MarketsandMarkets expects the global GDPR Services Market to grow from USD 907.4 million in 2018 to USD 2,659.4 million by 2023, at a Compound Annual Growth Rate (CAGR) of 24.0% during the forecast period. The major drivers of the GDPR services market include the implementation of GDPR by the EU from May 2018, generation of enormous amounts of data, need for data security and privacy, and the demand for data processing transparency leading to improved security service delivery along with the organization’s reputation.
PbD is a key consideration as well as an innovation of the new GDPR data privacy law. PbD implies more transparency about data and data transfers and requires a data flow mapping exercise that covers the entire business to identify where personal data is and what data needs to be secured. PbD brings out the lack of foresight by organizations when they start collecting personal data before it comes to data protection. Also, PbD brings data protection forward to a considerably earlier stage in the data processing approach. It requires organizations to work on data protection issues during planning phases for data processing as PbD commences when data processing is still in a theoretical state. The approach of data protection by PbD implies that data processing solutions should process only the least amount of personal data needed to deliver the processing activity.
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The scope of this report covers the GDPR services market analysis by offering (solutions and services), organization size, and region. The API Management solution is expected to grow at a higher CAGR during the forecast period as compared to the data management solution. API management is a key solution for a future-proof GDPR-compliant architecture as this solution enables organizations to rapidly and easily adopt guidelines to gather consent and inform users about regulations related to data access and data portability. The Risk Assessment and DPIA service segment is estimated to hold the largest market share in 2018. GDPR readiness assessment services are one of the key professional services expected to gain major traction during the forecast period, after the GDPR comes into effect from May 2018. These services give clarity on where an organization stands with respect to the GDPR services. Initially, an organization would go for GDPR readiness assessment services to identify the gap with respect to GDPR services in their current offerings.
Based on geography, Europe is expected to grow at the highest CAGR during the forecast period as GDPR has been adopted by the European Union since May 2018. GDPR represents a business opportunity for European organizations to gain an advantage over their competitors. The global nature of GDPR is expected to impact the vast majority of large businesses in Europe. Though GDPR originated in Europe, it is expected to affect international markets as well. International companies across the globe with any EU citizens as customers need to be aware of and comply with these new legal obligations to avoid fines. The high level of international businesses involving the EU is expected to influence robust data protection procedures around the world.
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Key market players profiled in this report include Absolute Software (Canada), Actiance (US), AWS (US), Capgemini (France), Hitachi Systems Security (Canada), IBM (US), Informatica (US), MetricStream (US), Micro Focus (UK), Microsoft (US), Mimecast (UK), Nymity (Canada), OneTrust (US and UK), Oracle (US), Proofpoint (US), Protegrity (US), SAP (Germany), SAS (US), Snow Software (Sweden), Swascan (Italy), Symantec (US), Talend (US), TrustArc (US), Trustwave (US), Varonis (US), and Veritas (US). These players offer GDPR services to cater to the needs and demands of the market. They have adopted various growth strategies, such as partnerships, agreements and collaborations, business expansions, and new product launches to strengthen their presence in the market. New product launches have been the major strategic trend of key players in the market, followed by partnerships, agreements, and collaborations.
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