Europe Data Protection-as-a-Service Market Size

Europe Data Protection-as-a-Service Market Analysis

The Europe Data Protection-as-a-Service Market size is estimated at USD 5.98 billion in 2024, and is expected to reach USD 11.83 billion by 2029, growing at a CAGR of 14.60% during the forecast period (2024-2029).

The factors driving the European market for data protection-as-a-service are increased focus on third party risk management coupled with stringent regulations, such as GDPR, prompting the adoption of data protection solutions. Many Europe-based market vendors are also innovating their product offerings by penetrating various industries to gain a competitive advantage, further contributing to the market's growth.

• In Europe, the General Data Protection Regulation (GDPR) is the primary legal framework that structures guidelines for collecting personal data and information. Compliance with the core tenets of GDPR, relating to personal information collected, accessed, and stored, is a hard take for companies. Therefore, data protection services can enable business self-service analytics while ensuring enterprise governance and compliance.
• Cloud migration is also very high among the end-user industries in the region. With more mobile data generated, more data sources are likely to be added. Hence, the region requires more advanced data preparation solutions.
• Even though the number of data breaches and cyberattacks is increasing in several European countries, customers and organizations in this region have been reluctant to share their data with third-party companies. Moreover, in October 2023, the head of Eon, one of the largest power providers in Germany, stated that the country failed to do strong enough to secure critical assets from cyberattacks and, as a result, called on authorities throughout Europe to take more action. With these increasing numbers of threats in European countries are driving the adoption of data protection services.
• With the increasing incidence of the COVID-19 pandemic, the necessity for safe, simple avenues for data exchange between public bodies and healthcare professionals made its way much more transparent than previously in to fight against the virus. However, the market is facing uncertainties owing to the Brexit effect in the European Union. Google plans to move its British customer's accounts out of EU privacy regulators' control and place them under the United States jurisdiction. The shift, prompted by Britain's exit from the European Union, will leave the sensitive information of millions of customers with less protection and within more comfortable reach of British law.