The global market for general data protection regulation (GDPR) services was valued at USD 987.4 million in 2018 and can touch USD 3,177.6 million by 2023, believes Market Research Future (MRFR). The market seems to hold the potential of attaining a growth rate of 26.3% during the forecast period (2018–2023).
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The worldwide market for GDPR services has been extensively studied by data experts at MRFR, taking into account segments like component, organization size, and industry vertical.
Component-wise, the market includes solutions and services. The types of solutions mentioned in the report are data governance, API management, and data discovery and mapping. The services segment consists of risk assessment and data protection impact assessment (DPIA), GDPR readiness assessment, data protection officer (DPO) as a Service, and managed services.
Various organization sizes covered in the report are large enterprises and small and medium enterprises (SMEs).
With regard to the industry vertical, the market covers government and public administration, BFSI, retail and eCommerce, education, media and entertainment, healthcare, travel and hospitality, and others.
Leading companies shaping the worldwide Covid-19 Impact on GDPR Services Market include Proofpoint (US), Trustwave (US), AWS (US), Veritas (US), Iron Mountain (US), Capgemini (France), IBM (US), Informatica (US), Mimecast (UK), Micro Focus (UK), Oracle (US), Microsoft (US), Absolute Software (Canada), to mention a few.
Top Drivers and Key Barriers
GDPR affects a business according to how companies store, process, and secure data of EU citizens. GDPR regulations make a huge difference in the ways various departments in company work. These departments include human resources, sales & marketing, and product development, among others. As a result, companies are now running their business operations on the basis of GDPR reforms. GDPR helps focus on risk management and data protection impact assessment (DPIA), for situations with high data protection risk. More and more companies are investing sizeable amounts in a bid to ensure that they are compliant to the regulation. These factors have led to a boost in the demand for GDPR services, that help assess, implement, and plan GDPR compliance.
Companies now offer a number of software and tools like assessment, security, user consent tools, and data governance and management in order to simplify the GDPR compliance process. A number of companies are also striving to remodel their services to accommodate any changes that facilitate compliance with GDPR regulations. Companies like Google Inc., Apple Inc., and Facebook Inc. have already developed few features in their products that allow the users to control their data.
Significant sectors that are mostly influenced by GDPR are FinTech, telecommunication, cloud computing, and social networking. Any operational failure of GDPR can result in extreme scrutiny of technology, which compels organizations to adopt GDPR for avoiding legal risks, in addition to efficient data handling, as well as to attain a competitive advantage in the market. This factor is set to present the Covid-19 Impact on GDPR Services Market a host of opportunities during the forecast period.
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Asia Pacific (APAC), North America, Europe and the rest of the world (RoW) are the regions as per which the Covid-19 Impact on GDPR Services Market has been examined, taking into account all the latest trends and opportunities by MRFR in its latest report.
Europe is estimated to be the most profitable market for GDPR services during the appraisal period. GDPR is viewed as a lucrative business opportunity among European organizations, as it helps them gain an advantage over their rivals in the market. The worldwide nature of GDPR is predicted to influence the majority of massive businesses in the region. Although GDPR started in Europe, it is projected to shape the international markets as well. International companies all over the world with EU citizens are affected since customers need to be aware of the legal obligations in a bid to avoid fines.
APAC has been recognized for its potential to achieve the fastest growth rate in the coming years. The high concentration of numerous enterprises that serve a massive large clientele base in Europe is believed to be the prime factor backing the growth of the regional market. India, Japan, and China are projected to lead the regional market in terms of share and can gain a higher foothold in the following years.
LIST OF TABLES
Table1 Global Covid-19 Impact on GDPR Services Market, By Region, 2019-2023
Table2 Europe Covid-19 Impact on GDPR Services Market, By Country, 2019-2023
Table3 North America Covid-19 Impact on GDPR Services Market, By Country, 2019-2023
Table4 Asia-Pacific Covid-19 Impact on GDPR Services Market, By Country, 2019-2023
Table5 Rest Of The World Covid-19 Impact on GDPR Services Market, By Country, 2019-2023
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LIST OF FIGURES
FIGURE 1 Global GDPR Services, Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Porter’s Five Forces Analysis Of Global Covid-19 Impact on GDPR Services Market
FIGURE 4 Value Chain Of Global Covid-19 Impact on GDPR Services Market
FIGURE 5 Share Of Global Covid-19 Impact on GDPR Services Market, By Country, 2019 Vs 2023
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