The General Data Protection Regulation (GDPR) aims to protect personal data and privacy rights for individuals in the EU and EEA. Companies associated with GDPR services provide solutions to simplify and streamline GDPR compliance processes for organizations. These solutions help businesses conduct data protection impact assessments (DPIAs), implement proper consent mechanisms, data subject rights policies and breach notification procedures. With the growing digitalization and cloud adoption, there is an increasing demand for cloud-based GDPR compliance solutions that offeraround-the-clockmonitoring and auditing abilities with upgraded security features.
The global GDPR Services Market is estimated to be valued at US$ 1673.71 Bn in 2024 and is expected to exhibit a CAGR of 26% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased adoption of cloud-based GDPR compliance solutions is one of the key trends driving the growth of the GDPR services market. Cloud platforms offer robust infrastructure and scalability which helps companies easily comply with GDPR regulations across multiple locations. With cloud, companies can centrally manage user permissions, data subject rights and perform data protection audits in real-time. The on-demand data encryption, activity monitoring and automated updates provided by cloud-based GDPR solutions help organizations streamline compliance processes and reduce costs. This has increased their popularity compared to on-premise legacy systems.
Segment Analysis
The global GDPR services market is segmented into legal advisory, risk assessment solution, privacy by design, DPIA solutions, benchmarking and audit, training and documentation support. Legal advisory segment dominates the market as organizations need expert consultation from GDPR lawyers and advocates to ensure compliance. Risk assessment solution is the fastest growing segment as organizations are increasingly adopting these tools to identify, monitor and manage compliance risks.
Key Takeaways
The Global GDPR Services Market Size is expected to witness high growth over the forecast period of 2024 to 2031.
Regional analysis: European region dominates the global GDPR services market currently. However, Asia Pacific region is poised to grow at the fastest rate owing to growing stringency around data privacy laws in major countries like India and China.
Key players operating in the GDPR services market are Infineon Technologies AG, Cree, Inc., Qorvo, Inc., and Efficient Power Conversion Corporation (EPC).
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