The GDPR Services Market is estimated to be valued at US$ 1452.87 Mn or 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 Overview:

The GDPR Services Market primarily consists of services offered by various organizations to help other entities comply with the General Data Protection Regulation (GDPR). Some key services offered include data protection impact assessment, records of processing activities, data protection officer, legal consulting, GDPR compliance assessment, GDPR staff training, information security audit, and technology risk assessment. GDPR aims to protect and empower all EU citizens’ data privacy and reshape the way organizations across the region approach data privacy by imposing strict rules on handling personal data.

Market Dynamics:

Growth in global data and increased security & privacy concerns across organizations are some of the major factors driving the demand for GDPR services. Generation of large volumes of data through increased internet and smartphone penetration has raised privacy concerns among individuals. Organizations are focusing on strengthening their data protection policies and protocols to avoid heavy fines for non-compliance under GDPR regulations. Additionally, lack of in-house expertise and resources require organizations to seek support from external GDPR consultants and service providers. Moreover, constant updates and amendments in the GDPR framework make continuous compliance a challenge, thereby favoring market growth of GDPR services over the forecast period.

Segment Analysis

The global GDPR services market is dominated by compliance management sub-segment. Compliance management involves data protection compliance through auditing, reporting and certification. It helps organizations comply with GDPR requirements and avoid heavy fines in case of non-compliance. Compliance management tools provide personalized guidance, documentation templates and ongoing monitoring services to ensure ongoing compliance.

PEST Analysis

Political: GDPR compliances are mandatory as per law passed by the European Union. Non compliance can attract heavy fines up to 4% of annual global turnover or €20 Million.
Economic: Organizations are investing heavily in GDPR solutions to avoid fines and maintain their reputation. The GDPR services market is witnessing high growth due to increased spending on data protection measures.
Social: Rising data privacy concerns among individuals have strengthened regulations around data protection and usage. Social media users are more cautious about sharing their personal information online.
Technological: Emerging technologies like AI and analytics are helping organizations detect personal data breaches faster and take necessary corrective actions. Cloud-based GDPR solutions are gaining popularity for their scalability and on-demand access.

Key Takeaways

The Global GDPR Services Market Size is expected to witness high growth, exhibiting CAGR of 22% over the forecast period, due to increasing regulations around data privacy and frequent cyber threats. The market size for 2023 is estimated at US$ 1452.87 Mn.

The European region dominates the global GDPR services market with highest compliance spending. Stringent fines for non-compliance and presence of major GDPR solution providers are driving the European market. The Asia Pacific region is expected to grow at fastest pace due to increasing digitalization and adoption of cloud services in countries like India.

Key players operating in the GDPR services market include Infosys, IBM, Larsen & Toubro Infotech, Veritas Technologies, Tata Consultancy Services, Amazon Web Services, Atos, Microsoft, Accenture, Micro Focus, DXC Technology, Oracle, Wipro, SAP, SecureWorks and Capgemini. Players are focusing on acquisitions and partnerships to strengthen their product portfolio and geographical presence. They are also offering end-to-end consulting and ongoing support services to clients.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it