by GDPR services provide solutions and products to organizations so that they comply with the new European General Data Protection Regulation (GDPR). Companies need GDPR services to protect personal data of customers and gain their consent for using sensitive information. GDPR services help businesses conduct data protection impact assessments, implement technical and organizational measures and establish policies around data subject’s rights such as right to access, rectify and erase personal data.
The global GDPR services market is estimated to be valued at US$ 1673.71 Bn in 2024 and is expected to exhibit a CAGR of 26% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the GDPR services are Infineon Technologies AG, Cree, Inc., Qorvo, Inc., and Efficient Power Conversion Corporation (EPC).
The growing digitalization across industries has increased the data generated exponentially creating lucrative opportunities for GDPR services providers. Also, many countries are passing stricter privacy laws modelled on GDPR further expanding the market.
GDPR services are benefiting from machine learning and AI technologies that help automate content analysis, streamline data mapping processes and offer real-time advice on changing regulations.
Market drivers
Strict privacy regulations and heavy fines for non-compliance are compelling organizations across regions to adopt GDPR services. The GDPR introduces fines of up to 4% of annual global turnover or €20 million (whichever is greater) for breaching core EU data protection rules. This has made compliance mandatory and fuelling demand.
Current Challenges in GDPR Services Market:
The GDPR Services Market Size faces many challenges in terms of compliance. As the regulations are very strict with hefty penalties for non-compliance, it has become imperative for organizations to gather consent from customers for processing their personal data. However, seeking consent for every minor use of data is a tedious task. Tracking all data movement and maintaining records is also challenging given the huge volumes of data organizations deal with. Ensuring data security by implementing robust access controls and data encryption solutions is another area where service providers face hurdles. Lack of resources and expertise within organizations to understand the nuances of GDPR further complicates compliance.
SWOT Analysis
Strength: GDPR aims to protect and empower EU citizens’ data privacy and rights. It establishes a strict framework that service providers can leverage to build robust privacy practices.
Weakness: Compliance requires substantial costs for audits, staff training, technologies etc. which impacts profitability. Non-compliance penalties are severe.
Opportunity: GDPR drives the global demand for advisory, consulting and technology solutions. It has opened up a huge market for service providers.
Threats: Complexity of regulations poses challenges for consistent compliance. Lag in compliance efforts could lead to penalties and loss of customer trust.
Geographical Regions
Europe accounts for the largest share of the GDPR services market mainly owing to its tough data privacy laws. Being the region where GDPR originated, European companies rely heavily on specialist service providers to achieve and maintain compliance.
North America is the fastest growing regional market for GDPR services. While the region doesn’t have an overarching regulation like GDPR, concerns around data privacy have been increasing. Also, many large global companies have operations across Europe and North America, driving the need for unified compliance practices.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
