According to Market Research Future (MRFR), the global GDPR services market is projected to reach USD 4,047.5 million at a CAGR of 23.4% from 2019 to 2025 (forecast period). The report summarises the market opportunities and market ramifications that arose as a result of the COVID-19 pandemic.
GDPR compliance provides transparency between the customer and the company. With the advent of GDPR in 2018, companies across various industry verticals had to restructure their entire business processing systems in line with different compliances. Some of the main countries that lead all other countries in GDPR compliance include the United States, the United Kingdom, Spain, Germany, and the Netherlands. More than 50% of companies operating in these countries have mostly or entirely become compliant with GDPR. In terms of industry verticals, manufacturing, retail, utilities, and telecommunications were leading in GDPR compliance. Companies operating in these sectors have spent a large share of their global revenues on restructuring their business processes according to GDPR compliance. US-based businesses are expected to spend between USD 2-10 million to meet GDPR requirements. This share is projected to be higher for European-based firms. The whole idea behind GDPR was to rebuild the trust of customers between different companies and create a more transparent environment for customers to openly share their personal data without being violated, lost, or misused.
With the rising need to become compliant with GDPR, demand for various GDPR solutions and services is increasing. This, in turn, is serving as a significant factor for the growth of the market. Over the last three years, businesses that were not compliant with the GDPR have had to pay substantial penalties. For example, in July 2019, British Airways was fined USD 223.5 million (proposed penalty by ICO) by the United Kingdom’s Information Commissioner’s Office (ICO) for a data breach under GDPR. The fine amounted to 1.5% of British Airways’ annual global turnover in 2017. The fine was levied after the ICO investigation found that the company did not take strict security measures to secure the personal data of approximately 500,000 customers. Weak security arrangements to secure customer information have resulted in the loss of personal data to half a million customers of the airline. Therefore, in order to avoid such high penalties, companies are restructuring their business operations. This, in fact, drives the overall market for GDPR services.
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The global GDPR services industry has been segmented into type, organization size, and vertical.
By type, the global GDPR services market has been segmented into solution and service. Solutions are further divided into data management and API management. Services are further segmented into GDPR readiness assessment and DPIA, DPO-as-a-Service, and others. The solution segment accounted for a higher market share of 64.2% in 2018; the CAGR is projected to be 22.8% in the forecast period. The service segment is expected to post a higher CAGR of 24.3%.
By organization size, the global GDPR services market has been segmented into small and medium enterprises and large enterprises. The large enterprise segment accounted for a more significant market share in 2018, is expected to register a CAGR of 22.9% during the forecast period. The SME segment is expected to post a higher CAGR of 24.5%.
By vertical, the global GDPR services market has been segmented into manufacturing, retail, utilities, IT & telecommunications, BFSI, government services, automotive, travel & hospitality, media & entertainment, education, and others. The manufacturing segment held the largest market share; it is expected to register a 24.8% CAGR during the forecast period. The retail segment was the second-largest market in 2018; however, the education sector is projected to have the highest CAGR of 26.2%.
Geographically, the global GDPR services market has been segmented into the Asia Pacific, North America, Europe, and the rest of the world (the Middle East & Africa and South America).
Europe dominates the global GDPR services market, whereas North America is the second-largest market in terms of market share in the global market for GDPR services. The US is the main market for GDPR services. Enterprises operating in North America, with a clientele in Europe, must comply with GDPR. A significant number of North American-based businesses work with European-based clients. Some of the major brands with a large customer base in Europe include McDonald’s, General Electric, DuPont, and Goldman Sachs, among others.
The rest of the world comprises the regions of South America and the Middle East and Africa. In both South America and the Middle East and Africa, a significant number of companies are spreading to various areas, including Europe. These organizations are required to follow GDPR to function successfully in Europe, which means that companies need GDPR services and solutions to be able to comply fully with all the regulations set out in the GDPR Act.
The key participants of the global GDPR services market are IBM Corporation (US), Oracle Corporation (US), Microsoft Corporation (US), Amazon.com, Inc. (US), Capgemini (France), Informatica (US), Hitachi Systems Security, Inc. (Japan), Veritas (US), Micro Focus (UK), Absolute Software Corporation (UK), Mimecast Services Limited (UK), Iron Mountain Incorporated (US), Proofpoint (US), and Trustwave Holdings, Inc. (US).
In December 2019, AWS, a subsidiary of Amazon.com, Inc., confirmed the launch of three security offerings — the Amazon Detective, the AWS IAM Access Analyzer, and the AWS Nitro Enclave.
In December 2019, Informatica, in collaboration with Amazon Web Services (AWS), revealed new product capabilities and accelerators, including Amazon Redshift, Amazon EMR, and AWS Glue. This will help improve enterprise cloud modernization that includes new data engineering, data lake, and enterprise data warehouse solutions provided by Informatica.
In February 2020, Mimecast announced that it had reformed its Case Review, a new user interface to provide a complete platform with capabilities for the easier answering of e-discovery functions.
In February 2020, Proofpoint released its Business Email Compromise (BEC) and Email Account Compromise (EAC) solutions.
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