July 16, 2024

GDPR Services Market To Reach US$ 1,186.5 Million By 2022

Market Overview:

The global GDPR Services Market is estimated to reach a valuation of US$ 1,186.5 Million in 2022 and is expected to exhibit a CAGR Of 22.45% over the forecast period (2023-2030). GDPR services encompass a range of solutions and strategies aimed at helping organizations comply with the General Data Protection Regulation (GDPR) and protect the personal data of individuals. These services provide data security, privacy enhancement, breach prevention, and risk management solutions. The need for GDPR services has arisen due to the increasing concerns over data privacy and security breaches, as well as the legal requirements set by the GDPR. By implementing GDPR services, companies can ensure compliance with data protection regulations, build trust with their customers, and avoid heavy fines for non-compliance.

Market Key Trends:

The key trend in the GDPR services market is the rising demand for data protection and privacy solutions. With the increasing number of data breaches and cyberattacks, organizations are becoming more cautious about protecting their sensitive data and ensuring compliance with data protection regulations. GDPR services offer comprehensive solutions to address these concerns, including data encryption, access controls, data breach notification systems, and data mapping and inventory. These services enable companies to enhance their data security measures, monitor data privacy practices, and respond effectively to data breaches. The growing awareness about data privacy and the need for regulatory compliance are driving the adoption of GDPR services across various industries, including healthcare, IT and telecommunications, retail, and financial services. This trend is expected to continue in the forecast period, fueling the growth of the GDPR services market.

Segment Analysis:

The GDPR services market can be divided into several segments based on the type of services offered. The dominating segment in this market is the Data Protection Impact Assessment (DPIA) segment. DPIA involves assessing the potential risks to individuals’ data privacy and implementing measures to mitigate these risks. It is a crucial requirement under GDPR for organizations that process personal data. This segment is dominating because organizations are increasingly realizing the importance of conducting DPIAs to ensure compliance with GDPR regulations and avoid hefty fines. Additionally, with the increasing adoption of cloud computing and the growth of digital transformation initiatives, there is a rising need for DPIA services to ensure that personal data is adequately protected.

Key Takeaways:

The global GDPR Services Market is expected to witness high growth, exhibiting a CAGR of 22.45% over the forecast period of 2023-2030. This growth can be attributed to several factors. Firstly, the increasing number of data breaches and privacy concerns are driving organizations to adopt GDPR services to ensure compliance and protect individuals’ data. Secondly, the growing awareness of GDPR regulations and the potential consequences of non-compliance are prompting organizations to seek professional services to avoid penalties. Additionally, the rapid digitization of various industries and the increasing reliance on data-driven technologies are creating a strong demand for GDPR services.

In terms of regional analysis, Europe is expected to be the fastest-growing and dominating region in the GDPR services market. This region is the birthplace of the GDPR regulation and has stringent data protection laws, making it a key market for GDPR services. Additionally, European organizations are highly aware of the importance of data privacy and are actively investing in GDPR compliance. Governments in the region are also enforcing strong penalties for non-compliance, further driving the demand for GDPR services.

Key players operating in the GDPR services market include Infosys Limited, IBM Corporation, Larsen & Toubro Infotech Limited, Veritas Technologies LLC, Tata Consultancy Services Limited, Amazon Web Services Inc., Atos SE, Microsoft Corporation, Accenture PLC, Micro Focus International PLC, DXC Technology Company, Oracle Corporation, Wipro Limited, SAP SE, SecureWorks Inc., and Capgemini SE. These players offer a wide range of GDPR services, including data protection assessment, privacy impact assessment, data breach response, and compliance monitoring. They have a strong market presence and provide comprehensive solutions to help organizations achieve GDPR compliance and ensure the protection of personal data.

*Note:

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