Dublin, Jan. 24, 2024 (GLOBE NEWSWIRE) -- The "General Data Protection Regulation Services Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The general data protection regulation services market size has grown exponentially in recent years. It will grow from $1.98 billion in 2023 to $2.44 billion in 2024 at a compound annual growth rate (CAGR) of 23.1%.The general data protection regulation services market size is expected to see exponential growth in the next few years. It will grow to $5.7 billion in 2028 at a compound annual growth rate (CAGR) of 23.7%.
The growth in the historic period can be attributed to concerns over data privacy and security breaches, globalization and cross-border data transfers, increased digitization of business processes, recognition of the need for standardized data protection regulations, high-profile data breaches and incidents driving regulatory attention.
The growth in the forecast period can be attributed to evolving regulatory landscape and enforcement measures, continued growth in data-driven technologies, rising awareness and emphasis on individual privacy rights, increased adoption of cloud computing and data analytics, increasing use of mobile phones. Major trends in the forecast period include development of advanced encryption and data protection technologies, integration of privacy by design principles in software development, emergence of data protection impact assessments as a standard practice, expansion of gdpr compliance services to cover emerging technologies, growing demand for third-party gdpr compliance auditing and certification
The increase in the number of cyberattacks is expected to propel the growth of the general data protection regulation services market going forward. A cyber attack is an attempt to enter a computer, computing system, or computer network without authorization with the goal of causing harm. Cyber attackers would enable hackers to gain access to a person's or company's financial accounts using sensitive data, among other potentially damaging actions.
General data protection regulation services (GDPR) provide a secure way to protect sensitive data from unauthorized access, theft, or exposure. For instance, in 2021, according to the Federal Bureau of Investigation's Internet Crime Report, a US-based federal agency for investigating cyber attacks and intrusions in the USA, complaints registered under cybercrimes reached a total of 84.73k cases, showing an increase of 7% from 2020. Therefore, an increasing number of cyberattacks is driving the general data protection services market.
The increasing number of data centers is expected to propel the growth of the general data protection regulation services market going forward. Data centers are facilities housing computer systems, servers, and networking equipment that store, process, and manage vast amounts of digital information, supporting various online services and applications.
The general data protection regulation (GDPR) mandates strict data privacy measures in data centers, ensuring the secure storage and processing of personal data to protect individuals' rights and privacy. For instance, in May 2021, according to the United States International Trade Commission, a US-based agency of the legislative and executive branches on matters of trade, as of January 2021, there were approximately 8,000 data centers worldwide, with more than 2,600 data centers distributed throughout the US. Therefore, the increasing number of data centers is expected to drive the general data protection regulation services market during the forecast period.
The increase in the trend of shifting towards new and advanced technology is the key trend gaining popularity in the general data protection regulation services market. Major companies operating in the general data protection regulation services market are focused on developing new technological solutions to strengthen their position.
For instance, in July 2022, GhangorCloud, a US-based cybersecurity solutions provider company, launched a novel platform named CAPE, which stands for Compliance and Privacy Enforcement. CAPE is an innovative unified compliance and data privacy solution that offers patented intelligent automation for enforcing consumer data privacy requirements with the most cost-effective implementation.
The platform harnesses the power of AI and incorporates an eDiscovery engine, which autonomously identifies and categorizes content, subsequently generating privacy enforcement policies without the need for human intervention. The CAPE platform delivers real-time automation of various tasks encompassing data discovery, compliance, and privacy enforcement, effectively addressing the challenges associated with modern data compliance and privacy systems to ensure swift and accurate operations.
Major companies operating in the general data protection regulation services market are focused on developing strategic partnerships to drive revenues in the market. Strategic partnerships enable general data protection regulation services companies to enhance compliance solutions and expand their reach, fostering a stronger data protection ecosystem.
For instance, in March 2022, T-Systems International GmbH, a Germany-based providers of digital services partnered with Amazon Web Services Inc. a US-based cloud computing company to launch Data Protection as a Managed Service in the AWS Cloud. This service offers encryption and transparent residency controls for customer data while adhering to general data protection regulation and the Schrems II judgment. Additionally, the managed service provides local technical support to customers in a secure cloud environment, following the latest AWS security best practices.
North America was the largest region in the general data protection regulation services market in 2023. North America is expected to be the fastest-growing region in the forecast period. The countries covered in the general data protection regulation services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
Major companies operating in the in the GDPR services market include
- International Business Machines Corporation
- Veritas Technologies LLC
- Amazon Web Services Inc.
- Microsoft Corporation.
- Micro Focus International plc
- Absolute Software Corporation
- Capgemini SE
- Informatica Inc.
- Iron Mountain Incorporated
- Mimecast Services Limited
- Oracle Corporation.
- Proofpoint Inc.
- SAS Institute Inc.
- Varonis Systems Inc.
- Talend Inc.
- Trustwave Holdings Inc.
- Dun & Bradstreet Inc.
- Broadcom Inc.
- Protegrity Inc.
- OneTrust LLC
- TrustArc Inc.
- SurfShark Ltd.
- Data Protection Agency
- General Data Protection Regulation Associates
- Symphony Technologies Pvt. Ltd.
- HCL Technologies Ltd.
- Accenture Plc
- Baker & McKenzie International
- Deloitte Touche Tohmatsu Limited
- Ernst & Young Global Limited
- Klynveld Peat Marwick Goerdeler.
- Novartis International AG
- PricewaterhouseCoopers.
- SAP SA
For more information about this report visit https://www.researchandmarkets.com/r/8rj5gq
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