Artificial Intelligence
GDPR Services Global Market Report 2023
New York, June 14, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “GDPR Services Global Market Report 2023” – https://www.reportlinker.com/p06466610/?utm_source=GNW
, Proofpoint Inc., Veritas Technologies LLC, Informatica Inc., SAS Institute Inc., Amazon Web Services Inc., Mimecast Services Limited, OneTrust LLC, Talend, TrustArc Inc., and Iron Mountain Inc.
The global GDPR services market is expected to grow from $2.47 billion in 2022 to $3.03 billion in 2023 at a compound annual growth rate (CAGR) of 23.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The GDPR services market is expected to reach $6.92 billion in 2027 at a CAGR of 16.5%.
The GDPR services market includes revenues earned by entities through data discovery and mapping, GDPR software, data governance, and data inventory services.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
GDPR (General Data Protection Regulation) services are a set of services designed to assist organizations in complying with the general data protection regulation (GDPR), which is a set of data protection legislation in the European Union (EU) aimed at protecting individuals’ privacy and personal data.
Europe was the largest region in the GDPR services market in 2022.North America is expected to be the fastest-growing region in the forecast period.
The regions covered in the GDPR services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main GDPR services types of deployment are on-premises and cloud.On-premises refers to IT infrastructure software and hardware programs that are hosted on-site.
The various offerings are data management, API management offered to various organisation that are large enterprise, and small and medium-sized enterprises. The other various offerings are solutions, and services that are used by BFSI, telecom and IT, retail and consumer goods, healthcare and life sciences, manufacturing, and others.
The growing number of data breaches is expected to propel the growth of the GDPR services market going forward.A data breach occurs when data is stolen or taken from a computer system without the owner’s knowledge or authority.
It can happen through several methods, including hacking, phishing, malware, or the actual theft of devices storing sensitive information.GDPR services can assist organizations in managing data breaches in a timely and effective manner, minimizing any harm to individuals and the organization’s reputation.
For instance, in March 2023, according to Astra IT Inc., a US-based company in the computer network and security industry, according to data breach statistics, the data breach grew by 2.6% to $4.35 million in 2022 from $4.24 million in 2021. The average cost of a data breach for critical infrastructure organizations, on the other hand, has risen to $4.82 million. Therefore, the growing number of data breaches is driving the growth of the GDPR services market going forward.
Technological advancements are the key trends gaining popularity in the GDPR services market.Companies operating in the GDPR services market are adopting new technologies to sustain their position in the market.
For instance, in July 2021, Jolocom GMBH, a Germany-based software company, launched SmartWallet 2.0., a digital application provider that leverages blockchain technology for identity proof has released a new version of its app for storing digital assets and identification that is compliant with the European Union’s General Data Protection Regulation. To ensure GDPR compliance, digital identities maintained in the app must provide users with a simple and verifiable mechanism to opt out of organizations collecting personally identifying information.
In January 2023, OpenText, a Canada-based provider of enterprise information management software, acquired Micro Focus International plc for $5.8 billion. This acquisition broadens, diversifies, and enhances OpenText’s portfolio by expanding the company’s mission to help enterprise experts secure their businesses, gain greater insight into their data, and better manage a growing hybrid and complex digital fabric with an innovative set of tools that include information security, digital operations management, application modernization and delivery, artificial intelligence, and analytics. Micro Focus International plc is a UK-based software and information technology company that operates in the GDPR services market.
The countries covered in the GDPR services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The GDPR service market research report is one of a series of new reports that provides GDPR service market statistics, including GDPR service industry global market size, regional shares, competitors with a GDPR service market share, detailed GDPR service market segments, market trends and opportunities, and any further data you may need to thrive in the GDPR service industry. This GDPR service market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06466610/?utm_source=GNW
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