The rise in growth of enormous amounts of data among enterprises and demand for data processing transparency are the major factors that drive growth of the GDPR services market. In addition, rise in cyber-attacks and growth in adoption of GDPR compliance for enhanced security is expected to supplement the market growth. However, lack of expertise in managing these GDPR services and high implementation cost hamper the market growth. Furthermore, strict rules by governments of various countries to protect data is expected to provide lucrative opportunities for the GDPR services market.
Major industry players – AWS, Absolute Software, Capgemini, IBM, Informatics, Iron Mountain, Micro Focus, Trustwave, Proofpoint, and Veritas.
GDPR comprises strict rules and regulations that companies need to follow. In case of violation, companies need to pay heavy fines and even their business license can be withdrawn. This is expected to encourage organizations to invest in GDPR services and create opportunities for GDPR service providers.
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Europe is expected to have the largest market share during the forecast period, owing to the implementation of strict regulations in the EU and the presence of major GDPR service providers in the region. Companies that are situated outside the EU but deal with EU-based customers require GDPR services to secure personal data of users and new entrants who want to expand their businesses in EU. Hence, they need these services to abide by the GDPR law, which is expected to promote market growth in the future.
The report offers key drivers that propel growth in the global market. These insights help market players in devising strategies to gain market presence. The research also outlined restraints of the market. Insights on opportunities are mentioned to assist market players in taking further steps by determining potential in untapped regions.
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