With the rising need to become compliant with GDPR, demand for various GDPR solutions and services is increasing. This, in turn, is serving as a significant factor for the growth of the market. Over the last three years, businesses that were not compliant with the GDPR have had to pay substantial penalties. For example, in July 2019, British Airways was fined USD 223.5 million (proposed penalty by ICO) by the United Kingdom’s Information Commissioner’s Office (ICO) for a data breach under GDPR. The fine amounted to 1.5% of British Airways’ annual global turnover in 2017. The fine was levied after the ICO investigation found that the company did not take strict security measures to secure the personal data of approximately 500,000 customers. Weak security arrangements to secure customer information have resulted in the loss of personal data to half a million customers of the airline. Therefore, in order to avoid such high penalties, companies are restructuring their business operations. This, in fact, drives the overall market for GDPR services.
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The global GDPR services industry has been segmented into type, organization size, and vertical.
By type, the global GDPR services market has been segmented into solution and service. Solutions are further divided into data management and API management. Services are further segmented into GDPR readiness assessment and DPIA, DPO-as-a-Service, and others. The solution segment accounted for a higher market share of 64.2% in 2018; the CAGR is projected to be 22.8% in the forecast period. The service segment is expected to post a higher CAGR of 24.3%.
By organization size, the global GDPR services market has been segmented into small and medium enterprises and large enterprises. The large enterprise segment accounted for a more significant market share in 2018, is expected to register a CAGR of 22.9% during the forecast period. The SME segment is expected to post a higher CAGR of 24.5%.
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