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GDPR Services Market Size, Share, Report, Key Players, Growth, Trends, Forecast 2023-2030 |

12-07-2023 10:36 AM CET | IT, New Media & Software

Press release from: Coherent Market Insights Pvt Ltd

GDPR Services Market

GDPR Services Market

Market Overview:

GDPR services help organizations comply with data protection regulations set by the European Union General Data Protection Regulation (GDPR). These services assist in auditing privacy management programs, reviewing data mapping processes, and providing technical support and consulting to address any gaps and guide effective implementation of GDPR.

The global GDPR services market size is estimated to be valued at US$ 1,186.5 Million in 2022 and is expected to exhibit a CAGR of 22.45% between 2023 and 2030.

Market Dynamics:

The GDPR services market is witnessing high growth owing to rising compliance with new data privacy regulations across European countries. Organizations are increasingly outsourcing GDPR compliance projects to experienced service providers in order to minimize risks of non-compliance with changing policies. Additionally, increasing volume of personal data being collected and stored digitally has boosted the need for robust privacy programs encompassing data protection activities from initial collection to final disposal. Service providers are also offering customized solutions and ongoing support services to help companies ensure continuous compliance.

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GDPR Compliance Needs is Driving Demand for GDPR Services

With the strict deadline of May 2018, a large number of organizations had to scramble to ensure they were compliant with the new GDPR regulations. Many organizations realized they did not have the in-house expertise or resources to understand the nuances of the new regulations and ensure all their processes, systems and documentation was updated. This led to a surge in demand for external GDPR consulting and compliance services who could help organizations understand their obligations, conduct data audits and privacy impact assessments, update policies and seek legal advice on remaining compliant. Even today, organizations continue to rely on GDPR services to monitor compliance on an ongoing basis, especially when making changes to their data collection or processing practices. The complexity of GDPR rules and risk of hefty fines for non-compliance has ensured a steady demand for GDPR consulting and managed services.

Fines for Non-Compliance acts as a Major Deterrent

With fines of up to 4% of global annual turnover or 20 Mn Euros for the most serious GDPR violations, the regulations have very strict penalty clauses. Regulators have not shied away from issuing large fines in GDPR related cases in the past couple of years. Organizations are rightly worried about the reputational and financial impact of a GDPR breach or being found non-compliant during an audit. The severe consequences of non-compliance have made companies wary and ensured ongoing demand for GDPR services that can help minimize compliance risks on a continuous basis through programs like staff training, technology audits and incident response plan development. Even smaller companies want to demonstrate due-diligence and hire GDPR consulting help to prevent potential fines.

Top Key Players:

Infosys Limited, IBM Corporation, Larsen & Toubro Infotech Limited, Veritas Technologies LLC, Tata Consultancy Services Limited, Amazon Web Services Inc., Atos SE, Microsoft Corporation, Micro Focus International PLC, DXC Technology Company, Oracle Corporation, Wipro Limited, SAP SE, SecureWorks Inc., and Capgemini SE

Detailed Segmentation:

Global GDPR Services Market, By Type of Deployment
On-premise
Cloud

Global GDPR Services Market, By Offering
Data Management
Data Discovery and Mapping
Data Governance
API Management

Global GDPR Services Market, By Organization Size
Large Enterprises
Small and Medium-sized Enterprises

Global GDPR Services Market, 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

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Skills Shortage presents Opportunities for GDPR Service Providers

Although awareness about GDPR has grown multifold, there still exists a significant skills shortage when it comes to data protection officers and other professionals with in-depth knowledge of GDPR rules and technologies. Training internal staff and hiring dedicated GDPR roles is challenging and time consuming for most companies. For GDPR service providers who have skilled experts, consultants, auditors and managed services teams, this inherent skills gap in the market presents an obvious opportunity. They can help fulfill the demand and compliance needs of organizations who would otherwise find it difficult to build such capabilities in-house. By offering services on an outsourced, flexible time-bound project or ongoing managed services model, GDPR companies make it easy for others to comply with regulations without having to invest heavily in full-time hiring and training.

AI and Analytics to Reshape GDPR Compliance Technologies

With data volumes growing exponentially across industries, managing privacy and keeping track of an individual's personal data located in disparate IT systems has become more complex than ever. This is leading to increased focus on utilizing AI, automation and data analytics tools to simplify and streamline GDPR compliance tasks. Technologies like privacy management platforms that use AI to map data flows, identify risks and monitor ongoing compliance are gaining more prominence. Analytics tools help organizations get insights into high risk areas, detect non-compliant activities and make more informed decisions. As companies explore advanced technological solutions to boost efficiency and scalability of compliance programs, it is driving demand for specialized GDPR service providers and consultants who have expertise in implementation and management of such next-gen compliance technologies.

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Key Questions Addressed in the Market Report:

What is the expected size, share, and CAGR of the GDPR Services Market over the forecast period?
What are the key trends expected to influence the GDPR Services Market between 2023 and 2030?
What is the expected demand for various types of products/services in the GDPR Services Market?
What long-term impact will strategic advancements have on the GDPR Services Market?
Who are the key players and stakeholders in the GDPR Services Market?
What are the different segments and sub-segments considered in the GDPR Services Market research study?

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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.

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