GDPR Services Market is Estimated To Witness High Growth Owing To Increased Data Protection Regulations
The GDPR Services Market 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 Overview:
GDPR services help organizations comply with the General Data Protection Regulation (GDPR) laid down by the European Union. GDPR aims to protect and empower all EU citizens' data privacy and reshape the way organizations across the region approach data privacy. GDPR services assist companies establish the necessary process and technology infrastructure to be GDPR compliant. These services include data protection impact assessments, auditing programs, staff training and records of processing activities. Organizations utilize GDPR services to protect customer data, avoid penalties and improve trust with customers.
Market key trends:
One of the major trends in the GDPR services market is increased data protection regulations across regions. With increasing privacy concerns and data breaches, regulatory bodies across regions are implementing strict data privacy regulations modeled on GDPR. For example, the California Consumer Privacy Act (CCPA) implemented in 2020 aims to provide Californians more transparency and control over their personal information. Similarly, Data Protection Act was introduced in Brazil and Australia too is expected to soon introduce a comprehensive data privacy law. Tighter regulations will compel more organizations to adopt GDPR services to ensure compliance. Furthermore, rising importance of digital transformation among enterprises is also fueling demand for GDPR services, as organizations understand the need to protect customer data while undergoing digital shifts. GDPR services enable secure data processing, management and sharing aligned with regulatory framework during digitalization.
Porter's Analysis
Threat of new entrants: New entrants face high initial costs of GDPR compliance requirements and establishing brand recognition. Barrier to entry is high.
Bargaining power of buyers: Buyers have moderate bargaining power as there are many GDPR service providers. However, switching costs are low.
Bargaining power of suppliers: Suppliers have moderate bargaining power as there are many technology and consulting firms providing GDPR services.
Threat of new substitutes: Substitutes are less as GDPR compliance is mandatory for organizations handling EU citizens' data.
Competitive rivalry: Intense as major players compete on compliance, consulting and technological capabilities.
SWOT Analysis
Strength: Digital capabilities and understanding of regulatory landscape. presence across regions.
Weakness: Higher compliance costs, dependency on regulations. Skills shortage can impact operations.
Opportunity: Increasing spend on data protection and compliance post GDPR. Rising demand from SMEs.
Threats: Stringent regulations can increase compliance burden. Delays in regulations may impact revenues.
Key Takeaways
The Global GDPR Services Market Size is expected to witness high growth, exhibiting a CAGR of 22% over the forecast period, due to increasing consumer awareness about data privacy and growing digital transformation initiatives across industries. In 2023, the market size is estimated to reach US$ 1452.87 Mn.
Regional analysis: North America dominates the global GDPR services market with over 35% share owing to strong presence of GDPR solution providers and early adoption of data regulations in the region. Asia Pacific is expected to exhibit fastest growth due to rapid digitization and growing penetration of online services in developing countries like India and China.
Key players analysis: Key players operating in the GDPR services market include 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, Â SAP SE, SecureWorks Inc., and Capgemini SE. The players are focusing on partnerships, M&A and new service launches to consolidate their market presence.
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