A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled “GDPR Services – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
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ABSTRACT-
Global GDPR Services Market to Reach $3.9 Billion by 2026
The General Data Protection Regulation (GDPR) represents a new data protection legislation that was implemented in the EU in May 2018. The regulation standardizes a comprehensive spectrum of privacy legislations across the region into a central suite of regulations to protect users across all member states by providing more control to EU citizens over the personal data. GDPR applies to every organization operating in the EU as well as enterprises that are located in other regions but serving European customers with their services and goods. Effectively, a large number of international organizations are required to comply with GDPR guidelines. GDPR rules are applicable to processors and controllers of data, including cloud service providers. Data specified as personal by the GDPR framework includes name, picture, address and other type of sensitive data like sexual orientation, genetic data and biometric data. The legislation requires companies to perform privacy impact assessments, document use of personal data, seek customer permission for data usage and communicate authorities about data breaches. The regulation is legally binding and can’t be ignored or opted out. The regulation empowers and protects all citizens of the EU, while keeping organizations accountable for data-related actions.
The increasing connectivity and continuing digitization across organizations have resulted in generation of exponential amount of data. People visiting websites or places or even making calls are leaving a digital footprint as data, which is a precious and highly valuable resource that can be exploited by companies to communicate with customers and delivering an enhanced user experience. However, the precious nature of personal data also makes it vulnerable to misuse or theft, raising concerns over the way companies store and use the data. The issue results in privacy and data security concerns for customers. There is a notable disconnection and gap between customers, their data and the way companies collect or use it. The situation is further compounded by lack of understanding regarding best practices and existing laws pertaining to use of personal data. Furthermore, existing data privacy legislations in the EU are outdated, fail to offer effective protection to customers and don’t cover considerations for smart phones, social media and advanced web technologies like virtual reality and artificial intelligence. The pressing need to regulate management of consumer data while policing organizations collecting, storing and using the data led to the birth of GDPR.
Amid the COVID-19 crisis, the global market for GDPR Services estimated at US$2 Billion in the year 2022, is projected to reach a revised size of US$3.9 Billion by 2026, growing at a CAGR of 18.2% over the analysis period. Solutions, one of the segments analyzed in the report, is projected to record 17.4% CAGR and reach US$2.6 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Services segment is readjusted to a revised 19.5% CAGR for the next 7-year period.
The U.S. Market is Estimated at $416.5 Million in 2022, While China is Forecast to Reach $209.1 Million by 2026
The GDPR Services market in the U.S. is estimated at US$416.5 Million in the year 2022. China, the world`s second largest economy, is forecast to reach a projected market size of US$209.1 Million by the year 2026 trailing a CAGR of 18.1% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 15.9% and 16.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 19.1% CAGR.
The market is garnering an impressive momentum due to the need to ensure data privacy and safety, rising workloads related to big data, demand for transparency, and availability of advanced solutions. Companies are not only dealing with increasing data volumes, but also targeting big data in the cloud for making data-driven, informed decisions. These companies are investing in sophisticated technologies for leveraging consumer data for better strategies. On the other hand, rising incident of data breach and data-related frauds is prompting organizations to embrace GDPR services for compliance. Increasing attempts by cybercriminals to breach business networks for acquiring consumer data are creating the need for authentication-based fraud detection platforms to protect financial and banking institution customers from online fraud. The market growth is also facilitated by introduction of advanced solutions by leading companies. For instance, IBM has rolled out a fraud detection solution that detects frauds during the initial stages. The solution is particularly relevant for banking institutions who are dealing with rising incidence of online fraud.
By Organization Size, Large Enterprises Segment to Reach $2.4 Billion by 2026
In terms of organization, the large enterprise segment is estimated to command the dominating share of the global GDPR services market. Large organizations are anticipated to realize GDPR advantages of innovation and higher efficiency in a cost-efficient manner. These enterprises are expected to gain from their agile structure and adequate financial resources. Global market for Large Enterprises (Organization Size) segment is estimated at US$1.3 Billion in 2022, and is projected to reach US$2.4 Billion by 2026 reflecting a compounded annual growth rate of 16.7% over the analysis period. Europe constitutes the largest regional market for Large Enterprises segment, accounting for 57.5% of the global sales. Europe is poised to register the fastest compounded annual growth rate of 17.6% over the analysis period, to reach US$1.7 Billion by the close of the analysis period. More
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This article was shared with Prittle Prattle News as a Press Release.
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