Global GDPR Services Market Size, Share, Opportunities And Trends By Solution (Data Discovery And Mapping, Data Governance, API Management), By Service (GDPR Readiness Assessment, Risk Assessment, DPIA, DPO As A Service), By Organisation Size (SMEs, Large Enterprise), And By Geography - Forecasts From 2023 To 2028

The General Data Protection Regulation or GDPR is a European Union set of rules and regulations that govern data protection and privacy in the European Economic Area and European Union. The GDPR is an important component of European Union privacy legislation and human rights law. The primary aim of the GDPR is to improve individuals' control and rights over their personal and sensitive data while also simplifying the regulatory environment for international business.

With growing concerns about data privacy and security, demand for GDPR services is expected to skyrocket. The number of reported cybersecurity events has increased significantly in recent years, emphasizing the need for data security and protection services. The expanding cloud use around the world is expected to drive up demand for GDPR services even further, as the cloud is more vulnerable to cyberattacks. Small and medium-sized firms (SMEs) are projected to be financially impacted when applying for GDPR services because large corporations have the resources to pour into their IT and legal teams for ultimate compliance, whereas SMEs do not. Other factors, including rapid digitization, increasing penetration of the Internet of Things (IoT) devices, and technological advancements, are also creating a positive market outlook during the forecast period.

However, the high costs of GDPR services and complications in implementation in compliance are anticipated to impede market growth.

The growing number of data breaches and the need for transparency in processing will spur growth

One of the prime factors that will boost the growth of the GDPR Services market is the high number of data breach cases worldwide. Countries around the world are investing heavily in digitisation to improve work productivity and flexibility; yet, the threat of data breaches remains a key issue, driving the adoption of GDPR Services across numerous industries. The number of reported cybersecurity incidents has increased substantially. This has led to increased adoption of data privacy and security activities as the impending cost of a data breach is extremely high. According to Symantec data, an average of 4,800 websites a month are compromised with form-jacking code. Verizon published a report that states that 71 percent of breaches are financially motivated. According to a report by IBM, the Global average total cost of a data breach is USD 4.75 million. Stolen or compromised credentials were not only the most common cause of a data breach but at 327 days, took the longest time to identify. This attack vector ended up costing USD 150,000 more than the average cost of a data breach. In 2022, it took an average of 277 days—about 9 months—to identify and contain a breach. Shortening the time it takes to identify and contain a data breach to 200 days or less can save money. The Cisco Cybersecurity Reports show that 50 percent of large organizations, with a workforce of more than 10,000, spend at least $1 million on security every year. The report also found that 43 percent spend between $250,000 and $999,999, while 7 percent spend less than $250,000. Therefore growing adoption of data security and data privacy solutions is expected to augment market growth.

The growing adoption of cloud computing and the internet of things in the GDPR service market is predicted to be more effective and give end-customers augmented products as the cloud is more prone to cyberattacks. According to a report by IBM, Nearly half of all data breaches happen in the cloud. While 45% of breaches occurred in the cloud, organizations with a hybrid cloud model had lower average data breach costs—USD 3.80 million—compared to organizations with a public or private cloud model. The average data breach cost in organizations with private clouds is USD 4.75 million while the average data breach cost in organizations with public clouds is USD 5.02 million.

The growing number of strategic market alliances has increased the amount of money available for the advancement and development of advanced and automated technologies for managing large amounts of organised and unstructured data. Furthermore, increased investment in research and development capabilities and technological innovation would pave the path for information technology advances. For instance, in January 2020, Black Penny Consulting, a digital transformation firm based in the City of London, launched the Compliance Space, intending to replace time-consuming spreadsheets with a more intuitive software interface that will make compliance management more effective and efficient. The service is aimed at specialized consultants and data protection officers entrusted with assisting firms in meeting their GDPR obligations.

Europe is anticipated to hold a significant amount of the market share during the forecast period

The European region is anticipated to hold a significant amount of market share in GDPR services. This region will witness high growth during the forecast period as companies in this region are forced to comply with the regulation as a result there is a high acceptance rate for GDPR services. In 2021, the EDPS received and assessed 87 new personal data breach notifications under Regulation (EU) 2018/1725. Compared to the 121 personal data breaches received in 2020, there was a 28% decrease in the number of personal data breaches notified to the EDPS this year. The new Cyber Security Law was announced in April 2019 to widen the existing regulation scope and to introduce GDPR-style punishments for specific violators. A rise in the stringency of government laws is projected to encourage organizations in Germany to embrace cybersecurity solutions. Following the implementation of the GDPR, France implemented significant cybersecurity policy adjustments. Telecommunications businesses, for example, are permitted to monitor their networks for technological indicators of any impending or ongoing attack. In some situations, telecom providers may be required to notify their customers of any malicious cyber-attacks. This will drive the demand for GDPR services in the region.

Market Key Developments

• In February 2019, Symphony, a global services firm specializing in Intelligent Automation, launched a new General Data Protection Regulation (GDPR) compliance capability in collaboration with IT Governance, a leading provider of information security and data protection expertise. Symphony will provide global enterprises with an end-to-end solution for meeting and maintaining GDPR compliance with greater accuracy, speed, and visibility.
• In January 2020, Black Penny Consulting, a digital transformation firm based in the City of London, launched the Compliance Space, intending to replace time-consuming spreadsheets with a more intuitive software interface that will make compliance management more effective and efficient. The service is aimed at specialized consultants and data protection officers entrusted with assisting firms in meeting their GDPR obligations.

Global GDPR Services Market Scope:

Segmentation:

• By Solution
  • Data Discovery and Mapping
  • Data Governance
  • API Management
• By Service
  • GDPR Readiness Assessment
  • Risk Assessment
  • DPIA
  • DPO as a service
• By Organisation Size
  • SMEs
  • Large Enterprise
• By Geography
  • North America
    • USA
    • Canada
    • Others
  • South America
    • Brazil
    • Others
  • Europe
    • Germany
    • UK
    • France
    • Others
  • Middle East and Africa
    • Israel
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Taiwan
    • Thailand
    • Indonesia
    • Others