by The General Data Protection Regulation (GDPR) services market comprises various services that help organizations comply with the stringent rules and regulations framed under the GDPR. GDPR services help organizations map processes and establish protocols for collecting, storing, and processing personal data. They assist in performing data protection impact assessments, maintaining documentation, and enabling data subject requests for access, rectification, erasure, and portability of personal information. GDPR services also provide breach notification services and DPO (Data Protection Officer) services.
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 key players are focusing on developing innovative GDPR solutions and services to help organizations achieve and maintain GDPR compliance.
The growing data privacy concerns amid increasing digitalization and cyber threats have increased the demand for GDPR services across industry verticals. Various industries are struggling to comply with the complex GDPR rules and regulations, thereby fueling the need for specialized GDPR consulting and compliance services.
The Global GDPR Services Market Size is also expanding into emerging markets at a rapid pace to capitalize on the increasing awareness about data privacy. Service providers are launching their GDPR service offerings in developing nations and assisting organizations during their international expansions and joint ventures. This rising global penetration of GDPR services is expected to drive the overall market growth during the forecast period.
Market key trends
One of the key trends in the GDPR services market is the adoption of managed services. Many organizations, especially small and mid-sized enterprises, are outsourcing the entire GDPR compliance process to external managed service providers. This helps them avoid the costs related to hiring GDPR specialists and developing in-house expertise. Managed service providers help these organizations achieve and sustain ongoing compliance through customized managed compliance programs. This trend is expected to significantly drive the GDPR services demand over the coming years.
Porter’s Analysis
Threat of new entrants: The GDPR Services Market requires high initial capital investments and compliance know-how, lowering the threat of new entrants.
Bargaining power of buyers: Large enterprises have significant bargaining power over GDPR solution and service providers due to their high purchase volumes.
Bargaining power of suppliers: A few specialized providers control the supply of certain GDPR compliance technologies and services, increasing their bargaining power.
Threat of new substitutes: No close substitutes exist for GDPR services that help organizations achieve and maintain compliance.
Competitive rivalry: The GDPR services market features strong competition among numerous global and regional providers.
Geographical Regions
The European Union accounts for the bulk of the global GDPR services market value due to the regulation’s origin and enforcement within the bloc. Besides addressing internal compliance needs, many EU-based providers also export GDPR solutions and consulting services worldwide.
The Asia Pacific region is emerging as the fastest-growing market for GDPR services. As numerous global corporations have business operations spread across Asia, the demand is increasing for managing audit trails and ensuring legal bases for data transfers to and processing in Asia comply with the EU’s GDPR.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
