The global GDPR services market size will touch USD 4,047.5 million at a 23.4% CAGR in the forecast period 2020- 2027, states the latest Market Research Future (MRFR) analysis. General data protection regulation or GDPR, put simply, is a legal framework that includes set of guidelines to collect and process personal information from people that reside in European Union.
Various factors are fuelling the global GDPR services market growth. As per the recent MRFR market estimates, such factors include the growing need to be compliant with GDPR, growing urbanization, need for data processing transparency, need for data security, growth of enormous amount of data, the implementation of GDPR by the EU, growing demand during the COVID-19 pandemic, rise in cyber- attacks, strict government rules to protect data in different countries, and the growing adoption of GDPR compliance for enhanced security.
On the contrary, the lack of expertise to manage such GDPR services coupled with high implementation cost may impede the global GDPR services market growth over the forecast period.
The MRFR report throws light on an inclusive segmental analysis of the GDPR services market based on organization size, vertical, and type.
The GDPR services market by type is segmented into service and solution. The service segment is again segmented into DPO as a service, DPIA, GDPR readiness assessment, and others. The solutions segment is again segmented into API management & data management. Among these, the solution segment will command the market over the forecast period at a 22.8% CAGR, while the services segment will grow at a 24.3% CAGR.
By organization size, the GDPR services market is segmented into large enterprises and small and medium enterprises. Among these, the large enterprise segment will head the market over the forecast period at a 22.9% CAGR, while the SME segment will grow at a 24.5% CAGR.
By vertical, the GDPR services market is segmented into BFSI, automotive, manufacturing, government services, travel and hospitality, retail, IT and telecommunications, utilities, education, media and entertainment, and others. Among these, the manufacturing segment will lead the market over the forecast period at a 24.8% CAGR, while the retail segment is predicted to grow at a 26.2% CAGR.
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The global GDPR services market by region covers the recent trends and growth opportunity across Europe, North America, the Asia Pacific (APAC), and Rest of the World (RoW). Of these, North America will have the lions share in the market over the forecast period with the US having the utmost market share. Companies operating in North America having a client base in Europe must comply with GDPR. A huge number of North America based enterprises deal with customers that reside in Europe. Some of the key brands with a strong customer base in Europe include Goldman Sachs, DuPont, General Electric, McDonalds, and others.
The RoW comprises the Middle East and Africa regions and South America. In both these regions, a large number of enterprises are expanding to different regions including Europe. Such organizations are needed to follow GDPR to efficiently operate Europe owing to which the enterprises require GDPR solutions and services so that they can comply comprehensively with all the regulations listed in the GDPR act.
The key players profiled in the global GDPR services market report include Trustwave Holdings, Inc. (US), Proofpoint (US), Iron Mountain Incorporated (US), Mimecast Services Limited (UK), Absolute Software Corporation (UK), Micro Focus (UK), Veritas (US), Hitachi Systems Security, Inc. (Japan), Informatica (US), Capgemini (France), Amazon.com, Inc. (US), Microsoft Corporation (US), Oracle Corporation (US), and IBM Corporation (US), among others.
The GDPR services market is fragmented as well as competitive due to the presence of several international and domestic industry players. These players have encompassed an array of strategies to remain at the vanguard and also suffice the burgeoning needs of the consumers, including partnerships, collaborations, contracts, partnerships, launches, geographic expansions, joint ventures, and new product launches, and more. Additionally, they are also making big investments in R&D for strengthening their portfolios and also creating a hold in the market.
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