GDPR Services Market Forecast, Latest Innovations, Business Opportunities, Revenue, Growth and Competitive Landscape


Posted April 26, 2021 by Techfuture

GDPR Services Market Future Plans, Business Distribution, Application and Competitive Landscape | Competition, Growth Prediction, Industry Trends, Upcoming Trends and Opportunity Assessment
 
According to Market Research Future (MRFR), the global GDPR services market is projected to reach USD 4,047.5 million at a CAGR of 23.4% from 2019 to 2025 (forecast period). The report summarises the market opportunities and market ramifications that arose as a result of the COVID-19 pandemic.

GDPR compliance provides transparency between the customer and the company. With the advent of GDPR in 2018, companies across various industry verticals had to restructure their entire business processing systems in line with different compliances. Some of the main countries that lead all other countries in GDPR compliance include the United States, the United Kingdom, Spain, Germany, and the Netherlands. More than 50% of companies operating in these countries have mostly or entirely become compliant with GDPR. In terms of industry verticals, manufacturing, retail, utilities, and telecommunications were leading in GDPR compliance. Companies operating in these sectors have spent a large share of their global revenues on restructuring their business processes according to GDPR compliance. US-based businesses are expected to spend between USD 2-10 million to meet GDPR requirements. This share is projected to be higher for European-based firms. The whole idea behind GDPR was to rebuild the trust of customers between different companies and create a more transparent environment for customers to openly share their personal data without being violated, lost, or misused.

Market Dynamics

With the rising need to become compliant with GDPR, demand for various GDPR solutions and services is increasing. This, in turn, is serving as a significant factor for the growth of the market. Over the last three years, businesses that were not compliant with the GDPR have had to pay substantial penalties. For example, in July 2019, British Airways was fined USD 223.5 million (proposed penalty by ICO) by the United Kingdom’s Information Commissioner’s Office (ICO) for a data breach under GDPR. The fine amounted to 1.5% of British Airways’ annual global turnover in 2017. The fine was levied after the ICO investigation found that the company did not take strict security measures to secure the personal data of approximately 500,000 customers. Weak security arrangements to secure customer information have resulted in the loss of personal data to half a million customers of the airline. Therefore, in order to avoid such high penalties, companies are restructuring their business operations. This, in fact, drives the overall market for GDPR services.

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Market Segmentation

The global GDPR services industry has been segmented into type, organization size, and vertical.

By type, the global GDPR services market has been segmented into solution and service. Solutions are further divided into data management and API management. Services are further segmented into GDPR readiness assessment and DPIA, DPO-as-a-Service, and others. The solution segment accounted for a higher market share of 64.2% in 2018; the CAGR is projected to be 22.8% in the forecast period. The service segment is expected to post a higher CAGR of 24.3%.

By organization size, the global GDPR services market has been segmented into small and medium enterprises and large enterprises. The large enterprise segment accounted for a more significant market share in 2018, is expected to register a CAGR of 22.9% during the forecast period. The SME segment is expected to post a higher CAGR of 24.5%.

By vertical, the global GDPR services market has been segmented into manufacturing, retail, utilities, IT & telecommunications, BFSI, government services, automotive, travel & hospitality, media & entertainment, education, and others. The manufacturing segment held the largest market share; it is expected to register a 24.8% CAGR during the forecast period. The retail segment was the second-largest market in 2018; however, the education sector is projected to have the highest CAGR of 26.2%.

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Last Updated April 26, 2021