GDPR Services Market Worth 2,659.4 Million USD by 2023
PUNE, India, July 5, 2018 /PRNewswire/ --
According to a new market research report "GDPR Services Market by Solution (Data Discovery and Mapping, Data Governance, and API Management), Service (GDPR Readiness Assessment, Risk Assessment and DPIA, and DPO-as-a-Service), Organization Size, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the 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.
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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.
Data Management solution expected to account for the largest market share during the forecast period.
The data management solution is expected to account for a larger market share of the GDPR Services Market during the forecast period as compared to the API management solution. Data management encompasses all data-related processes required to manage the entire enterprise data lifecycle. Data management solutions are highly important to comply with GDPR, as these solutions help store, access, delete, encrypt, and monitor users' personal data while complying with GDPR.
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Large enterprise segment expected to account for a larger market share as compared to the SME segment during the forecast period.
The large enterprise segment is expected to account for a larger share of the GDPR Services Market as compared to the SME segment during the forecast period. Large enterprises are expected to realize GDPR benefits of higher efficiency and innovation with lower costs, and the enablement of more agile business structure. Large enterprises are expected to become GDPR-compliant before the deadline of May 2018, as these organizations are equipped with the needed resources and funds, and are afraid of damaging their reputation by not being GDPR-compliant.
Europe expected to account for the largest share of the GDPR Services Market during the forecast period.
Europe is expected to account for the largest share of the GDPR Services Market during the forecast period 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.
Major vendors covered in the GDPR Services Market include Absolute Software (Canada), Actiance (US), AWS (US), Capgemini (France), Hitachi Systems Security (Canada), IBM (US), Informatica (US), MetricStream (US), Micro Focus (UK), Microsoft (US), Mimecast (UK), Nymity (Canada), OneTrust (US and UK), Oracle (US), Proofpoint (US), Protegrity (US), SAP (Germany), SAS (US), Snow Software (Sweden), Swascan (Italy), Symantec (US), Talend (US), TrustArc (US), Trustwave (US), Varonis (US), and Veritas (US).
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