by The global GDPR Services Market is estimated to be valued at US$ 1452.87 Mn in 2023 and is expected to exhibit a CAGR of 22.% over the forecast period from 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The GDPR services market comprises solutions that help organizations comply with the requirements of the EU’s General Data Protection Regulation (GDPR). GDPR aims to give control to EU citizens and residents over their personal data and to simplify the regulatory environment for international business. GDPR services help organizations identify where personal data is located, how it flows, how it is protected and who has access to it. These services also assist with maintaining an inventory of data processing activities, ensuring lawful processing ground under GDPR, drafting and updating privacy policies and notices, conducting data protection impact assessments, and enabling rights of access, rectification, erasure, and data portability for individuals. Growing concerns around privacy and security of personal data have created demand for GDPR compliant solutions.
Market key trends:
Cloud-based deployment solutions are gaining popularity in the GDPR services market. Cloud-based solutions offer flexibility, scalability and cost savings for organizations to implement GDPR compliance programs without heavy upfront costs. These solutions facilitate centralized administration and monitoring of GDPR programs. They also enable organizations to comply with the data localization requirements under GDPR. Growing adoption of cloud technologies across end-use industries is anticipated to propel the demand for cloud-based GDPR services over the forecast period. GDPR has set strict timelines for breach notifications which is increasing the need for continuous monitoring solutions. Vendors are focusing on developing artificial intelligence and predictive analytics based monitoring tools to strengthen compliance programs and reduce privacy risks. Data mapping solutions are witnessing high demand as they help organizations gain clarity on personal data flows to detect compliance gaps proactively.
Porter’s Analysis
Threat of new entrants: High requirements of capital and specialized knowledge serves as a deterrent for new players entering this market. GDPR compliance services require domain expertise which is a costly time consuming process making it difficult for new players to enter.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of both small and large solution providers in the market. However, buyers may switch to open source or low-cost options if suppliers increase prices.
Bargaining power of suppliers: Suppliers have moderate bargaining power owing to availability of substitutes and differentiated offerings. Players try to provide unique services and competitive pricing to maintain their market share and buyer retention.
Threat of new substitutes: Threat of new substitutes is moderate as open source tools or in-house capabilities can be explored. However, expertise required for ensuring full regulatory compliance reduces potential of new substitutes.
Competitive rivalry: The market is moderately competitive with presence of global as well as regional players providing customized GDPR compliance solutions.
Key Takeaways
The Global GDPR Services Market Size is expected to witness high growth, exhibiting CAGR of 22.% over the forecast period 2023 to 2030, due to increasing data privacy regulations across industries.
The North America region dominated the GDPR services market in 2023 with market size of US$ 645.48 Mn owing to stringent privacy laws and high technology adoption in the region. Asia Pacific is expected to witness fastest growth over the forecast period supported by rapid digitization and increasing investments in emerging economies of the region.
Key players operating in the GDPR services market are Infosys Limited, IBM Corporation, Larsen & Toubro Infotech Limited, Veritas Technologies LLC, Tata Consultancy Services Limited, Amazon Web Services Inc., Atos SE, Microsoft Corporation, Accenture PLC, Micro Focus International PLC, DXC Technology Company, Oracle Corporation, Wipro Limited, SAP SE, SecureWorks Inc., and Capgemini SE. Key players focus on innovation and partnerships for service extension to gain competitive advantage.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
