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The global information security regulation (GDPR) services industry has witnessed significant changes due to organizations worldwide grappling with complexities of data privacy compliances over time. Introduced by the European Union (EU) in 2018, it reshaped not only how organizations handle personal data but also birthed an emerging industry dealing specifically with different compliance requirements. One of the factors driving these changes is growing awareness among companies about protecting individuals' private information against misuse by third parties or unauthorized use, leading to cyber-attacks or reputational damage from negative publicity, whereby such acts cannot be undone once exposed publicly. Again, the regulatory landscape has led to increased demand in the GDPR sector as there have been new adoptions or updates by some countries beyond the EU that have aligned them with GDPR standards.
Established players and emerging start-ups characterize the competitive landscape of the GDPR services market. Established cybersecurity firms and consultancy companies have expanded their service portfolios to include GDPR compliance solutions using their expertise in data security. Technological innovations have become another driver of market dynamics within this space of GDPR services. Artificial intelligence (AI) and machine learning are applied to enhance data discovery, automate compliance procedures, and identify potential threats. Automation is a key trend because organizations seek to streamline their processes to be compliant with the GDRP while decreasing human efforts continually used on such activities, thereby focusing more on core business operations. Moreover, technology integration improves efficiency in regard to compliance and enables an organization to be more adaptable to the changing regulatory environment.
Such are the factors and demands of clients that also shape the market dynamics for GDPR services. Consumer awareness about how firms handle their data has increased due to greater emphasis on security. Consequently, organizations find themselves under pressure to comply with GDPR while at the same time fulfilling their responsibility for the data protection of their customers. This led to a demand for GDPR services, which not only ensure compliance but also help in creating trustful and transparent relationships between companies and their customers.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | By Type, Vertical Geographies Covered North America, Europe, Asia-Pacific Key Vendors 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) Key Market Opportunities Key Market Drivers This, in turn, is driving the overall market for GDPR services. |
GDPR Services Market Highlights:
GDPR Services Market Overview
The Global GDPR Services Market is expected to reach from USD 1.021 billion in 2022 to USD 8.754 billion by 2032, at a CAGR of 27.0% during the forecast period, 2022–2032.
GDPR compliance creates transparency between the customer and the enterprise. With the rollout of GDPR in the year 2018, companies across different industry verticals had to restructure their entire business processing systems in line with various compliances. Some of the key countries that lead all the other countries in GDPR compliance include the US, the UK, Spain, Germany, and the Netherlands. More than 50% of the enterprises operating in these countries have largely or completely become compliant with GDPR. In terms of industry verticals, manufacturing, retail, utilities, and telecommunications were leading in GDPR compliance.
Figure 1: GDPR Services Market Size, 2022-2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Companies operating in these industries have been investing a significant share of their global revenue on restructuring their business processes as per GDPR compliance. US-based companies are expected to spend in the range of USD 2-10 Million to meet GDPR requirements. This share is expected to be more for Europe-based companies. The entire intention behind GDPR was to rebuild the customers’ trust among various enterprises and to create a more transparent environment for customers where they can freely share their personal data without it being breached, lost, or misused.
With the growing need to become compliant with GDPR, the demand for various GDPR solutions and services is increasing. This, in turn, is acting as a major growth factor for the market. Over the last 3 years, companies that were not compliant with the GDPR have had to pay heavy fines. For instance, In July 2019, British Airways was imposed with a fine of USD 223.5 Million (proposed penalty by ICO) by the UK’s Information Commissioner’s Office (ICO) for a data breach under GDPR. The fine was equivalent to 1.5% of British Airways’ annual global turnover in the year 2017.
The fine was imposed after an ICO investigation found out that the company did not take strict security measures to protect the personal data of approximately 500,000 customers. Poor security arrangements to protect customer information led to the loss of personal data of the airline’s half a million customers. Therefore, to avoid such hefty fines, enterprises are restructuring their business operations. This, in turn, is driving the overall market for GDPR services.
Synopsis
The Global GDPR Services Market has been segmented based on Type, Organization Size, Vertical, and Region.
By Type, the market has been segmented into solution and service. The solutions are further segmented into data management and API management. Services have been further segmented into GDPR readiness assessment and DPIA, DPO-as-a-Service, and others. The solution segment accounted for the larger market share of 64.2% in 2018; it is expected to register a CAGR of 22.8% during the forecast period. The services segment is projected to register the higher CAGR of 24.3%.
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, it is expected to register a CAGR of 22.9% during the forecast period. The SME segment is projected to register the higher CAGR of 24.5%.
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; it is expected to register a CAGR of 24.8% during the forecast period. The retail segment was the second-largest market in 2018, However, the education segment is expected to register the highest CAGR of 26.2%.
Regional Insights
Geographically, the global GDPR services market has been segmented into the Asia-Pacific, North America, Europe, and the rest of the world (the Middle East & Africa and South America).
North America is the second-largest market in terms of market share in the global GDPR services market. The US is the biggest market for GDPR services. 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.
The rest of the world includes South America and the Middle East & Africa regions. In both South America and the Middle East & Africa, a large number of enterprises are expanding to various regions including Europe. These organizations are required to follow GDPR to effectively operate in Europe, due to which, the enterprises need GDPR services and solutions so that they can comprehensively comply with all the regulations listed in the GDPR act.
Companies Covered
The key players of the global GDPR services market are:
- Oracle Corporation (US)
- IBM Corporation (US)
- Microsoft Corporation (US)
- Capgemini (France)
- Informatica (US)
- Hitachi Systems Security, Inc. (Japan)
- Micro Focus (UK)
- Absolute Software Corporation (UK)
- Mimecast Services Limited (UK)
- Veritas (US)
- Iron Mountain Incorporated (US)
- Proofpoint (US)
- Trustwave Holdings Inc. (US)
- Amazon.com, Inc. (US)
Key Developments
On July 19, 2022, ZoomInfo, a leading global player in go-to-market software, data, and intelligence, announced joining the AWS Partner Network (APN), one of the most comprehensive and widely adopted cloud offerings worldwide to improve data delivery through its Data-as-a-Service (DaaS) platform, OperationsOS. This unlocks a new, efficient method for leveraging ZoomInfo's data and intelligence.
Under the program, ZoomInfo and AWS customers can access ZoomInfo's enriched data within Amazon S3. OperationsOS will help eliminate data decay by pushing recurring data updates through AWS. ZoomInfo ensures the accuracy of its data with frequent enrichment services directly within AWS. It also prioritizes GDPR & CCPA compliance and maintains rigorous data privacy & security practices across all data provided through partners.
On Feb. 03, 2022, European cloud providers, including Amazon Web Services, Aruba, Elogic, Leaseweb, OVHCloud, and Outscale, announced their plans to implement the new GDPR compliance code. These cloud providers hope the new code of practice will provide customers with greater assurance of their data security in the cloud. The new code is developed by CISPE, validated by the European Data Protection Board (EDPB), and approved by the CNIL, French Data Protection Authority.
On Nov. 16, 2021, Colt Technology Services announced that it has become one among ten communications providers across the globe to have GDPR-compliant Binding Corporate Rules. Recently, the company received an official approval of its Binding Corporate Rules (BCRs) from the European Data Protection Board (EFPB). Colt aims to help customers keep their data safe, offering offer the safest network and best data protection assurance globally.
Key Questions Addressed by the Report
- What was the historic market size (2018)?
- Which segmentations (type /organization size/vertical) are driving the market?
- What will be the growth rate by 2025?
- Who are the key players in this market?
- What are the strategies adopted by key players?
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