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GDPR Services Market is analysed to grow at a CAGR of 16.21% during the forecast 2022-2027 to reach $10.34 billion by 2027. General data protection regulation (GDPR) is a legal framework which includes set of guidelines for the collection, processing, data discovery and personal data protection. Growth of enormous amount of data owing to the deployment by cloud service providers coupled with increasing demand for data security that offers automated decision making and pseudonymising solutions are analysed to be the major driving factor for the GDPR Services Market size during the forecast period. For instance, according to the report given by IBM Corporation, it is revealed that the healthcare and social services sectors currently have the highest volume of weekly attacks, closely followed by the transportation and hospitality sectors. This tend to bring significant growth in its demand, further propelling the GDPR Services industry in the global market.
GDPR Services Market Segment Analysis – By Offering
By Offering, the GDPR Services Market Report is segmented into Solutions (Data Discovery and Mapping, Data Governance, API Management and Others) and Services (GDPR Readiness Assessment, Risk Assessment and DPIA, DPO-as-a-Service, Managed Services and Others). Solutions segment is analysed to be the highest growing segment with a CAGR of 19.11% in GDPR Services Market during the forecast period 2022-2027 owing to the to the wide range of enterprise applications it offers for the successful adoption Industry 4.0 across the globe. Solutions offered by GDPR Services consist of Data Discovery and Mapping, Data Governance and API Management among others which holds a strong position in the business development of various enterprises. For instance, In January 2020, Black Penny Consulting, a City of London-based digital transformation shop, developed the Compliance Space which was designed to replace time-consuming spreadsheets with a more intuitive software interface that will make compliance management more effective and efficient incorporating real-time legislative updates. These features tend to elevate the demand of GDPR Services in solutions segment, further propelling its market growth.
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GDPR Services Market Segment Analysis – By End-Use Industry
By End-use Industry, the GDPR Services Market Report is segmented into Banking, Finance Services and Insurance (BFSI), Government & Public Sector, Energy & Utilities, Healthcare, IT & Telecommunication, Manufacturing, Academic & Research, E-commerce and Others. Healthcare sector is analysed to be the highest growing segment with a CAGR of 21.31% among other industries of GDPR Services Market during the forecast period 2022-2027, owing to the growing demand of efficient, smooth functioning and secured cloud-based solutions in this sector. Cloud-based solutions offer wide range of benefits to the healthcare sector such as easy access to medical records, huge data storage, scalability, remote patient care and many others, however, the vulnerability and exposure to diverse cyber-attacks for gaining personalized health status is highest in this sector. For instance, according to the European Telecommunications Network Operators Association (ETNO), the number of IoT units in healthcare in the European Union (EU) is expected to increase year-on-year with a growth rate of 11.9%, hence driving the adoption of GDPR services in Healthcare industry.
GDPR Services Market Segment Analysis – By Geography
Europe is analysed to be the major region with a share of 33% in 2021 for the GDPR Services Market owing to the adoption of various IT laws coupled with increasing implementation of Industry 4.0 in this region. For instance, European privacy authorities have received nearly 65,000 data breach notifications since the EU’s new privacy law went into full effect. In the United Kingdom, the number of data breach notifications has dropped by 17% to 11,499. In contrast, numbers almost doubled in France, with a 97% increase to 2,287, and soared in Spain, reporting 1,608 notifications, representing a 58% increase compared to the first year of the adoption of GDPR. This tend to bring significant growth in the demand for GDPR services in this region. Moreover, Europe region is witnessing huge demand for IoT connected cars. This car consists of individual data from which a person can be tracked. With the GDPR being affected in the region, for the companies in various end-users that deploy connected solutions, it has become necessary to secure the user’s data which is anticipated to drive the demand for the GDPR services in this region, further driving its market growth during the forecast period.
GDPR Services Market Drivers
Rising government initiative to safeguard IT sector from cyber threats is driving the demand of GDPR Services
Rising government regulations across the globe by implementation of IT laws to safeguard various enterprises from cyber threats is a major driving factor for the growth of GDPR Services Market during the forecast period. Various countries across the globe are investing significantly in the digitalisation to enhance their work efficiency and flexibility, however, threat of data breaches is always a major concern which tend to drive the adoption of GDPR Services across various industries. For instance, in April 2019, the new Cyber Security Law was introduced by European Union to broaden the existing regulation scope and introduce GDPR-type fines for certain violations. These increase in government regulations and stringency is expected to push the organizations in Germany to adopt cybersecurity solutions, further driving the adoption of GDPR services in this region. Moreover, France introduced major reforms associated with cybersecurity policies such as the telecommunication companies are allowed to scan their networks for technical clues of any anticipated or on-going attack. In some cases, telecom companies may also need to inform their customers of any unwanted cyber-attacks. These policies and initiatives tend to drive the adoption of GDPR Services, further driving its market growth.
Increasing adoption of cloud-based solutions across enterprise ecosystem is propelling the demand of high performance data analytics technology
Increasing adoption of cloud-based solutions across various industries to optimize industrial digitalisation is a major driving factor for the growth of GDPR Services Market during the forecast period. Various countries across the globe are investing significantly in the digitalisation to enhance their work efficiency and flexibility across wide range of industries among which Banking, Finance Services and Insurance (BFSI) sector are of major concern. Gathering huge amount of personalized data and securing it from several data breaches and cyber-attacks tend to bring significant growth in the demand of GDPR Services which tend to drive its market growth across the globe. For instance, according to Tata Consultancy Services (TCS), the GDPR provisions will considerably impact the financial services industry given that banks hold enormous amounts of customer data. With high volumes of transactions across numerous channels, multiplicity of processes, legacy systems and operations across geographies, ensuring GDPR compliance will impact banks’ data management function. This tend to drive its demand, further propelling its market growth.
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GDPR Services Market Challenges
High implementation cost is analysed to hamper the GDPR Services Market growth
One of the most important factor restraining the market growth of GDPR Services Market across the global is its high implementation cost. As the deployment of high performance GDPS services is witnessing considerable growth in various sectors such as BFSI and Healthcare, the cost of development and its integration with enterprise and industrial ecosystem tend to add up to the overall cost which tend to restrain its market growth across various end-use industries. Moreover, GDPR Services requires to be set up at a whole new cloud-based ecosystem which further comes at competitive prices which tend to hinder its market growth across small and medium enterprises. These factors tend to bring major challenges in the GDPR Services Market growth during the forecast period.
GDPR Services Industry Outlook
Production Innovation, Acquisitions, Collaboration, and R&D activities are key strategies adopted by players in the GDPR Services Market. In 2021, the market of GDPR Services industry outlook has been fragmented by several companies. GDPR Services top 10 companies include
In January 2020, Microsoft Corporation announced several new assessments available in the public preview of the Microsoft Compliance Score. Leveraging a team of data protection experts using a common control framework of more than 1,000 controls, the company built unique insights into Microsoft Compliance.
In February 2019, Symphony, the global services firm specializing in Intelligent Automation launched their new General Data Protection Regulation (GDPR) compliance capability by partnering with leading provider of information security and data protection expertise, IT Governance, Symphony will offer global enterprises an end-to-end solution for meeting and maintaining GDPR compliance with greater accuracy, speed and visibility.
In June 2019, HCL Technologies (HCL), a leading global IT services provider launched their new General Data Protection Regulation (GDPR) services to help organizations comply with EU GDPR regulation. The new GDPR Regulation which is mandated to be adopted is developed to clear policies and procedures to protect personal data and adopt appropriate technical and organizational measures.
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Increasing cyberthreats across various enterprises and growing adoption of cloud-based services for optimizing industrial digitalization is analysed to significantly drive the GDPR Services Market during the forecast period 2022-2027.
Solutions segment are analysed to hold highest share 61.12% in 2021 owing to the wide range of enterprise applications, as it offers for adopting Industry 4.0 across the globe.
IT & Telecommunication industry is analysed to hold the highest market share 31.21% during the forecast period owing to the large amount of data generated across this vertical which propels the demand of GDPR services for efficient working across the enterprise.
Europe is analysed to hold the highest share in 2021 owing to the adoption of various IT laws coupled with increasing implementation of Industry 4.0 in this region.
A. Managed Security Services Market
B. Data Masking Market
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