GDPR Services Market is anticipated to grow USD 15.49 Billion at a CAGR of 25.23% by 2030

Overview

The global GDPR Services Market is expected to reach USD 15.49 Billion by 2030, registering a CAGR of 25.23% during the forecast period, 2020–2030

The global GDPR services market is expected to grow due to the growth of enormous amounts of data, the need for data security, and privacy protection and heavy fines implemented by the EU. GDPR services include solutions and services that are outsourced to solution and service providers. Services include a well-defined framework for compliance assessment and policy implementation within an organization. These services cover all the aspects of an organization—people, processes, and technology. It provides the right guidance to enterprises on how to store and process the EU citizens’ personal data, irrespective of the location where the data are stored and processed. Solutions, on the other hand, include platforms and tools that are deployed by organizations to effectively secure the data.

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Regional Analysis:

The geographic analysis of the GDPR services market has been conducted for North America, Europe, Asia-Pacific, and the rest of the world (the Middle East Africa and South America).

The market in Europe accounted for the largest market share in 2018, and it is expected to register rapid growth during the forecast period. Europe is the largest market for GDPR services. The European Union’s GDPR laws govern the corporations’ processing, storage, and usage of consumer data. The impetus towards increased consumer privacy and accountability about data usage and processing in the region, along with strict government regulations, are driving the demand for GDPR services in the region. In Europe, the UK accounted for the largest market share in 2018. London is the financial capital of the world. This is due to the presence of the headquarters of various large organizations in the country. It is also driven by the ease of doing business being promoted in the region through various regulations. Compliance with GDPR is imperative for businesses operating in the country to avoid fines and disruptions in everyday operations. Germany was the second-largest market in 2018, it is projected to register a CAGR of 24.3% during the forecast period.

Asia-Pacific is one of the fastest-growing markets for GDPR services. The growing industrial development in the region, especially in countries like China and India is leading to global operations and is pushing the market forward. Asia-Pacific is home to countries with strong manufacturing and technological capabilities that have companies operating in Europe. This has resulted in the demand for GDPR services in the region. According to MRFR analysis, the region is expected to record a CAGR of 23.8% during the forecast period.

The North America GDPR services market is expected to register a CAGR of 21.7% during the forecast period, 2020-2025. Enterprises operating in North America, with a client base in Europe need to comply with GDPR. A large number of North America-based enterprises deal with customers who reside in Europe. Some of the big brands with a strong customer base in Europe include McDonald’s, General Electric, DuPont, and Goldman Sachs, among others. All these companies need to comply with GDPR in order to effectively operate in the European region. This, in turn, has led to a significant increase in the overall demand for GDPR services and solutions. For the purpose of analysis, North America has been further segmented into the US, Canada, and Mexico.

Competitive Analysis:

The key players of the global GDPR services market are IBM Corporation (US), Oracle Corporation (US), Microsoft Corporation (US), Amazon.com, Inc. (US), Capgemini (France), Informatica (US), Hitachi Systems Security, Inc. (Japan), Veritas (US), Micro Focus (UK), Absolute Software Corporation (UK), Mimecast Services Limited (UK), Iron Mountain Incorporated (US), Proofpoint (US), and Trustwave Holdings, Inc. (US).

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Segmental Analysis:

The global GDPR services market has been segmented based on component, deployment, application, and region.

By type, the market has been segmented into solution and service. Solutions are further segmented into data management and API management. Services are further segmented into GDPR readiness assessment and DPIA, DPO-as-a-Service, and others.

By organization size, the market is segmented into small and medium enterprises and large enterprises. The large enterprise segment accounted for the larger market share in 2018.

By vertical, the GDPR services market has been classified into manufacturing, retail, utilities, IT telecommunications, BFSI, government services, automotive, travel hospitality, media entertainment, education, and others. The manufacturing segment accounted for the largest market share in 2018.

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