The global GDPR service market is predicted to grow significantly the forecast period (2018 – 2024) due to the increasing adoption of GDPR compliances that helps in enhancing security services of the business organizations ensuring encrypted, secure and improved data to its users.
Insight by Offering
On the basis of offering, the GDPR service market is segmented into solutions and services. The solutions market is further subcategorized into API management and data management. The data management segment is further subdivided into data governance and data mapping and discovery. The service segmented is further sub categorized into managed services and professional services. The professional services is further sub segmented into DPO-as-a-Service, GDPR readiness assessment, DPO-as-a-Service and Training and Certification.
Among all these segments, data management solution generates larger revenue in comparison to that accumulated by API management solution, globally. Data management solutions are extensively crucial for complying with GDPR systems as it enables the user’s in storing, deleting, accessing, monitoring and encrypting private data.
Insight by Organization Size
On the basis of organization size, the GDPR service market is segmented into large enterprises and small and medium enterprises. Among these two segments, large enterprises segment is expected to generate larger revenue and is expected to witness considerable growth during the forecast period. The growth of GDPR service in large enterprises is increasing due to assistance provided by this system to its user’s such as enhanced innovation, efficiency with reduced cost and incorporation of an responsive business process.
Increasing adoption of privacy by design, cloud computing and big data are the key trends pertaining towards the growth of the GDPR service market across the globe. Privacy by design considers privacy concerns of product or system throughout the development of a design procedure. Moreover, adherence to big data and cloud computing requires attention and care of the data obtained by the business organization from an outside source and with whom the data is further shared. These trends are thereby strengthening the growth of the market.
The major factor that is driving the growth of the GDPR service market include rapid increase in large amount of data, increasing need for privacy and data security protection and excessive demand towards data handling and transparency. Moreover, increasing adoption of Privacy by Design (PbD) for enhancement of data safety and privacy among the various business organizations is another factor pertaining towards the growth of the market. PbD is an approach and belief of enabling privacy into various technologies of an enterprise.
This technique has been displaying increasing applicability in business practices, information technology and physical infrastructure and design. Moreover, benefits of PbD such as increasing integration and acceptance to privacy-enabled technique and enhancing demand for user’s privacy is revamping the growth of the GDPR service market.
The major factor that is hampering the growth of GDPR service market is shortage of required skilled workforce that can manage the GDPR systems in an effective manner. Additionally, presence of several legal compliances and norms are furthermore hindering the growth of GDPR service industry worldwide.
Globally GDPR service industry players are leveraging market growth through new product development, mergers & acquisitions, partnerships, increased investments and technological upgradation in order to secure information protection and data security among several large-scale business enterprises, which is leading to the increased market share of these companies in the GDPR service market across the globe.
Geographically, Europe contribute largest revenue to the global market and is also predicted to grow at the highest CAGR during the forecast period. The growth of GDPR service market in this region is attributed towards increasing acceptance of this service among the nations in the European Union. Moreover, it has been observed that GDPR signifies glorifying business prospects for the organizations existing in this region that helps them in gaining competitive advantage.
Furthermore, the influence of European Union in large scale business enterprises is further expected to stimulate rigorous proceedings of data security across the globe. These factors are thereby exaggerating the growth of the market in this region.
The key players providing GDPR services are Absolute Software, Actiance, Hitachi Systems Security, MetricStream, Micro Focus, AWS, Capgemini, IBM, Nymity, Informatica, Microsoft, Oracle, Mimecast, Snow Software, OneTrust, Proofpoint, Protegrity, Swascan, Talend, Trustwave, TrustArc, Symantec, and Veritas.