GDPR services market is poised to grow at a CAGR of 24.3% by 2024. In May 2018, EU data regulation called the General Data Protection Regulation, went into effect, impacting organizations of all industries where personal data is a significant part of their business and operations.
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– According to ZDNet, 45 % of companies run at least some big data workloads in the cloud. The increasing volumes of data generated by different enterprises is one of the key factor driving the market for GDPR services. Enterprises are taking data-driven decisions which is possible only when authenticity of data is retained. Many organizations are even making their data available to the public.
– Organizations, globally, are increasingly facing identity data breaches owing to frauds. Cybercriminals are constantly trying to penetrate business networks and acquire customer information. Thus, strong authentication-based fraud detection solutions platforms aid in protecting banking and financial institution customers from the latest threats in online fraud.
– Small and Medium Enterprises (SMEs) might get hurt financially while applying for GDPR services. This is because big companies have the resources to pour into their tech and legal teams for ultimate compliance, while the same is not true for SMEs.
Scope of the Report :
Currently, storing the personal data securely has become the most important task for big organizations, especially with the continuous advancements in technology. The prevalence of cyber security attacks is increasing, and these attacks bypassing the traditional security tools, which direct led to an increase in the demand for advanced protection techniques, such as GDPR services.
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Key Market Trends
Healthcare Industry to Dominate the Market
– IoT has a lot of applications in healthcare, from remote monitoring to medical device integration. It also has the potential to not only keep patients healthy and safe, but to improve how physicians deliver care as well.
– But, IoT also creates the need for data governance for the healthcare sector, as the industry struggle with the massive amount of data produced by sensors, wearables, remote monitors, and other medical devices.
– According to European Telecommunications Network Operators’ Association (ETNO), the number of IoT units in healthcare in the European Union (EU) is expected to increase year on year.
– The US healthcare regulation HIPAA provides protection over patient data. Securing patients private medical history and health records is of the utmost importance within the healthcare market.
North America to Witness the Highest Growth :
– The North American region is projected to experience the highest growth in demand, due to the early adoption of cloud-based technologies and IoT by the United States. However, benefits, such as improved agility and flexibility as well as being able to deploy new applications, also hold significance.
– The major driver behind the investments is the continuous evolution and application of new technologies to utilize enormous volumes that were previously considered non-commercial.
– IBM has partnered with MasterCard to combat GDPR with Truata. With these series of investments, communications, retail, healthcare, and manufacturing applications in North America are expected to witness a significant growth rate, over the forecast period.
The market is fragmented with many vendors offering services to support GDPR services across almost all industry verticals.
– October 2018 – OneTrust launched targeted data discovery technology to automate data subject requests, pre-populate data maps and simplify risk assessments. The tool is designed to integrate with customer relationship management (CRM), IT service management (ITSM), and human resource information system (HRIS) tools.
– June 2018 – IBM launched SaaS solution for comapanies who want to uncover where their data is stored and address any issues related to GDPR compliance.
– May 2018 – Microsoft extended the GDPR privacy rights to all its customers, globally. Due to the new European Union’s General Data Protection Regulation.
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Detailed analysis and profiling of additional market players
The GDPR services market is expected to grow from USD 907.4 million in 2018 to USD 2,659.4 million by 2023, at a Compound Annual Growth Rate (CAGR) of 24.0% during the forecast period. The major drivers of the market include the implementation of GDPR by the EU from May 2018, generation of enormous amounts of data, need for data security and privacy, and the demand for data processing transparency leading to improved security service delivery along with the organization’s reputation.
The report covers the GDPR services market by offering (solutions and services), organization size, and region. The data management solution is expected to account for a larger market share during the forecast period as compared to the API management solution. Data management encompasses all data-related processes required to manage the entire enterprise data lifecycle. Data management solutions are highly important to comply with GDPR, as these solutions help store, access, delete, encrypt, and monitor users’ personal data while complying with GDPR.
The professional services segment is expected to hold a larger market size during the forecast period compared to the managed services segment, owing to the ambiguity around GDPR across organizations. Professional services for GDPR include GDPR readiness assessment, risk assessment and DPIA, DPO-as-a-Service, and training and certification. Professionals use the latest techniques, comprehensive strategies, and skills to fulfill the security requirements of organizations. Moreover, they offer customized implementation, risk assessment, and assistance during the deployment of GDPR solutions using industry-defined best practices.
The SMEs segment is expected to record a higher growth rate during the forecast period as compared to the large enterprises segment. Implementing GDPR can be overwhelming for SMEs that have limited resources or capital. GDPR may not be the top objective for many SMEs. However, the consequences of not complying with GDPR can lead to fines or the withdrawal of its business license within the EU region. The high cost of implementing GDPR solutions and services may lower profit margins for SMEs, however, with the implementation of GDPR, several SMEs could benefit from partnering with MSPs to help them comply with the new legislation.
This post was originally published on Downey Magazine