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“The generation of enormous amounts of data and need for data security and privacy is expected to drive the GDPR services market”
The GDPR services market is expected to grow from USD 907.4 million in 2018 to USD 2,659.4 million by 2023, at a Compound Annual Growth Rate (CAGR) of 24.0% during the forecast period. The major drivers of the GDPR services market include the implementation of GDPR by the EU from May 2018, generation of enormous amounts of data, need for data security and privacy, and the demand for data processing transparency leading to improved security service delivery along with the organization’s reputation. Acquiring the requisite skills to manage GDPR services is expected to be the major factor challenging the growth of the GRPR services market.
“The SME segment is expected to grow at a higher rate as compared to the large enterprises segment during the forecast period”
Implementing GDPR can be overwhelming for SMEs that have limited resources or capital. GDPR may not be the top objective for many SMEs. However, the consequences of not complying with GDPR can lead to fines or the withdrawal of business license within the EU region. The high cost of implementing GDPR solutions and services may lower profit margins for SMEs, however, with the implementation of GDPR, several SMEs could benefit from partnering with MSPs to help them comply with the new legislation.
“Europe is expected to grow at the highest CAGR during the forecast period”
Based on geography, the European region is expected to witness the fastest growth in the GDPR services market as GDPR has been adopted by the European Union since May 2018. GDPR represents a business opportunity for European organizations to gain an advantage over their competitors. The global nature of GDPR is expected to impact the vast majority of large businesses in Europe. Though GDPR originated in Europe, it is expected to affect international markets as well. International companies across the globe with any EU citizens as customers need to be aware of and comply with these new legal obligations to avoid fines. The high level of international businesses involving the EU is expected to influence robust data protection procedures around the world.
The break-up profiles of primary discussion participants are given below:
- By Company Type: Tier 1 (50%), Tier 2 (30%), and Tier 3 (20%)
- By Designation: C-Level (45%), Director Level (35%), and Manager Level (20%)
- By Region: Europe (45%), North America (35%), APAC (15%), and RoW (5%)
Key vendors profiled in the GDPR services market include:
1. Absolute Software (Canada)
2. Actiance (US)
3. AWS (US)
4. Capgemini (France)
5. Hitachi Systems Security (Canada)
6. IBM (US)
7. Informatica (US)
8. MetricStream (US)
9. Micro Focus (UK)
10. Microsoft (US)
11. Mimecast (UK)
12. Nymity (Canada)
13. OneTrust (US and UK)
14. Oracle (US)
15. Proofpoint (US)
16. Protegrity (US)
17. SAP (Germany)
18. SAS (US)
19. Snow Software (Sweden)
20. Swascan (Italy)
21. Symantec (US)
22. Talend (US)
23. TrustArc (US)
24. Trustwave (US)
25. Varonis (US)
26. Veritas (US)
The global GDPR services market has been segmented on the basis of offering (solutions and services), organization size, and region. A detailed analysis of the GDPR services market by region has been done to provide insights into the potential future business opportunities across regions. In addition to this, the strength of product portfolio and business strategy excellence are some of the other MarketsandMarkets analysis included in the report.
Reasons To Buy the Report
The report will help market leaders/new entrants in the GDPR services market in the following ways:
- The report segments the GDPR services market comprehensively and provides the closest approximations of revenue numbers for the overall market and subsegments across different regions.
- The report helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
- The report helps stakeholders understand the competitors and gain more insights to better their position in the market.