GDPR Services Market Size

GDPR Services Market Overview

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.

Synopsis

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%.

Regional Insights

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.

Companies Covered

• 
  Oracle Corporation (US)


• IBM Corporation (US)


• Microsoft Corporation (US)


• Capgemini (France)


• 
  Informatica (US)


• Hitachi Systems Security, Inc. (Japan)


• Micro Focus (UK)


• Absolute Software Corporation (UK)


• Mimecast Services Limited (UK)


• 
  Veritas (US)


• Iron Mountain Incorporated (US)


• Proofpoint (US)


• Trustwave Holdings Inc. (US)


• 
  Amazon.com, Inc. (US)

Key Questions Addressed by the Report

• What was the historic market size (2018)?


• Which segmentations (type /organization size/vertical) are driving the market?


• What will be the growth rate by 2025?


• Who are the key players in this market?


• What are the strategies adopted by key players?