New York, United States, March 05, 2024 (GLOBE NEWSWIRE) -- The General Data Protection Regulation (GDPR) services category encompasses a wide range of cutting-edge tools that assist businesses in complying with the EU GDPR. Preparing and implementing specific IT solutions in business operations entail evaluating several factors, including document lifecycle, encryption, data backup, GDPR readiness, risk, and data protection impact assessments (DPIA). Due to their capacity to help companies to comply with the rules in a way that prevents them from incurring expensive fines and other legal entanglements, GDPR services have become significantly more necessary in recent years.
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Growing Number of Data Breach Worldwide Drives the Global Market
According to Straits Research, “The global GDPR services market size was valued at USD 1.72 billion in 2021. It is expected to reach USD 13.00 billion by 2030, growing at a CAGR of 25.2% during the forecast period (2022–2030).” The demand for data governance, mapping, and management services to lower the number of breaches and protect sensitive data has also been influenced by the sizeable fines assessed for non-compliance with the regulation. Furthermore, about 52% of businesses said they would increase their investments in digital transformation. As a result, despite the pandemic's macroeconomic disruption, spending on digital transformation has increased. The use of GDPR services is encouraged by the growth in demand for data security and privacy which goes hand in hand with the speed of digital transformation.
Technological Advancements Creates Tremendous Opportunities
Several factors boost market value, including urbanization, modernization, and globalization. A variety of opportunities for the market's growth will be presented by the rising demand for features like privacy, security, authenticity, legality, trust, universality, and scalability in organizational operations and quality monitoring, as well as by the development of the IT industry in developing countries like China and India. Expanding industrial infrastructure and rising smartphone adoption in developing countries are two additional factors boosting the market growth.
Regional Analysis
Europe GDPR services market share is expected to grow at a CAGR of 27.5% during the forecast period. The region is working to become data-driven and show widespread GDPR service adoption due to GDPR's popularity. Governments, businesses, and other organizations must investigate and implement reliable data management tools to protect the rights of data owners while achieving shared goals as the collection and sharing of data increases to take advantage of AI and other emerging technologies. Governments are looking for new tools to promote ethical and equitable data sharing among ecosystem actors. IoT devices are becoming more and more susceptible to cyberattacks as they increase. The number of wearables and connected medical devices that enable remote health monitoring is growing due to the digital transformation of the healthcare industry.
North America is expected to grow at a CAGR of 24.9%, during the forecast period. The GDPR services market in North America is expanding due to the nation's stringent laws governing data privacy and management. For instance, the California Consumer Privacy Act, a law protecting consumer privacy, went into effect in California on June 28, 2018. The CCPA affects businesses with Californian headquarters and those doing business with state citizens and makes suggestions to firms both domestically and abroad. This law was passed as a result of Facebook's data misuse incident. Companies are keen to install cutting-edge solutions to aid with data management because they believe doing so would make it simpler to extract value from data, relieve some of the managing data for the IT staff, and ensure compliance with GDPR and other regional data privacy legislation.
Asia-Pacific is quickly adopting digital innovation across all its end-user industries, led by countries like India, China, Japan, and Singapore. Asia-Pacific may be able to take a sizable chunk of the GDPR services market thanks to the Internet of Things, big data analytics, and other emerging digital technologies. The Personal Data (Privacy) Ordinance (PDPO) will be reviewed by the Privacy Commissioner of Personal Data (PCPD) to bring it into compliance with the GDPR of the EU and Chinese cybersecurity regulations. The PDPA is being examined to ensure compliance with international law, including the EU's GDPR. According to the Japanese prime minister, the G-20 summit should discuss extending digital information. These factors are anticipated to drive market growth during the forecast period.
Key Highlights
- Based on the type of deployment, the global GDPR service market is bifurcated into on-premise and cloud. The cloud segment is the highest contributor to the market and is expected to grow at a CAGR of 27.6% during the forecast period.
- Based on the offering, the global GDPR service market is bifurcated into data management and API management. The data management segment owns the highest market share and is expected to grow at a CAGR of 23.8% during the forecast period.
- Based on organization size, the global GDPR service market is bifurcated into large enterprises and small and medium enterprises. The large enterprise segment is the highest contributor to the market and is expected to grow at a CAGR of 24.1% during the forecast period.
- Based on the end-user, the global GDPR service market is bifurcated into banking, financial services, and insurance (BFSI), telecom and IT, retail and consumer goods, healthcare and life sciences, and manufacturing. The BFSI segment owns the highest market share and is expected to grow at a CAGR of 25.4% during the forecast period.
- Europe is the most significant shareholder in the global GDPR services market and is expected to grow at a CAGR of 27.5% during the forecast period.
Competitive Players
The Top 10 players in the global GDPR services market are 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, and Infosys Limited.
Market News
- In September 2022, To assist businesses in fostering innovation and pursuing their digital growth agendas, IBM Corporation recently announced plans to acquire Dialexa, a preeminent provider of digital product engineering services in the United States. It is anticipated that the acquisition will expand IBM's product engineering know-how and enable it to offer clients end-to-end digital transformation services.
- In September 2022, The Global Renewables Watch (GRW), a first-of-its-kind living atlas designed to map and measure every utility-scale solar and wind installation on Earth using artificial intelligence (AI) and satellite imagery, has been announced by Microsoft Corp., Planet Labs PBC, and The Nature Conservancy. It will enable users to assess the status of the clean energy transition and monitor trends over time.
Global GDPR Services Market: Segmentation
By Type of Deployment
- On-Premises
- Cloud
By Offerings
- Data Management
- API Management
By Organization Size
- Large Enterprise
- 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
- Others
By Regions
- North America
- Europe
- Asia-Pacific
- Latin America
- The Middle East and Africa
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