by The General Data Protection Regulation (GDPR) Services help organizations simplify data privacy and risk management practices through specialized data consulting, impact assessment, strategy road mapping, and compliance services. GDPR Services ensure organizations minimize risks associated with non-compliance and streamline operations to responsibly process personal data under applicable regulations. With increasingly complex data privacy laws, organizations rely on GDPR Services providers to implement comprehensive compliance programs.
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:
Rise of artificial intelligence and advanced analytics is driving demand for GDPR compliance with data processing activities. Most organizations now rely on AI to process large volumes of customer data for personalized marketing, fraud detection and various backend operations. However, use of AI brings additional responsibilities under GDPR for organizations to explain automatic decision making and profiling, ensure fairness of algorithms and address potential biases in AI models. Leading GDPR service providers are developing specialized compliance solutions leveraging technologies like machine learning to map data flows, classify sensitive data types and monitor ongoing processing activities at scale. This is helping organizations more efficiently integrate privacy and oversight into evolving AI systems to remain compliant with GDPR even as their data processing evolves over time.
Porter’s Analysis
Threat of new entrants: The threat of new entrants into the GDPR services market size is moderate. Due to requirements related to data privacy compliance and regulations, new companies need significant upfront investments and expertise to enter this market.
Bargaining power of buyers: The bargaining power of buyers in the GDPR services market is high. Large enterprises can negotiate on price and demand additional services from existing vendors.
Bargaining power of suppliers: The bargaining power of suppliers is low to moderate as there are many GDPR service providers. However, a few vendors have strong expertise which gives them negotiating power.
Threat of new substitutes: There is a low threat from substitutes as GDPR services help organizations comply with legal requirements and avoid heavy fines for non-compliance.
Competitive rivalry: The competitive rivalry in the GDPR services market is high due to the presence of many global and regional players providing customized offerings.
Key Takeaways
The global GDPR services market is expected to witness high growth on account of strict privacy regulations. The European region currently dominates the market due to stringent laws. Many European countries have already levied heavy fines on companies for privacy breaches.
Regional analysis: Europe leads the GDPR services market with the highest share mainly due to strict enforcement of regulations in the region from an early stage. Countries like Germany, UK, France have enacted data privacy laws even before the GDPR came into effect. However, other regions are also implementing similar regulations to protect their citizens’ data.
Key players: Key players operating in the GDPR services market are Infosys, IBM, Larsen & Toubro Infotech, Veritas Technologies, Tata Consultancy Services, Amazon Web Services, Atos, Microsoft, Accenture, Micro Focus, DXC Technology, Oracle, Wipro, SAP, SecureWorks, and Capgemini. Most of these providers offer services across consulting, data mapping, DPIA, auditing, training and managed services to support compliance.
