The GDPR Services market was valued at USD 1183. 2 million in 2020 and is expected to reach USD 4364 million by 2026, at a CAGR of 24. 3% over the forecast period 2021 – 2026. In the nearly two years, since the regulations came into effect, maintaining and establishing GDPR compliance has become a key challenge for organizations worldwide that hold data on EU citizens.
New York, June 01, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “GDPR Services Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” – https://www.reportlinker.com/p06079799/?utm_source=GNW
Research conducted in 2019 by security software supplier Egress suggests that more than half of UK businesses were not compliant with the GDPR.
– A new service designed and built by two data protection consultants aims to help organizations overwhelmed with the administrative burden of complying with the European Union (EU) General Data Protection Regulation (GDPR).
– In January 2020, Black Penny Consulting, a City of London-based digital transformation shop, developed the Compliance Space, which is designed to replace time-consuming spreadsheets with a more intuitive software interface that will make compliance management more effective and efficient—incorporating real-time legislative updates. The service is explicitly pitched at specialist consultants and data protection officers who are tasked with supporting businesses as they strive to meet their obligations under GDPR.
– With the increasing concerns over data privacy and security, the demand for GDPR services is anticipated to increase significantly. The number of reported cybersecurity incidents has increased substantially over the past few years, leading to the increased importance of data security and protection initiatives.
– A survey by IBM revealed that the healthcare and social services sectors currently have the highest volume of weekly attacks, closely followed by the transportation and hospitality sectors. The same survey also reported that outsider attacks account for close to 44% of the total attacks, followed by malicious insiders (23%), with the latter recording a steep rise in the past few years. The recent increase in financial and banking hardware also indicates a considerable increase in malware attacks in Europe.
– Amid the COVID-19 crisis, several organizations are working remotely, and a broad category of the population depends on mobile applications to keep track of COVID-19 scenario, teleconferencing, file sharing, and enterprise-grade authentications. A considerable amount of user data is exchanged, especially in commercial ore corporate applications. Ensuring GDPR compliance for applications that serve the EU region or host data servers in international locations is of paramount importance.
– The increasing cloud adoption across the world is anticipated to increase the demand for GDPR services further, as the probability of being prone to cyberattacks is high in the cloud. It is anticipated that the small and medium enterprises (SMEs) are expected to be impacted financially while applying for GDPR services as big companies have the resources to pour into their tech and legal teams for ultimate compliance, while the same is not valid for SMEs.
Key Market Trends
Healthcare and Life Sciences Industry to Hold Significant Market Share
– 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. However, IoT also creates the need for data governance for the healthcare sector. The industry struggles with the massive amount of data produced by sensors, wearables, remote monitors, and other medical devices.
– Moreover, with the increased Internet of Things (IoT) devices, the vulnerability and exposure to diverse cyber-attacks have increased. In the context of the digital transformation of healthcare in Europe, there is a rapid growth of wearables and connected medical devices that enable remote health monitoring.
– Moreover, According to the 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, hence boosting the market growth in the industry.
– With the technological advancements in data transfers, cloud services are becoming more common. Public cloud has been emerging. This technological advancement has resulted in the faster transfer of phishing emails, bots, and ransomware, indicating the vulnerabilities that are brought in by them. These factors are also expected to motivate enterprises and organizations to deploy data governance tools and GDPR services in the industry.
– For instance, the US healthcare regulation, HIPAA, protects patient data. Securing patients’ private medical history and health records is of the utmost importance within the healthcare market.
Europe Occupy Significant Market Share
– Europe is anticipated to witness a significant share for GDPR services due to the high acceptance of the GDPR in the region. The regulation forces companies in these countries to comply with it.
– European privacy authorities have received nearly 65,000 data breach notifications since the EU’s new privacy law went into full effect until May 2019. Also, regulators in 11 European countries have imposed USD 63 million in GDPR fines.
– In the United Kingdom, the number of data breach notifications has dropped by 17% to 11,499. In contrast, numbers almost doubled in France, with a 97% increase to 2,287, and soared in Spain, reporting 1,608 notifications, representing a 58% increase compared to the first year of GDPR.
– In April 2019, the new Cyber Security Law was introduced to broaden the existing regulation scope and introduce GDPR-type fines for certain violations. Such an increase in government regulations’ stringency is expected to push the organizations in Germany to adopt cybersecurity solutions.
– Post-GDPR coming into effect, France introduced major reforms associated with cybersecurity policies. For instance, the telecommunication companies are allowed to scan their networks for technical clues of any anticipated or on-going attack. In some cases, telecom companies may also need to inform their customers of any unwanted cyber-attacks.
– The region is witnessing demand for IoT connected cars. This consists of individual data using which a person can be tracked. Then there is smart metering whereby personal data on household energy consumption patterns is leveraged. With the GDPR being affected in the region, for the companies in various end-users that deploy connected solutions, it has become necessary to secure the user’s data. This is anticipated to drive the demand for the GDPR services.
The market is fragmented, with many vendors offering services to support GDPR services across almost all industry verticals. The players in the market are innovating in providing strategic solutions to increase their market presence and customer base. This is enabling them to secure new contracts and tap new markets. Some of the key developments in the market are:
– In January 2020 – Microsoft Corporation announced several new assessments available in the public preview of the Microsoft Compliance Score. Leveraging a team of data protection experts using a common control framework of more than 1,000 controls, the company built unique insights into Microsoft Compliance.
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