The General Data Protection Regulation (GDPR) services category encompasses a wide range of cutting-edge tools that assist businesses in complying with the EU GDPR. Preparing and implementing specific IT solutions in business operations entail evaluating several factors, including document lifecycle, encryption, data backup, GDPR readiness, risk, and data protection impact assessments (DPIA). Due to their capacity to help companies to comply with the rules in a way that prevents them from incurring expensive fines and other legal entanglements, GDPR services have become significantly more necessary in recent years.
The demand for data governance, mapping, and management services to lower the number of breaches and protect sensitive data has also been influenced by the sizeable fines assessed for non-compliance with the regulation. Furthermore, about 52% of businesses said they would increase their investments in digital transformation. As a result, despite the pandemic's macroeconomic disruption, spending on digital transformation has increased. The use of GDPR services is encouraged by the growth in demand for data security and privacy which goes hand in hand with the speed of digital transformation.
Several factors boost market value, including urbanization, modernization, and globalization. A variety of opportunities for the market's growth will be presented by the rising demand for features like privacy, security, authenticity, legality, trust, universality, and scalability in organizational operations and quality monitoring, as well as by the development of the IT industry in developing countries like China and India. Expanding industrial infrastructure and rising smartphone adoption in developing countries are two additional factors boosting the market growth.
Europe is the most significant shareholder in the global GDPR services market and is expected to grow at a CAGR of 27.5% during the forecast period. The region is working to become data-driven and show widespread GDPR service adoption due to GDPR's popularity. Governments, businesses, and other organizations must investigate and implement reliable data management tools to protect the rights of data owners while achieving shared goals as the collection and sharing of data increases to take advantage of AI and other emerging technologies. Governments are looking for new tools to promote ethical and equitable data sharing among ecosystem actors. IoT devices are becoming more and more susceptible to cyberattacks as they increase. The number of wearables and connected medical devices that enable remote health monitoring is growing due to the digital transformation of the healthcare industry.
North America is expected to grow at a CAGR of 24.9%, generating USD 3.77 billion during the forecast period. The GDPR services market in North America is expanding due to the nation's stringent laws governing data privacy and management. For instance, the California Consumer Privacy Act, a law protecting consumer privacy, went into effect in California on June 28, 2018. The CCPA affects businesses with Californian headquarters and those doing business with state citizens and makes suggestions to firms both domestically and abroad. This law was passed as a result of Facebook's data misuse incident. Companies are keen to install cutting-edge solutions to aid with data management because they believe doing so would make it simpler to extract value from data, relieve some of the managing data for the IT staff, and ensure compliance with GDPR and other regional data privacy legislation.
Asia-Pacific is quickly adopting digital innovation across all its end-user industries, led by countries like India, China, Japan, and Singapore. Asia-Pacific may be able to take a sizable chunk of the GDPR services market thanks to the Internet of Things, big data analytics, and other emerging digital technologies. The Personal Data (Privacy) Ordinance (PDPO) will be reviewed by the Privacy Commissioner of Personal Data (PCPD) to bring it into compliance with the GDPR of the EU and Chinese cybersecurity regulations. The PDPA is being examined to ensure compliance with international law, including the EU's GDPR. According to the Japanese prime minister, the G-20 summit should discuss extending digital information. These factors are anticipated to drive market growth during the forecast period.
The global GDPR services market’s major key players are BM Corporation, Veritas Technologies LLC, Amazon Web Services Inc., Microsoft Corporation, Micro Focus International PLC, Oracle Corporation, SAP SE, Capgemini SE, SecureWorks Inc., Wipro Limited, DXC Technology Company, Accenture PLC, Atos SE, Tata Consultancy Services Limited, Larsen & Toubro Infotech Limited, and Infosys Limited.