GDPR Services is Estimated to Witness High Growth Owing to Growing Need for Data Privacy Compliance
General Data Protection Regulation (GDPR) services involve the development and implementation of customized software, applications, and programs to enable organizations to comply with the stringent provisions of the GDPR. GDPR services ensure organizations establish appropriate technical and organizational measures to implement data protection principles and fulfill obligations of controllers and processors. They help organizations conduct data protection impact assessments, develop breach notification processes, implement mechanisms for data subject requests and rights, and maintain records of processing activities.
The global 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 Opportunity:
Growing Need for Data Privacy Compliance
The strict penalties for non-compliance under the GDPR regulation is driving the need for organizations to implement robust data privacy measures. Non-compliance can result in fines of up to 4% of annual global turnover or €20 Million (whichever is greater). This has compelled organizations across industries and regions to invest significantly in GDPR services to evaluate their readiness, facilitate compliance, minimize risks of data breaches, and avoid heavy fines. The requirement of appointing data protection officers, maintaining documentation of processing activities, implementing privacy by design practices, conducting data protection impact assessments, and enabling data subject rights in a timely manner under GDPR is fueling demand for specialized GDPR services. Rigorous compliance is expected to remain a priority for organizations in the coming years, supporting the growth of the GDPR services market size.
Porter's Analysis
Threat of new entrants: Low-to-moderate as this market requires specialized knowledge and legal expertise in data privacy. Established players have strong brand recognition.
Bargaining power of buyers: Moderate. Large enterprises have higher bargaining power due to their scale and volume while small businesses have less influence.
Bargaining power of suppliers: Low. The market has many consulting and compliance companies providing these services.
Threat of new substitutes: Low as there are no close substitutes for GDPR compliance and data privacy consulting services.
Competitive rivalry: High competition exists among major players vying for market share from large clients.
SWOT Analysis
Strengths: Growing concerns over data privacy and stricter regulations. Specialized skills and expertise in privacy laws.
Weaknesses: High compliance costs for SMEs. Dependency on regulations and policies.
Opportunities: Expanding into developing regions. Growing digitization increasing need for privacy services.
Threats: Changes in privacy laws pose change management challenges. Economic downturns may decrease priority on compliance spending.
Key Takeaways
The GDPR Services Market is expected to witness high growth over 2023-2030 driven by increased privacy regulations globally. The European region currently dominates due to strict GDPR norms. Large enterprises dominate compliance spending while cloud solution providers see greater uptake.
Regional analysis for Europe indicates it will continue fastest growth on account of established GDPR enforcement. The Asia Pacific region is anticipated to grow at the highest CAGR owing to rising digitization and increased privacy awareness.
Key players operating in the GDPR Services Market are 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. Infosys, IBM, Accenture and Microsoft have the largest market shares.
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