Burlingame, May 07, 2024 (GLOBE NEWSWIRE) -- The Global GDPR Services Market size was valued at US$ 1,186.5 Million in 2023 and is expected to reach US$ 5,997.1 Million by 2030, growing at a compound annual growth rate (CAGR) of 22.45% from 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. GDPR services help organizations comply with the General Data Protection Regulation (GDPR) by conducting data protection impact assessments, monitoring privacy programs, responding to data breaches, and supporting other GDPR requirements. They assist in evaluating privacy risk, mapping data flows, and developing compliance strategies.
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Market Dynamics:
The GDPR services market is primarily driven by increasing focus on data security regulations across various industry verticals. GDPR aims to strengthen and unify data protection for all individuals within the European Union. Non-compliance with GDPR can attract heavy fines ranging from 2-4% of the global annual turnover of the organization. This has compelled organizations across sectors to adopt GDPR compliance measures and invest in GDPR consulting and assessment services. Additionally, growing shift towards cloud-based services is also propelling the demand for GDPR services as public cloud deployment increases the need for third-party access management and control.
GDPR Services Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2023 | $1,186.5 million |
| Estimated Value by 2030 | $5,997.1 million |
| Growth Rate | Poised to grow at a CAGR of 22.45% |
| Historical Data | 2017–2021 |
| Forecast Period | 2023–2030 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type of Deployment, By Offering, By Organization Size, By End-User Industry |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Growth Drivers | • Growing need for data privacy and security • Increasing transparency needs in data processing |
| Restraints & Challenges | • Complexity of implementation of GDPR services, and level of market compliance • High cost of GDPR services implementation and maintenance |
Market Trends:
GDPR compliance through AI and analytics tools is one of the prominent trends observed in the market. Various GDPR solution providers are integrating AI, ML and analytics capabilities with their offerings to automate compliance checking and personal data management. For instance, products around consent management, data subject rights management, data discovery and classification, etc. leveraging technologies like AI are witnessing high demand. This allows organizations to continuously monitor data activities, provide visibility and detect non-compliant practices.
Leading tech companies are investing heavily in developing specialized data protection technologies to help organizations achieve and maintain continuous GDPR compliance. Technologies around data anonymization, pseudonymization, encryption etc. ensure sensitive data is handled securely. They also help reduce reliance on manual processes. This trend is expected to continue as data protection regulations tighten globally in the coming years.
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Market Opportunities:
With the ever-increasing digitalization and need to align with GDPR guidelines, there is a growing demand for GDPR services that help organizations in their digital transformation journey and compliance with GDPR regulations.
As there are heavy fines for non-compliance with GDPR, organizations are investing in GDPR services to conduct data protection impact assessments, prepare documentation, and ensure adherence to privacy rules. This is propelling opportunities for GDPR service providers.
Recent Developments:
In November 2022, Informatica, an enterprise cloud data management player, said the Intelligent Data Management Cloud (IDMC) platform is now available for state and local governments during the Informatica World Tour in Washington, DC. Informatica's IDMC platform, which currently processes over 44 trillion cloud transactions monthly, is intended to assist state and local government agencies in providing timely and efficient public services.
In October 2022, Gravitee.io, the open-source API management platform, and Solace, the leading facilitator of event-driven architecture for real-time enterprises, announced a strategic alliance today, bringing to market a unified API management experience for synchronous RESTful and asynchronous event-driven APIs. With the expansion of web apps and the rise of digital enterprises that require the exposure and connection of applications and assets utilizing recognized architectural patterns and protocols like HTTP/Representational State Transfer, the API industry has grown.
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Key Market Takeaways
The GDPR services market is anticipated to witness a CAGR of 22.45% during the forecast period 2023-2030, owing to the growing need for data protection and privacy regulations among organizations across industries.
On the basis of deployment type, the cloud segment is expected to hold a dominant position, owing to benefits such as scalability, cost-effectiveness, and easy deployment.
On the basis of organization size, large enterprises are expected to hold a dominant position over the forecast period, due to their stringent budget for ensuring GDPR compliance.
On the basis of end-user industry, the banking, financial services, and insurance (BFSI) industry is expected to hold a dominant position, due to sensitive customer data handling in this industry.
Regionally, North America is expected to hold a dominant position over the forecast period, due to strict implementation of GDPR regulations in this region.
Key players operating in the GDPR services market include IBM, Wipro, Dell, and other service providers. These players are focusing on new service launches and partnerships to gain more customers.
Detailed Segmentation:
By Type of Deployment:
- On-premise
- Cloud
By Offering:
- Data Management
- Data Discovery and Mapping
- Data Governance
- API Management
By Organization Size:
- Large Enterprises
- Small and Medium-sized Enterprises
By End-User Industry:
- Banking, Financial Services, and Insurance (BFSI)
- Telecom and IT
- Retail and Consumer Goods
- Healthcare and Life Sciences
- Manufacturing
- Other End-user Industries
By Region:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
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About Us:
Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
