GDPR Services Market Size

General Data Protection Regulation (GDPR) Services Market Analysis

The GDPR Services Market size is estimated at USD 3.33 billion in 2024, and is expected to reach USD 11.30 billion by 2029, growing at a CAGR of 27.66% during the forecast period (2024-2029).

As a result of increased connection and ongoing digitization, businesses are producing an exponential amount of data. People who visit places and websites or even make phone calls leave a digital footprint as data, a valuable resource businesses can utilize to engage with customers and provide a better user experience. Because of the increased demand for characteristics such as privacy, security, authenticity, legality, trust, universality, and scalability in organizational operations and quality monitoring, the GDPR services industry has a lot of room to develop.

• Argentina's Access to Public Information Agency has begun the consultation process to update its Personal Data Protection Law. The reforms are heavily based on the rules of the EU General Data Protection Regulation. Similarly, in September, Australia's second-largest telecommunications firm, Optus, had a significant data breach, prompting MPs to pass the Privacy Legislation Amendment Bill of the last year, which boosts fines to AUD 50 million when companies suffer repeated data breaches.
• Socially engineered cyber attacks targeting enterprise users are growing significantly. Among some of the significantly widespread campaigns spotted on the internet to date have been fraudulent emails indicated to be coming from the World Health Organization (WHO) and the US Center for Disease Control (CDC). The building domain names that look similar to the CDC's official web address aim at stealing passwords and even request bitcoin "donations" to fund a fake vaccine. Such instances have been increasing the demand for market studies.
• Further, there has been a rise in connected devices over the last few years. According to Cisco Systems, M2M connections are expected to reach 2.1 billion units in the last year. Cloud services are becoming more familiar with technological advancements in data transfers. The public cloud has been emerging. This technological advancement has resulted in the faster transfer of phishing emails, bots, and ransomware, indicating the vulnerabilities that they bring in.
• There has been a rise in the cybersecurity budget changes in response to the pandemic, triggering GDPR services. According to a survey by Microsoft Corporation of 800 business leaders during a pandemic, 36% of the respondents suggested an increase in the cybersecurity budget by 1-25%, and about 22% said that the budget increased by over 25% to combat the pandemic. The pandemic has brought a sharp focus to the balance that GDPR strikes between the rights of individuals and society. The global authorities are changing their guidelines to deal with data protection and privacy.
• On the flip side, the European Union General Data Protection Regulation (GDPR) confronts cloud service providers and customers with new requirements, such as the right to erasure, rectification, and portability, which is challenging to implement and implement not only from a technical perspective. Another new aspect appears with the model for shared responsibility regarding protecting personal data along the whole cloud supply chain. In a nutshell, the cloud customer remains accountable towards the data subject to an extent as they must fulfill the GDPR requirements.