The GDPR Services Market is driven by increasing data privacy regulations
The growing cross-border flow of data due to digital transformation and cloud adoption is prompting organizations to extend their GDPR programs globally. This provides an impetus to the expansion of GDPR services providers across regions.
Market Drivers
Increasing penalties for non-compliance is a major driver for the GDPR Services Market Size. Non-compliance with GDPR regulations can result in huge penalties of up to 4% of annual global turnover or 20 Million Euros, whichever is greater. This has compelled companies to implement necessary changes and seek professional assistance to avoid hefty fines. Thus, the stringent penalties play a vital role in propelling the demand for GDPR services.
The European region accounts for the largest share of the GDPR services market value currently. Stricter EU laws and rising privacy awareness among citizens have led to increased compliance spending. Germany, UK, France are major European countries concentrating GDPR project spending. However, the Asia Pacific region is emerging as the fastest growing market, led by China and India. As data localization norms tighten and cross-border data transfers increase in Asia, the need for GDPR expertise is surging rapidly. Service companies should prioritize these dynamic Asian economies and customize solutions per regional requirements to capitalize on new opportunities.
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