GDPR (General Data Protection Regulation) services companies specialize in helping organizations comply with data protection and privacy regulations. They offer consulting, audit, and compliance solutions to ensure that businesses collect, process, and store personal data in a manner that adheres to legal requirements. GDPR services companies play a pivotal role in data protection and privacy in the digital age.
Competitive Landscape of GDPR Services Market
The General Data Protection Regulation (GDPR) has fundamentally reshaped the data privacy landscape, creating a burgeoning market for services that help organizations navigate its complexities. This dynamic space boasts a diverse range of players, each employing distinct strategies to carve a niche. Understanding this competitive landscape is crucial for any company seeking to capitalize on this lucrative opportunity.
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October 2023 -
AWS has launched European sovereign cloud. The public cloud platform from Amazon says this move has been designed in helping organizations within the public sector and the highly regulated sectors ensure that the stored data in the cloud stays compliant with the data residency needs under regulations like the GDPR.
The European sovereign cloud of AWS will be logically and physically separate from the current AWS regions with similar performance, availability, and security as stated by AWS. They will launch their foremost region in Germany & be accessible to every AWS customer within Europe.
Data sovereignty has turned into a massive issue for the European countries lately, with data transfer legality between the US and the continent, where AWS & other key cloud providers are established, being in doubt.
The European Sovereign Cloud from AWS will enable customers in keeping every metadata they make like the configurations, resource labels, permissions, and roles they utilize for running AWS within the EU along with featuring its respective billing & usage metering systems. It will be run and controlled solely by the AWS staff that are EU residents situated on the continent.
Through this latest offering, partners and customers all over Europe will have higher number of options to attain the operational independence that they need sans making any compromises on the deepest and broadest cloud services which millions of customers know and use already today. This will offer customer of AWS the most up to date set of privacy safeguards, sovereignty controls, and security features accessible in the cloud.
The Global GDPR Services Market is expected to reach from USD 1.021 billion in 2022 to USD 8.754 billion by 2032, at a CAGR of 27.0% during the forecast period, 2022–2032.
GDPR compliance creates transparency between the customer and the enterprise. With the rollout of GDPR in the year 2018, companies across different industry verticals had to restructure their entire business processing systems in line with various compliances. Some of the key countries that lead all the other countries in GDPR compliance include the US, the UK, Spain, Germany, and the Netherlands. More than 50% of the enterprises operating in these countries have largely or completely become compliant with GDPR. In terms of industry verticals, manufacturing, retail, utilities, and telecommunications were leading in GDPR compliance. Companies operating in these industries have been investing a significant share of their global revenue on restructuring their business processes as per GDPR compliance. US-based companies are expected to spend in the range of USD 2-10 Million to meet GDPR requirements. This share is expected to be more for Europe-based companies. The entire intention behind GDPR was to rebuild the customers’ trust among various enterprises and to create a more transparent environment for customers where they can freely share their personal data without it being breached, lost, or misused.
With the growing need to become compliant with GDPR, the demand for various GDPR solutions and services is increasing. This, in turn, is acting as a major growth factor for the market. Over the last 3 years, companies that were not compliant with the GDPR have had to pay heavy fines. For instance, In July 2019, British Airways was imposed with a fine of USD 223.5 Million (proposed penalty by ICO) by the UK’s Information Commissioner’s Office (ICO) for a data breach under GDPR. The fine was equivalent to 1.5% of British Airways’ annual global turnover in the year 2017. The fine was imposed after an ICO investigation found out that the company did not take strict security measures to protect the personal data of approximately 500,000 customers. Poor security arrangements to protect customer information led to the loss of personal data of the airline’s half a million customers. Therefore, to avoid such hefty fines, enterprises are restructuring their business operations. This, in turn, is driving the overall market for GDPR services.
The Global GDPR Services Market has been segmented based on Type, Organization Size, Vertical, and Region.
By Type, the market has been segmented into solution and service. The solutions are further segmented into data management and API management. Services have been further segmented into GDPR readiness assessment and DPIA, DPO-as-a-Service, and others. The solution segment accounted for the larger market share of 64.2% in 2018; it is expected to register a CAGR of 22.8% during the forecast period. The services segment is projected to register the higher CAGR of 24.3%.
By Organization Size, the market is segmented into small and medium enterprises and large enterprises. The large enterprise segment accounted for the larger market share in 2018, it is expected to register a CAGR of 22.9% during the forecast period. The SME segment is projected to register the higher CAGR of 24.5%.
By Vertical, the GDPR services market has been classified into manufacturing, retail, utilities, IT & telecommunications, BFSI, government services, automotive, travel & hospitality, media & entertainment, education, and others. The manufacturing segment accounted for the largest market share; it is expected to register a CAGR of 24.8% during the forecast period. The retail segment was the second-largest market in 2018, However, the education segment is expected to register the highest CAGR of 26.2%.
Geographically, the global GDPR services market has been segmented into the Asia-Pacific, North America, Europe, and the rest of the world (the Middle East & Africa and South America).
North America is the second-largest market in terms of market share in the global GDPR services market. The US is the biggest market for GDPR services. Enterprises operating in North America, with a client base in Europe, need to comply with GDPR. A large number of North America-based enterprises deal with customers who reside in Europe. Some of the big brands with a strong customer base in Europe include McDonald’s, General Electric, DuPont, and Goldman Sachs, among others.
The rest of the world includes South America and the Middle East & Africa regions. In both South America and the Middle East & Africa, a large number of enterprises are expanding to various regions including Europe. These organizations are required to follow GDPR to effectively operate in Europe, due to which, the enterprises need GDPR services and solutions so that they can comprehensively comply with all the regulations listed in the GDPR act.
On July 19, 2022, ZoomInfo, a leading global player in go-to-market software, data, and intelligence, announced joining the AWS Partner Network (APN), one of the most comprehensive and widely adopted cloud offerings worldwide to improve data delivery through its Data-as-a-Service (DaaS) platform, OperationsOS. This unlocks a new, efficient method for leveraging ZoomInfo's data and intelligence.
Under the program, ZoomInfo and AWS customers can access ZoomInfo's enriched data within Amazon S3. OperationsOS will help eliminate data decay by pushing recurring data updates through AWS. ZoomInfo ensures the accuracy of its data with frequent enrichment services directly within AWS. It also prioritizes GDPR & CCPA compliance and maintains rigorous data privacy & security practices across all data provided through partners.
On Feb. 03, 2022, European cloud providers, including Amazon Web Services, Aruba, Elogic, Leaseweb, OVHCloud, and Outscale, announced their plans to implement the new GDPR compliance code. These cloud providers hope the new code of practice will provide customers with greater assurance of their data security in the cloud. The new code is developed by CISPE, validated by the European Data Protection Board (EDPB), and approved by the CNIL, French Data Protection Authority.Â
On Nov. 16, 2021, Colt Technology Services announced that it has become one among ten communications providers across the globe to have GDPR-compliant Binding Corporate Rules. Recently, the company received an official approval of its Binding Corporate Rules (BCRs) from the European Data Protection Board (EFPB). Colt aims to help customers keep their data safe, offering offer the safest network and best data protection assurance globally.
GDPR Services Market Highlights:
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