Dublin, July 13, 2023 (GLOBE NEWSWIRE) -- The "GDPR Services Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
The global GDPR Services Market is poised for substantial growth during the forecast period, with a projected CAGR of 25.1% from 2023 to 2028.
The market's expansion is driven by the rising demand for characteristics such as privacy, security, authenticity, legality, trust, universality, and scalability in organizational operations and quality monitoring. As businesses generate an exponential amount of data due to increased connectivity and ongoing digitization, the GDPR services industry has ample room for development.
Key Highlights of the GDPR Services Market:
Increased Focus on Data Security and Privacy: The market growth is fueled by the rising need for data governance, data mapping, and data management services to mitigate data breaches and protect sensitive information. The GDPR regulation imposes significant fines for non-compliance, leading to a surge in demand for GDPR services.
Data Breaches and Cybersecurity Challenges: Data breaches and socially engineered cyber attacks targeting enterprise users are on the rise. Instances of phishing emails and fraudulent campaigns, including those related to the World Health Organization (WHO) and the US Center for Disease Control (CDC), have increased the demand for GDPR services. The healthcare sector has also become a prime target for cybercriminals, emphasizing the need for robust data protection measures.
Increased Budget Allocation for Cybersecurity: The COVID-19 pandemic has prompted organizations to allocate more resources to cybersecurity. According to a survey by Microsoft Corporation, a significant percentage of businesses increased their cybersecurity budgets to combat the pandemic's impact. The pandemic has highlighted the importance of striking a balance between individual rights and societal needs, leading to changes in data protection guidelines worldwide.
Challenges and Impact of the European Union General Data Protection Regulation (GDPR): The GDPR presents new requirements and challenges for cloud service providers and customers, including the right to erasure, rectification, and portability. Implementing these requirements is technically complex, and the model for shared responsibility along the cloud supply chain introduces new aspects of accountability for data protection.
Market Trends - Need for Data Security and Privacy, and Europe's Dominance:
- Growing Need for Data Security and Privacy: Data breaches have significant financial and reputational consequences, leading to an increased demand for data governance and management services. The substantial fines imposed for non-compliance with GDPR regulations further drive the market. The financial and healthcare sectors are particularly vulnerable to data breaches.
- Europe's Dominance in GDPR Services: Europe holds a major share of the GDPR services market, driven by the high acceptance and adoption of GDPR regulations. European countries have witnessed a significant increase in data breach notifications and fines. The region's focus on data-driven initiatives and compliance with GDPR requirements fuels the demand for GDPR services.
Key Topics Covered in the Report:
- Introduction
- Research Methodology
- Executive Summary
- Market Insight
- Market Dynamics
- Market Segmentation
- Competitive Landscape
- Investment Analysis
- Future Outlook of the Market
Prominent Companies in the GDPR Services Market:
- IBM Corporation
- Veritas Technologies LLC
- Amazon Web Services Inc.
- Microsoft Corporation
- Micro Focus International PLC
- Oracle Corporation
- SAP SE
- Capgemini SE
- SecureWorks Inc.
- Wipro Limited
- DXC Technology Company
- Accenture PLC
- Atos SE
- Tata Consultancy Services Limited
- Larsen & Toubro Infotech Limited
- Infosys Limited
For more information about this report visit https://www.researchandmarkets.com/r/f7d4s
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