GDPR services market is estimated to be valued at US$ 3,130 Million in 2023; 22.45% CAGR Projected- Coherent Market Insights

Subtitle: Key market players covered in the GDPR services market include Infosys Limited, IBM Corporation, Tata Consultancy Services Limited, Atos SE, Microsoft Corporation, Accenture PLC, Micro Focus International PLC, DXC Technology Company, Oracle Corporation, Wipro Limited, SAP SE and Capgemini SE.

A newly published report by Coherent Market Insights reveals a sustainable growth in opportunities in the GDPR services market.

Coherent Market Insights’ analyst projected the GDPR services market to be valued at US$ 3,130 Mn in 2023. It is expected to exhibit a CAGR of 22.45% over the forecast period 2023-2030.

Market Dynamics:

Rising concerns over data privacy and security among organizations drives market growth.  (GDPR) aims to protect and empower all EU citizens’ data privacy. It reshapes the way organizations across the region approach data privacy.

Increasing number of data breaches and cyber attacks has further increased privacy concerns. As per a report, there were 1442 data breaches in the U.S. in 2020 exposing over 337 million records. This has boosted demand for GDPR consulting.

Market Trends:

• Cloud-based GDPR solutions are one of the major trends that will gain popularity in the market. Cloud-based GDPR solutions offer flexibility, scalability and cost benefits. These solutions help organizations focus on their core competencies rather than diverting resources.

• Key players are investing in deploying AI based GDPR solutions to enhance business processes. It also automates data-related tasks such as data discovery and mapping, management of access rights, and record management among others.

• Another trend witnessed is integration of GDPR with other privacy regulations like CCPA, LGPD etc to deliver comprehensive solutions. Vendors provide a centralized platform to manage compliance with global regulations.

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GDPR Services Market Opportunities

• Data management services segment growth is expected to witness the fastest growth. It helps organizations ensure data privacy compliance through collecting, organizing and storing personal data. These services provide data mapping and classification, data retention and deletion services.

• Data discovery and mapping segment growth is expected to witness market growth. These services help organizations identify, map and classify personal data across different systems. These services provide data lineage mapping to track how data flows within organizations.

Key Market Takeaways

• The GDPR services market is anticipated to witness a CAGR of 22.45% during the forecast period 2023 – 2030. This is due to increasing regulatory pressures on organizations to ensure data privacy compliance.

• On the basis of type of deployment, the cloud segment is expected to hold a dominant position. This is owing to benefits such as scalability, cost savings and remote data management capabilities.

• On the basis of end-user industry, the banking, financial services, and insurance (BFSI) segment is expected to hold a dominant position. This is due to increasing volumes of sensitive customer data handled.

• By organization size, large enterprises are expected to hold the largest share. This is due to higher investments in data privacy and more complex operations.

• North America is expected to hold a dominant position over the forecast period. This is due to stringent privacy laws like the California Consumer Privacy Act (CCPA) driving demand.

Competitor Insights

Key players operating in the GDPR services market include

• Infosys Limited
• IBM Corporation
• Tata Consultancy Services Limited
• Atos SE
• Microsoft Corporation
• Accenture PLC
• Micro Focus International PLC
• DXC Technology Company
• Oracle Corporation
• Wipro Limited
• SAP SE
• Capgemini SE

Recent Developments: 

• In November 2022, Informatica, announced the availability of its Intelligent Data Management Cloud (IDMC) platform for municipal and state governments during the Informatica World Tour in Washington, DC.

• io and Solace, a major provider of event-driven architecture, created a collaboration in October 2022 to deliver a unified API management experience to the market for simultaneous RESTful and asynchronous event-driven APIs.

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About Us:

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defence, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.