What Has Been the Growth of the GDPR Services Market So Far?
The gdpr services market has seen considerable growth due to a variety of factors.
•The market size for GDPR services has greatly expanded in recent years. The growth is projected to increase from $3.65 billion in 2024 to $4.44 billion in 2025, growing at a compound annual growth rate (CAGR) of 21.5%.
Factors contributing to this growth during the historic period include heightened awareness of data privacy, the worldwide effects of GDPR compliance, the intricate nature of data processing operations, potential penalties and legal repercussions, and a rise in data breaches and cyber threats.
What Are the Future Growth Projections for the GDPR Services Market?
The gdpr services market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of GDPR services is set for a remarkable expansion in the coming years, forecasted to reach "$11.06 billion by 2029, with an impressive compound annual growth rate (CAGR) of 25.6%.
The surge in this timeframe is due to factors such as changing data privacy laws, heightened attention on individual liberties, the widening definition of personal data, global awareness of data protection issues, and the growing relevance of data ethics. The forecast period also signifies notable trends like advancements in technology and data analytics, outsourcing of data protection officers (DPO), the advent of GDPR technology solutions, emphasis on managing the rights of data subjects, and strategies around incident response and breach management.
What Are The Core Factors Supporting Growth In The GDPR Services Market?
The surge in data breach incidents is projected to fuel the expansion of the GDPR services market in future. Data breaches occur when data is illicitly accessed or retrieved from a computer system without the user's consent. This can transpire through various means, such as hacking, phishing, malware, or actual device theft containing confidential data. GDPR services can support organizations in dealing with data breaches rapidly and efficiently, lessening any potential damage to entities and the company's image. For instance, as reported by Astra IT Inc., an American firm engaged in the network and cybersecurity trade, data breach statistics in March 2023 indicated a rise of 2.6% in data breaches to $4.35 million in 2022 from $4.24 million in 2021. Conversely, the average expenditure following a data breach for critical infrastructure firms has jumped to $4.82 million. Thus, the increasing prevalence of data breaches is spearheading the expansion of the GDPR services market in the times ahead.
What Are The Major Segments Within The Global GDPR Services Market?
The GDPR services market covered in this report is segmented –
1) By Offering: Solutions, Services
2) By Type Of Deployment: On-Premises, Cloud
3) By Organization Size: Large Enterprise, Small And Medium-sized Enterprises
4) By End-User Industry: BFSI, Telecom And IT, Retail And Consumer Goods, Healthcare And Life Sciences, Manufacturing, Other End Users
Subsegments:
1) By Solutions: Data Protection Management Software, Compliance Management Solutions, Data Encryption Solutions, Consent Management Platforms, Privacy Impact Assessment Tools
2) By Services: Consulting Services, Training And Awareness Programs, Implementation Services, Auditing And Assessment Services, Support And Maintenance Services
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Which Trends Are Expected To Transform The GDPR Services Market?
Leading corporations involved in the GDPR services industry are making technological enhancements, such as interactive flowcharts, to improve compliance procedures, ease data protection requirements, and supply businesses with convenient tools to comprehend their General Data Protection Regulation responsibilities. Interactive flowcharts are graphic aids that allow users to actively traverse through processes by choosing different paths, simplifying complex data and facilitating decision-making pathways. For example, the European Data Protection Board (EDPB), a monitoring institution in the European Union focusing on data protection and privacy obedience, introduced a Data Protection Guide for small and medium businesses in April 2023. This guide aids these businesses in achieving GDPR compliance and promotes awareness about data protection. It provides hands-on tools, suggestions, and practical advice on various topics including data protection basics, data subject rights, and data leaks. This guide incorporates appealing materials such as videos, infographics, and interactive flowcharts to enhance comprehension. Initially offered in English, it will be translated into other EU languages and falls under EDPB's 2023 awareness initiatives aimed towards SMEs.
Who Are the Key Players in the GDPR Services Market?
Major companies operating in the GDPR services market include:
• The International Business Machines Corporation
• Oracle Corporation
• Microsoft Corporation
• Micro Focus
• SAP SE
• Capgemini SE
• Absolute Software Corporation
• Trustwave Holdings Inc.
• Proofpoint Inc.
• Veritas Technologies LLC
• Informatica Inc.
• SAS Institute Inc.
• Amazon Web Services Inc.
• Mimecast Services Limited
• OneTrust LLC
• Talend S.A.
• TrustArc Inc.
• Iron Mountain Inc.
• Hitachi Systems Security Inc.
• MetricStream Inc.
• Nymity Inc.
• Protegrity Corporation
• Snow Software AB
• Symantec Corporation
• Varonis Systems Inc.
• Dun & Bradstreet Corporation
• Broadcom Inc.
• Ethyca Inc.
• AvePoint Inc.
What Is The Most Dominant Region In The GDPR Services Market?
Europe was the largest region in the GDPR services market in 2024.North America is expected to be the fastest-growing region in the global GDPR services market report during the forecast period. The regions covered in the GDPR services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
