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GDPR Services is Anticipated to Witness High Growth Owing to Rising Data Privacy Concerns

Ishika cmi
GDPR Services is Anticipated to Witness High Growth Owing to Rising Data Privacy Concerns

General Data Protection Regulation (GDPR) services aim to ensure compliance with data privacy and security standards for enterprises. GDPR services help organizations address requirements around secure storage, usage and processing of personally identifiable information. With the rising amount of consumer data being collected, processed and shared digitally, concerns around data privacy and security have increased tremendously. As GDPR mandates strict penalties for non-compliance, the need for GDPR services has surged.

The Global GDPR Services Market is estimated to be valued at US$ 1673.71 Bn in 2024 and is expected to exhibit a CAGR of 26% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the GDPR Services are Infineon Technologies AG, Cree, Inc., Qorvo, Inc., and Efficient Power Conversion Corporation (EPC). These companies are investing heavily in developing advanced GDPR solutions and expanding their presence globally.

Some key opportunities in the GDPR Services Market Size include developing personalized data privacy solutions, leveraging big data and analytics for advanced consent management and breach detection, and offering GDPR compliance as a managed service. With increasing digitization globally, there exists strong demand for GDPR services across regions like Asia Pacific, Middle East, and Latin America. Leading service providers are actively exploring these high growth markets.

Global expansion remains a top priority for GDPR service providers. Acquisitions and partnerships remain key strategies for companies to enhance their geographical footprint and service portfolio. For instance, in 2022 Infineon partnered with Flomio to strengthen its position in Europe and UK GDPR compliance market.

Market Drivers

Strict non-compliance penalties under GDPR regulations: Non-compliance to GDPR can lead to penalties of up to 4% of annual global turnover or €20 Million (whichever is greater). This drives greater demand for GDPR services that ensure compliance.

Growing digitalization and cloud adoption: Transition to cloud and digital technologies has increased the volume of personal data collected, shared and processed exponentially. This amplifies need for robust data privacy and protection practices.

Market Restrain

Budget constraints for SMEs: While SMEs generate and hold significant customer data, they have relatively lower budgets to invest in ongoing GDPR compliance programs. This acts as a restrain for the market.

Complexity of regulations: GDPR compliance involves understanding and addressing requirements across diverse areas like data protection policies, data subject rights, security controls etc. This complexity poses challenges for organizations.

Segment Analysis

The GDPR services market can be segmented based on type - data mapping, data discovery, data categorization, compliance auditing, DPO as a service, records of processing activity (ROPA) implementation, IAAP implementation, training & software solutions, and support & maintenance. The data mapping segment dominates the market as it helps organizations in auditing the data collected across various business functions and map it to comply with GDPR compliance requirements. This sub-segment is witnessing high demand as data mapping helps create transparency of personal data within the organization.

Global Analysis

Regionally, the GDPR services market in Europe holds the major share. Compliance with GDPR is mandatory for organizations operating in the European region. Therefore, organizations in the region are extensively adopting GDPR services to adhere to privacy regulations. The APAC region is growing at the fastest pace owing to increasing awareness regarding data privacy among enterprises and rising cross-border data transfers. Countries like China and India are emerging as lucrative markets in the APAC region.

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Ishika cmi
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