabilities required to fulfill GDPR guidelines under one roof. These all-in-one solutions allow organizations to streamline compliance activities, reduce costs associated with deploying separate point solutions and gain real-time visibility into GDPR performance. Another notable trend is the growing adoption of managed GDPR services where third-party providers handle ongoing compliance tasks on behalf of customers. This helps businesses, particularly small and medium enterprises, comply with GDPR in a cost-effective manner without having to invest in extensive in-house resources and expertise. The market is also witnessing increasing customer demand for subscription-based pricing models with flexible payment options.

Porter’s Analysis:

Threat of new entrants: The threat of new entrants in the GDPR services market is moderate. The requirement for specialized skills and expertise required to comply with complex GDPR regulations poses a barrier for new companies.

Bargaining power of buyers: The bargaining power of buyers is high in this market. Buyers can negotiate on price as there are many service providers offering GDPR compliance solutions.

Bargaining power of suppliers: The bargaining power of suppliers is low as the services market has multiple technology providers and consulting companies providing specialized GDPR services.

Threat of new substitutes: Substitutes are low as there are limited alternatives to GDPR which is mandated by law.

Competitive rivalry: The competition in the market is high due to presence of numerous global and local players providing similar compliance solutions.

Key Takeaways

The Global GDPR Services Market Size is expected to witness high growth.

Regional analysis – The European region is expected to dominate the market due to stringentGDPR regulations. The markets in North America and Asia Pacific are also growing rapidly.

Key players operating in the GDPR services marketare Infineon Technologies AG, Cree, Inc., Qorvo, Inc., and Efficient Power Conversion Corporation (EPC).These key players are focusing on partnerships and acquisitions to strengthen their service portfolio and gain higher shares in the market.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it