The GDPR Services market was valued at USD 1183.2 million in 2019 and is expected to reach USD 4364 million by 2025, at a CAGR of 24.3% over the forecast period 2020 - 2025. In May 2018, EU data regulation called the General Data Protection Regulation, went into effect, impacting organizations of all industries where personal data is a significant part of their business and operations.
- According to ZDNet, 45 % of companies run at least some big data workloads in the cloud. The increasing volumes of data generated by different enterprises is one of the key factor driving the market for GDPR services. Enterprises are taking data-driven decisions which is possible only when authenticity of data is retained. Many organizations are even making their data available to the public.
- Organizations, globally, are increasingly facing identity data breaches owing to frauds. Cybercriminals are constantly trying to penetrate business networks and acquire customer information. Thus, strong authentication-based fraud detection solutions platforms aid in protecting banking and financial institution customers from the latest threats in online fraud.
- Small and Medium Enterprises (SMEs) might get hurt financially while applying for GDPR services. This is because big companies have the resources to pour into their tech and legal teams for ultimate compliance, while the same is not true for SMEs.
Scope of the Report
Currently, storing the personal data securely has become the most important task for big organizations, especially with the continuous advancements in technology. The prevalence of cyber security attacks is increasing, and these attacks bypassing the traditional security tools, which direct led to an increase in the demand for advanced protection techniques, such as GDPR services.
Key Market Trends
Healthcare Industry to Dominate the Market
- IoT has a lot of applications in healthcare, from remote monitoring to medical device integration. It also has the potential to not only keep patients healthy and safe, but to improve how physicians deliver care as well.
- But, IoT also creates the need for data governance for the healthcare sector, as the industry struggle with the massive amount of data produced by sensors, wearables, remote monitors, and other medical devices.
- According to 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.
- The US healthcare regulation HIPAA provides protection over patient data. Securing patients' private medical history and health records is of the utmost importance within the healthcare market.
North America to Witness the Highest Growth
- The North American region is projected to experience the highest growth in demand, due to the early adoption of cloud-based technologies and IoT by the United States. However, benefits, such as improved agility and flexibility as well as being able to deploy new applications, also hold significance.
- The major driver behind the investments is the continuous evolution and application of new technologies to utilize enormous volumes that were previously considered non-commercial.
- IBM has partnered with MasterCard to combat GDPR with Truata. With these series of investments, communications, retail, healthcare, and manufacturing applications in North America are expected to witness a significant growth rate, over the forecast period.
The market is fragmented with many vendors offering services to support GDPR services across almost all industry verticals.
- October 2018 - OneTrust launched targeted data discovery technology to automate data subject requests, pre-populate data maps and simplify risk assessments. The tool is designed to integrate with customer relationship management (CRM), IT service management (ITSM), and human resource information system (HRIS) tools.
- June 2018 - IBM launched SaaS solution for comapanies who want to uncover where their data is stored and address any issues related to GDPR compliance.
- May 2018 - Microsoft extended the GDPR privacy rights to all its customers, globally. Due to the new European Union's General Data Protection Regulation.
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