The General Data Protection Regulation (GDPR) is a regulation that requires business to protect the personal data and privacy of European Union citizens for transactions that occur within EU member states. It also regulates the exportation of personal data outside the EU. Noncompliance with GDPR can result in fines up to 20 million euros or 4% of annual global revenue (whichever is higher). Several other countries have adopted similar laws to protect their citizens’ digital privacy. This has increased awareness and need among organizations to comply with privacy regulations and ensure ethical use of individuals’ personal data. With increased spending on data privacy and need for GDPR consulting, risk assessment and readiness review services, 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 key trends:
The global demand for GDPR consulting and assessment services has been witnessing strong growth driven by rising focus on data privacy regulations across countries. Many organizations consider these services crucial to identify gaps, weaknesses and areas of improvement needed in their existing data privacy policies, practices and security protocols to minimize compliance risks. With proliferating use of advanced technologies like AI, IoT and big data analytics generating more personal user data than ever, the need to review data processing practices and perform privacy impact assessments has increased significantly. The growing complexities of compliance requirements and increasing penalties for violations has also accelerated outsourcing of GDPR related operations to specialized consulting firms and service providers globally. Their service offerings help companies address organizational needs as well as prepare, respond and advocate more efficiently on privacy matters.
Segment Analysis
The GDPR services market size can be segmented based on service type, organization size, deployment model, and vertical. By service type, the advisory and consulting services segment dominates the market. This is because organizations require significant assistance to understand the nuances of GDPR compliance and formulate an effective compliance strategy.
Key Takeaways
The global GDPR services market is expected to witness high growth over the forecast period of 2023 to 2030. The regional analysis indicates that the market in Europe is currently the largest as well as the fastest growing region. This is because GDPR was introduced by the European Union and directly impacts organizations operating in the region.
Regional analysis
The GDPR services market in Europe accounts for around 45% of the global market share currently. Being the region where GDPR originated, organizations in Europe are taking proactive measures to comply with the regulation. Countries like Germany and the UK are the major revenue contributors in the regional market. With the penalty for non-compliance being up to 20 million Euros or 4% of global annual turnover, the need to establish robust compliance programs is driving significant demand for GDPR services in Europe.
Key players
Key players operating in the GDPR services market are 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, SAP SE, SecureWorks Inc., and Capgemini SE. Among these, IBM, Microsoft, AWS, Atos and Accenture hold a majority market share due to their extensive experience in offering GDPR and other compliance-related services to global clients.
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