General Data Protection Regulation (GDPR) is a new regulation that came into effect on 25th 2018. Any non-compliance may result into a huge fine of € 20 million or 4% of annual turnover of the business entity, whichever will be greater. This has given a huge opportunity of growth to the GDPR service providers that offer various solutions and services to businesses so that they can run their business operations smoothly and in compliance with GDPR. There is a huge demand for GDPR services in all industry verticals that serve customers in the European region, irrespective of where they are storing and processing the customer data.
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In this study, the GDPR services market is segmented based on component, organization size, industry vertical, and region/country. Based on organization size, the market is segmented into large enterprises and SMEs. The industry verticals covered in the study include BFSI, government and public administration, education, retail and eCommerce, heatlhcare, media and entertainment, and travel and hospitality. Finally, by region, the market is segmented into Europe, North America, Asia-Pacific (APAC) and the rest of the world. Europe is further segmented into Germany, France, the UK, and the rest of Europe; North America into the US, Canada, and Mexico; Asia-Pacific into China, India, Japan, and the rest of Asia-Pacific; and the rest of the world into Middle-East and Africa (MEA) and Latin America.
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In the component market segment, solutions are expected to have a larger share than services whereas services segment is expected to grow with the higher CAGR during the forecast period. In the services segment, managed services is expected to dominate the market in terms of market share and grow with the highest CAGR as well during the forecast period.
Among the industry verticals, BFSI, retail and eCommerce, and healthcare are expected to be the top 3 contributors in terms of market share while travel and hospitality is expected to grow with the highest CAGR.
The prominent players in GDPR services market are IBM (US), Micro Focus (UK), AWS (US), Veritas (US), Microsoft (US), Capgemini (France), Absolute Software (Canada), Informatica (US), Mimecast (UK), Iron Mountain (US), Oracle (US), Proofpoint (US), and Trustwave (US).
The global market for global GDPR services is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of the market is studied for Europe, North America, Asia-Pacific, and the rest of the world.
Europe is presumed to have significant growth in the global GDPR services market. The UK and Germany are the leading countries in the region. The growth is attributed to rising need for effective solutions and services to meet the GDPR compliance requirements and prevent any damage to brand reputation. North America is also anticipated to be the fastest growing region in the global GDPR services market over the forecast period. Many US based enterprises are increasingly adopting GDPR services to serve their clientele base in Europe in compliance with GDPR. Asia-Pacific is also expected to be one of the potential markets after North America showing rising demand for GDPR services in the upcoming years
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