GDPR services play an important role in providing businesses with compliance solutions to meet the requirements of the GDPR framework. GDPR services help organizations address unforeseen challenges of GDPR compliance and reform existing IT infrastructure, processes, and policies to align them with the GDPR framework. Non-compliance with the GDPR can result in heavy fines of up to 4% of an organization’s annual global turnover or €20 million (whichever is greater).
The global GDPR Services Market size 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 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing number of data breaches is driving the demand for GDPR services. As the quantity and sensitivity of personally identifiable information (PII) handled by organizations grows exponentially, so does the risk of data breaches. Compliance with GDPR rules helps organizations secure customer data through mandatory security measures. GDPR consulting, assessment and auditing, and training services assist organizations in identifying and mitigating security vulnerabilities. They also aid in implementing processes to promptly report any data breaches to the concerned authorities and affected individuals. Widespread adoption of GDPR services is crucial to curb security risks stemming from rising cyber attacks and ensure the privacy rights of EU citizens.
SWOT Analysis
Strength: Data security controls requirement under GDPR helps GDPR services providers gain traction. Strict compliance requirements of GDPR regulations drives demand for GDPR services.
Weakness: Lack of awareness about GDPR compliance requirements among small and medium enterprises poses challenges for GDPR services providers. Complexity of GDPR regulations can hinder their implementation.
Opportunity: Growing need to meet evolving privacy laws across regions presents opportunities for GDPR services providers to expand globally. Increasing digital transformation among organizations boosts need for GDPR services.
Threats: Budget constraints among small organizations limit spending on GDPR services. Economic slowdowns can negatively impact market growth.
Key Takeaways
The global GDPR Services market is expected to witness high growth. Regional analysis Regional analysis Europe dominates the global GDPR services market currently due to stringent implementation and enforcement of GDPR regulations in the region. The Europe GDPR services market is expected to continue its dominance during the forecast period as well.
Key players related content comprises 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.
The global GDPR services market size is expected to reach US$ 1452.87 Million in 2023. With increasing security threats and stricter compliance mandates, demand for GDPR consulting, support and managed services is estimated to rise at a CAGR of around 22% during the forecast period of 2023 to 2030. GDPR being an evolving regulation, continuous upgradation of solutions is estimated to drive market revenues higher.
