General Data Protection Regulation Services Market Report 2024: Size, Share, Growth, Trends, Analysis, Forecast, Outlook

The general data protection regulation services market size has grown exponentially in recent years. It will grow from $1.98 billion in 2023 to $2.44 billion in 2024 at a compound annual growth rate (CAGR) of 23.1%. The growth in the historic period can be attributed to concerns over data privacy and security breaches, globalization and cross-border data transfers, increased digitization of business processes, recognition of the need for standardized data protection regulations, high-profile data breaches and incidents driving regulatory attention.

The general data protection regulation services market size is expected to see exponential growth in the next few years. It will grow to $5.7 billion in 2028 at a compound annual growth rate (CAGR) of 23.7%. The growth in the forecast period can be attributed to evolving regulatory landscape and enforcement measures, continued growth in data-driven technologies, rising awareness and emphasis on individual privacy rights, increased adoption of cloud computing and data analytics, increasing use of mobile phones. Major trends in the forecast period include development of advanced encryption and data protection technologies, integration of privacy by design principles in software development, emergence of data protection impact assessments as a standard practice, expansion of gdpr compliance services to cover emerging technologies, growing demand for third-party gdpr compliance auditing and certification
Market Overview -
General data protection regulation (GDPR) refers to a regulatory framework that establishes standards for the gathering and processing of personal data from people living in the European Union (EU). GDPR is used to provide a set of uniform data protection laws among all the participating nations in the European Union (EU).

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Rising Cyberattacks Boost General Data Protection Regulation Services Market
The increase in the number of cyberattacks is expected to propel the growth of the general data protection regulation services market going forward. A cyber attack is an attempt to enter a computer, computing system, or computer network without authorization with the goal of causing harm. Cyber attackers would enable hackers to gain access to a person's or company's financial accounts using sensitive data, among other potentially damaging actions. General data protection regulation services (GDPR) provide a secure way to protect sensitive data from nauthorized access, theft, or exposure. For instance, in 2021, according to the Federal Bureau of Investigation's Internet Crime Report, a US-based federal agency for investigating cyber attacks and intrusions in the USA, complaints registered under cybercrimes reached a total of 84.73k cases, showing an increase of 7% from 2020. Therefore, an increasing number of cyberattacks is driving the general data protection services market.

Competitive Landscape -
Major companies operating in the general data protection regulation services market report are International Business Machines Corporation, Veritas Technologies LLC, Amazon Web Services Inc., Microsoft Corporation., Micro Focus International plc, Absolute Software Corporation, Capgemini SE, Informatica Inc., Iron Mountain Incorporated, Mimecast Services Limited, Oracle Corporation., Proofpoint Inc., SAS Institute Inc., Varonis Systems Inc., Talend Inc., Trustwave Holdings Inc., Dun & Bradstreet Inc., Broadcom Inc., Protegrity Inc., OneTrust LLC, TrustArc Inc., SurfShark Ltd., Data Protection Agency, General Data Protection Regulation Associates, Symphony Technologies Pvt. Ltd., HCL Technologies Ltd., Baker & McKenzie International, Deloitte Touche Tohmatsu Limited, Ernst & Young Global Limited, Klynveld Peat Marwick Goerdeler., Novartis International AG, PricewaterhouseCoopers., SAP SA

Advanced Technology In The General Data Protection Regulation Services Market
The increase in the trend of shifting towards new and advanced technology is the key trend gaining popularity in the general data protection regulation services market. Major companies operating in the general data protection regulation services market are focused on developing new technological solutions to strengthen their position. For instance, in July 2022, GhangorCloud, a US-based cybersecurity solutions provider company, launched a novel platform named CAPE, which stands for Compliance and Privacy Enforcement. CAPE is an innovative unified compliance and data privacy solution that offers patented intelligent automation for enforcing consumer data privacy requirements with the most cost-effective implementation. The platform harnesses the power of AI and incorporates an eDiscovery engine, which autonomously identifies and categorizes content, subsequently generating privacy enforcement policies without the need for human intervention. The CAPE platform delivers real-time automation of various tasks encompassing data discovery, compliance, and privacy enforcement, effectively addressing the challenges associated with modern data compliance and privacy systems to ensure swift and accurate operations.

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Key Segments -
The general data protection regulation services market covered in this report is segmented -
1) By Type of Deployment: On-Premise, Cloud
2) By Offering: Data Management, Data Discovery and Mapping, Data Governance, API Management
3) By Organization Size: Large Enterprises, Small and Medium-Sized Enterprises
4) By End User: Banking, Financial Services, and Insurance (BFSI), Telecom and IT, Retail and Consumer Goods, Healthcare and Life Sciences, Manufacturing, Other End-user Industries

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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