GDPR Services Market Analysis, Trends, Growth, Research And Forecast 2031 | Infosys Limited, IBM Corporation, Larsen & Toubro Infotech Limited

GDPR services help organizations comply with the General Data Protection Regulation (GDPR). This includes data protection impact assessments, GDPR auditing and compliance, DPO services, Data Subject Access Requests, Privacy Policy development, GDPR training, and GDPR consulting.

Market Dynamics:

The GDPR services market is expected to grow owing to increasing regulations for data protection across various regions globally. The GDPR aims to protect and empower all EU citizens' data privacy and to reshape the way organizations across the region approach data privacy. Failure to comply with GDPR can result in heavy penalties. For example, fines for non-compliance may be up to 20 million euros or 4% of annual global revenues (whichever is higher). This is promoting organizations to seek GDPR consultation and auditing services to avoid hefty fines, thus driving the market growth. Furthermore, increasing awareness about data privacy and security among customers has led organizations to focus on regulatory compliances, which is also fueling the demand for GDPR services.

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.

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Identifying Compliance Requirements and Assessing Data Protection Readiness is a Major Driver of GDPR Services Market Growth

With the strict regulations and heavy penalties introduced under the GDPR, organizations across various industry verticals are under pressure to ensure complete compliance. This has led to increased demand for GDPR consulting and assessment services to identify all key compliance requirements. GDPR services help companies analyze their current data protection policies, processes and technologies to assess readiness for the new regulations. Comprehensive data protection impact assessments and audits are being conducted to uncover any gaps or vulnerabilities. This is a major driver fueling the growth of GDPR services market as companies recognize the need for expert guidance and support to smoothly transition to the GDPR framework.

Rising Complexity of Ongoing Compliance Poses a Challenge

While the initial compliance push helped grow the market for GDPR services, the ongoing complexity of maintaining compliance poses a challenge. GDPR compliance is an evolving process as new guidelines are released and precedents are set through regulatory actions. Organizations now need round-the-clock monitoring of compliance practices to address any new developments. This ongoing requirement places a considerable strain on in-house resources. However, frequent engagements with external GDPR consultants and auditors also increases compliance costs substantially over the long-run. The complex and open-ended nature of ensuring compliance makes it difficult to determine ROI for GDPR services expenditures. This acts as a key restrain for the sustained growth of this market.

Demand for Data Protection by Design Solutions Presents a Lucrative Opportunity

Most companies currently rely on reactive, audit-driven approaches for GDPR compliance. However, experts recommend implementing a preventive "Data Protection by Design and Default" strategy to build privacy and security controls from ground up. This presents a major opportunity for GDPR services providers to offer solutions focused on designing secure data architectures, building privacy-centric applications and processes, conducting privacy impact assessments during product development and more. As organizations realize benefits of the preventive approach, demand is expected to rise significantly for data protection consulting and strategic guidance services during design phases. This will help enlarge the scope and scale of engagement for GDPR service providers.

Artificial Intelligence Emerges as a Potential Market Trend

With AI and big data analytics becoming pervasive across industries, the volume of personal data being collected and processed is increasing exponentially every year. At the same time, AI brings in new challenges aroundalgorithmic transparency, explanation of automated decisions and mitigation of any biases in complex systems. To address privacy issues rising from advanced technologies, GDPR regulations are also expected to evolve. This presents an opportunity for the GDPR services market to explore AI-driven solutions such as AI-based monitors to dynamically assess privacy risks, AI audits for black-box systems and more. Strategic investments in AI capabilities could help position providers at the forefront of this emerging trend and open up new growth avenues in the long run.

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Major 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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𝗙𝗔𝗤'𝗦:

What is the projected size of the GDPR Services Market by 2031?
Which major countries will experience the greatest impact from the GDPR Services Market?
Which regional market in the GDPR Services Market is the largest?
Which leading companies dominate the majority of the GDPR Services Market?
Which geographic market within the GDPR Services Market industry is expected to exhibit the most significant growth potential?
What are the primary drivers of the GDPR Services Market?
What are the current trends and future predictions for the global GDPR Services Market industry?
What are the key strategies employed in the GDPR Services Market?
What are the main growth prospects for the GDPR Services Market?

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This release was published on openPR.