by The GDPR services market includes various services such as data mapping, impact assessment, data protection impact assessment, and others. These services help organizations comply with regulations concerning data privacy and security. GDPR services help companies identify potential risks to personal data and ensure compliance with regulations. With growing concerns over data privacy and security, especially after the implementation of GDPR in Europe, demand for these services is increasing. Organizations are increasingly outsourcing GDPR compliance-related tasks to specialized service providers.
The global GDPR services market is estimated to be valued at US$ 1673.71 billion 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 Dynamics:
Growing demand for regulatory compliance and privacy among organizations is a key driver for the GDPR services market. With the implementation of stringent data privacy laws like GDPR and privacy regulations worldwide, organizations are under pressure to comply with regulations. Non-compliance can result in heavy penalties. GDPR services help companies comply with privacy laws and ensure personal data is handled as per regulations. Businesses are increasingly relying on dedicated service providers for tasks like privacy impact assessments, audits, staff training and more to simplify compliance. Another factor fueling the demand is the growing need for data protection with increasing instances of data breaches and cyberattacks. GDPR services help manage privacy risks and secure customer data properly. These factors are expected to drive significant growth in the GDPR services market over the forecast period.
Segment Analysis
The GDPR Services market is segmented by solutions (compliance management, data management, reporting and analytics, and risk management), services (professional and managed), organization size (SMEs and large enterprises), and end-users (BFSI, government, health care, telecommunication and IT, retail, education, media and entertainment, and other end-users). The compliance management segment dominated the market in 2019 as companies are adopting GDPR services for ensuring compliance with regulations and avoiding penalties. The growing complexity of data privacy compliance is driving demand for compliance management services.
PEST Analysis
Politically, governments across the globe are taking initiatives to strengthen data privacy laws and regulations to protect personal data of individuals. Economic factors such as the growing digital economy and internet usage are increasing data generation which is driving demand for GDPR services. GDPR guidelines require organizations to protect personal data effectively. Socially, rising concerns over data privacy and security breaches are influencing adoption of GDPR solutions. Technologically, advanced technologies such as AI and analytics are helping organizations comply with guidelines and make the compliance process more efficient.
Key Takeaways
The Global GDPR Services Market Growth is expected to witness high over the forecast period as data privacy becomes a top priority.
Regionally, North America dominated the market in 2019 due to stringent data privacy regulations and high awareness among organizations on GDPR guidelines. Europe is the second largest and a fast growing region due to stern laws and regulations for data protection within the region.
Key players operating in the GDPR Services market are Infineon Technologies AG, Cree, Inc., Qorvo, Inc., and Efficient Power Conversion Corporation (EPC). Infineon Technologies AG provides end-to-end solutions that allow organizations achieve and maintain GDPR compliance.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
