New York, US, July 16, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global GDPR Services Market information by Type, by Organization Size, by Vertical and Region – forecast to 2027” the market is likely to touch USD 4,047.5 million at a stellar 23.4% CAGR over the forecast period.
Market Scope:
GDPR or general data protection regulation, simply put, is a legal framework that comprises a set of guidelines to collect and process personal information from people that reside in the European Union. EU visitors mandatorily are given several data disclosures regardless of where the websites are based. Solution and service are its different types that are widely used in large enterprises and small and medium enterprises. Owing to its alluring features and plentiful benefits, it has wide applications in different end use industries such as education, media and entertainment, travel and hospital, automotive, government services, BFSI, IT and telecommunications, utilities, retail, manufacturing, and others.
Dominant Key Players in GDPR Services Market Report Include
- Trustwave Holdings, Inc. (US)
- Proofpoint (US)
- Iron Mountain Incorporated (US)
- Mimecast Services Limited (UK)
- Absolute Software Corporation (UK)
- Micro Focus (UK)
- Veritas (US)
- Hitachi Systems Security, Inc. (Japan)
- Informatica (US)
- Capgemini (France)
- Amazon.com, Inc. (US)
- Microsoft Corporation (US)
- Oracle Corporation (US)
- IBM Corporation (US)
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Market USP Exclusively Encompassed:
Market Drivers
Enhancing Features that Bolster Market Growth
As per the MRFR report, there are numerous factors that are propelling the GDPR services market share. Some of these entail the growth of an enormous amount of data, the need for data security, the demand for data processing transparency, an increase in cyber-attacks, and the growing adoption of GDPR compliance for enhanced security.
On the contrary, lack of expertise to manage GDPR services, high implementation cost, stringent rules by governments of different countries to protect data, and non-compliance of regulation issues and penalties may limit the global GDPR services market growth over the forecast period.
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Market Segmentation
The MRFR report throws light on an inclusive analysis of the GDPR services market based on vertical, organization size, and type.
By type, the global GDPR services market is segmented into service and solution. The solutions segment is further bifurcated into API management and data management. The services segment is again bifurcated into DPO-as-a-service, DPIA, GDPR readiness assessment, and others. Of these, the solution segment will lead the market over the forecast period at a 22.8% CAGR, while the services segment is likely to grow at a 24.3% CAGR by 2025.
By organization size, the global GDPR services market is segmented into large enterprises and small and medium enterprises. Of these, the large enterprise segment will dominate the market over the forecast period. It is likely to grow at a 22.9% CAGR, while that the small and medium enterprise segment is likely to develop at a 24.5% CAGR by 2025.
By vertical, the global GDPR services market is segmented into education, media and entertainment, travel and hospital, automotive, government services, BFSI, IT and telecommunications, utilities, retail, manufacturing, and others. Of these, the manufacturing sector will spearhead the market over the forecast period and at a 24.8% CAGR. This will be followed by the retail segment. The education segment, on the other hand, is predicted to grow at a 26.2% CAGR by 2025.
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Regional Takeaway
Europe to Have Lions Share in GDPR Services Market
Geographically, the global GDPR services market is bifurcated into Europe, the Asia Pacific (APAC), North America, and Rest of the World (RoW). Of these, Europe will have the lion's share in the market over the forecast period. Introduction of new GDPR, quick adoption of GDPR services by businesses to comply with GDPR guidelines and protect its brand reputation, the presence of big brands with the strong customer base, strict regulations in the EU, and the presence of GDPR service providers are adding to the global GDPR services market growth in the region.
North America to Hold Second-Largest Share in GDPR Services Market
In North America, the GDPR services market is predicted to hold the second-largest share over the forecast period. The US holds the utmost market share. Enterprises that operate in North America having a client base in Europe must comply with GDPR. Huge numbers of enterprises that are based in North America handle customers that reside in Europe.
APAC to Have Promising Growth in GDPR Services Market
In the APAC region, the GDPR services market is predicted to have promising growth over the forecast period for technological advances and the presence of key GDPR service providers.
In the MEA and South America, the global GDPR services market is predicted to have steady growth over the forecast period.
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COVID-19 Analysis
Ever since the COVID-19 virus pandemic, the infectious disease has spread to almost every country across the world, with (WHO) World Health Organization declaring this as a public health emergency. This disease’s global impacts are already beginning to be felt and likely to impact the GDPR services market. Despite the governments imposing lockdowns to stop the spread of the deadly virus, it has resulted in many businesses shifting their operations online, which in turn has led to an increase in cyber-attacks on companies’ critical data world over. Thus the demand for GDPR services is likely to increase and ensure the growth of the market.
During the crisis, several organizations are working remotely, and a major part of the populace is using mobile applications for tracking COVID-19 scenarios, business class certifications, file sharing, and teleconferencing. Especially in commercial applications or commercial, a good amount of user data is getting exchanged. The compliance with GDPR service regulations is of key significance for apps serving European Union regions, or hosting data servers in the international regions.
Competitive Landscape:
The global GDPR services market is fragmented and competitive with the existence of many international and domestic industry players. They have encompassed multiple strategies to stay ahead and also suffice to the growing needs of the esteemed customers, such as collaborations, contracts, partnerships, joint ventures, and others. Further, they are also investing in research and development activities to strengthen their portfolios and also create hold in the market.
Industry Updates
March 2021- VIDIZMO is helping organizations in meeting GDPR conditions with its access management capabilities.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.