$2.6 Bn GDPR Services Market - Global Forecast to 2023: European Market to Witness the Fastest Growth Post New GDPR Act - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Nov 16, 2018--The “GDPR Services Market by Solution (Data Discovery and Mapping, Data Governance, and API Management), Service (GDPR Readiness Assessment, Risk Assessment and DPIA, and DPO-as-a-Service), Organization Size, and Region - Global Forecast to 2023” report has been added to ResearchAndMarkets.com’s offering.
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 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.
GDPR Services Market
Based on geography, the European region is expected to witness the fastest growth in the GDPR services market as GDPR has been adopted by the European Union since May 2018. GDPR represents a business opportunity for European organizations to gain an advantage over their competitors. The global nature of GDPR is expected to impact the vast majority of large businesses in Europe. Though GDPR originated in Europe, it is expected to affect international markets as well. International companies across the globe with any EU citizens as customers need to be aware of and comply with these new legal obligations to avoid fines. The high level of international businesses involving the EU is expected to influence robust data protection procedures around the world.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Market Opportunities in the GDPR Services Market
4.2 GDPR Services Market, By Offering, 2018-2023
4.3 Market, By Solution, 2018-2023
4.4 Market, By Data Management Solution, 2018-2023
4.5 Market, By Service, 2018-2023
4.6 Market, By Professional Service, 2018-2023
4.7 Market, By Organization Size, 2018-2023
4.8 Market Investment Scenario
5 Market Overview and Industry Trends
5.2 Market Dynamics
220.127.116.11 Growth of Enormous Amount of Data, Need for Data Security and Privacy Protection, and Demand for Data Processing Transparency
18.104.22.168 GDPR Compliance Adoption Leading to Enhanced Security Service Delivery Along With Improved Reputation of Organizations
22.214.171.124 Implementation of PbD Enhancing Data Privacy
126.96.36.199 Channel Partners are Likely to Witness Revenue Generation Opportunities
188.8.131.52 GDPR Can Offer New Revenue Pockets to MSPS in the Coming Years
184.108.40.206 Acquiring the Skills to Manage GDPR Compliance
5.3 Use Cases
6 GDPR Services Market, By Offering
6.2.1 Data Management
220.127.116.11 Data Discovery and Mapping
18.104.22.168 Data Governance
6.2.2 API Management
6.3.1 Professional Services
22.214.171.124 GDPR Readiness Assessment
126.96.36.199 Risk Assessment and DPIA
188.8.131.52 Training and Certification
6.3.2 Managed Services
7 Market, By Organization Size
7.2 Small and Medium-Sized Enterprises
7.3 Large Enterprises
8 GDPR Services Market, By Region
8.3 North America
8.4 Asia Pacific
8.5 Rest of World
9 Competitive LandscapeAbsolute Software Actiance AWS Capgemini Hitachi Systems Security IBM Informatica Metricstream Micro Focus Microsoft Mimecast Nymity Onetrust Oracle Proofpoint Protegrity SAP SAS Institute Snow Software Swascan Symantec Talend Trustarc Trustwave Varonis Veritas Iron Mountain
For more information about this report visit https://www.researchandmarkets.com/research/znhw7h/2_6_bn_gdpr?w=4
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Related Topics:IT Security,Data Storage and Management
INDUSTRY KEYWORD: TECHNOLOGY DATA MANAGEMENT
SOURCE: Research and Markets
Copyright Business Wire 2018.
PUB: 11/16/2018 12:08 PM/DISC: 11/16/2018 12:08 PM