Market Challenges And Opportunities

Global GDPR Services Market Drivers:

Growing need for data privacy and security to drive the market growth

The number of data breach incidences is growing all over the world, due to which the demand for data privacy and security is growing rapidly. For instance, as per the recent 2020 survey by the government of U.K., 46% of the businesses and more than 26% of charities surveyed faced cybersecurity incidences in the previous year. Only under 19% of businesses that faced a breach had material losses such as theft of data or money. 39% reported other adverse impacts, such as cost reduction due to implementation of better security, business disruption, and staff costs. Thus, the demand for GDPR services is increasing all over the world, which in turn is expected to augment growth of the global GDPR services market over the forecast period.

Increasing transparency needs in data processing to fuel the market growth

The demand for data processing transparency among consumers around the world is increasing with time. GDPR services are vital to cater such requirements and help provide a level of trust. As per the Cisco Consumer Privacy Study 2020, nearly 42% of consumers have turned to providers or companies over data sharing practices or data policies. Moreover, in 2020, Transcend conducted Data Privacy Feedback Loop, according to which, 91% of the respondents find that businesses profiting from personal data are responsible for making the data easily available. Thus, these factors are in turn expected to fuel growth of the global GDPR services market during the forecast period.

Global GDPR Services Market Opportunities:

Growing demand for GDPR services is likely to offer significant business opportunities in the global GDPR services market during the forecast period. The interaction between users and the websites they brows has transformed dramatically due to GDPR. Companies are incorporating new regulations, specific tools, and professionals into their pre-existing business and governance processes. In future, the number of businesses committed to offer a profitable, trusted data-driven system with clean transparency benefits is expected to increase all over the world. This will thus, drive the demand for GDPR, which is anticipated to support growth of the market in the coming future.

Increasing need for advancements in cyber security practices is also expected to create lucrative environment for growth opportunities in the global GDPR services market over the forecast period. GDPR is likely to drive the improvements in cyber security practices of different organizations. With the prospect of major fines for data breaches, companies are focusing on strengthening the security for their systems. Several organizations are making use of their obligations under the GDPR, for ensuring that their systems are updated to newest operating systems and proper capital is allotted to cybersecurity control. Thus, these factors are expected to offer create growth opportunities in the market.

Global GDPR Services Market Restraints:

Complexity of implementation of GDPR services, and level of market compliance to impede market growth

Several companies around the world are facing challenges in areas such as, ensuring reporting of data breaches, protecting the rights of people, and management of different audit processes. Such issues directly impact GDPR compliance services. As per the survey by Hayes Connor Solicitors on the U.K. office workers, in 2020, only 20% of the respondents were given no training to handle company data, cybersecurity, and GDPR. The lack of training to employees for the scope of data protection and GDPR indicates the complexity of implementing GDPR services and low compliance level of market. These factors are thus, expected to hamper growth of the global GDPR services market over the forecast period.

High cost of GDPR services implementation and maintenance to obstruct the market growth

The cost required for maintenance of GDPR compliances is found to be high, owing to continuous risk assessment, monitoring, and other factors. As the implementation cost of GDPR is high, it adversely impacts smaller businesses having low budget for data protection. The high cost of implementing GDPR could reduce profit margins of SMEs. Thus, this factor impacts of adoption of GDPR services among small and medium enterprises, which is expected to obstruct growth of the global GDPR services market during the forecast period. However, market players are focusing on creating solutions to help such businesses, which is likely to aid in growth of the market.