GDPR Assessment Tool Market Size & Share, by Deployment (On-Premises, Cloud Based); Application (Small & Medium Sized Enterprises, Large Enterprises); End User (BFSI, Healthcare, Manufacturing, IT & Telecommunication, Government, Aerospace & Defense, Consumer Goods & Retail) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 5928
  • Published Date: Mar 27, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

GDPR Assessment Tool Market size is anticipated to reach USD 17 Billion by the end of 2036, growing at a CAGR of 8% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of the GDPR assessment tool was USD 3 Billion. The growing need for organizations to abide by the rules and regulations for data protection is leading to the growth of GDPR assessment tool. According to a recent report, if any organization does not act by GDPR, the company has to face legal consequences and can be fined up to 21 billion or 4% of its annual global turnover. 

Businesses are growing at a rapid pace and the GDPR assessment tool helps them to identify if any gaps are present in their compliance and gives suggestions for compulsory actions to ensure conformity with GDPR requirements. Therefore, identification of such problems is believed to fuel the GDPR assessment tool market growth.


GDPR Assessment Tool Market
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GDPR Assessment Tool Market: Growth Drivers and Challenges

Growth Drivers

  • Increasing Awareness of Data Security: Businesses are becoming more aware of their rights to confidentiality of their data and are worried about how people collect, utilize, and share their personal information. As the number of cases of high-profile data breaches and privacy crises is increasing, awareness regarding this tool is rising gradually. According to a recent report around 6.51 million data records were leaked in the first quarter of 2023 across the world. Data privacy is the main concern for businesses and they are holding on to GDPR compliance tool to meet the customer’s expectations. Moreover, various guidelines such as how companies can manage consent, protect subject data rights, and create awareness among people for data breaches.
  • Growing Adoption of Cloud Computing: People have started adopting cloud computing and software-as-a-service (SAAS) on a large scale. With the help of cloud-computing, it’s easy for organizations to have the flexibility and scalability required to manage GDPR assessment tool. These features help businesses to manage the changing regulatory environments and shifting data volumes and make it easy for businesses to adapt to the changing needs. As organizations are using cloud computing on a large scale, demand for SaaS enterprises is growing progressively.

Challenges

  • High-Cost Hampering Expansion of Market: The cost of the tool is very high which is limiting the growth of the GDPR assessment tool market. It becomes very difficult for small and medium-sized enterprises to use GDPR software and solutions as they have limited resources.
  • Personal data provided for processing should be adequate and only the necessary details should be given that are needed. It should not be kept for a longer time than you need it.

GDPR Assessment Tool Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

~8%

Base Year Market Size (2023)

~ USD 3 Billion

Forecast Year Market Size (2036)

~ USD 17 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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GDPR Assessment Tool Segmentation

Deployment (On Premises, Cloud Based)

The cloud-based segment in the GDPR assessment tool market is estimated to gain the largest revenue share of about 65% in the year 2036. The segment growth can be attributed to the easy management of GDPR assessment tool. Cloud-based services are retrieved from the internet and presented on the service provider's servers. It offers very low upfront cost, easy to use when working remotely, and scalability. According to a recent report, around 3 billion people were using personal clouds in 2020 out of which 71% of the users are using it for storing photos in the cloud, around 55% use personal clouds for backups, while 41% use this storage for music and videos. Moreover, the cloud-based market allows businesses to easily assess and ensure compliance with the General Data Protection Regulation.

Application (Small & Medium Sized Enterprises, Large Enterprises)

The small & medium sized enterprises segment in the GDPR assessment tool market is estimated to gain a significant share of about 57% in the year 2036. The segment growth can be attributed to meeting the data privacy demand in low budgets. In small and medium-sized enterprises, GDPT assessment tool help in addressing data privacy requirements with smaller budgets and very limited resources. It facilitates the management of data efficiently and protects processes.

Our in-depth analysis of the global GDPR assessment tool market includes the following segments:

          Deployment

  • On Premises
  • Cloud Based

          Application

  • Small & Medium Sized Enterprises
  • Large Enterprises

          End User

  • BFSI
  • Healthcare
  • Manufacturing
  • IT & Telecommunication
  • Government
  • Aerospace & Defense
  • Consumer Goods & Retail

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GDPR Assessment Tool Industry - Regional Synopsis

European Market Forecast

The Europe GDPR assessment tool market is anticipated to hold the largest share of about 34% by the end of 2036. The formation of regional data protection laws and the growing awareness of data privacy are estimated to fuel the market growth of GDPR assessment tool in the region. According to a recent report, around 100,884,532 cases of data breaches have been reported till December 2023. It accounts for 14% of the cases reported across the world and a gradual increase of around 45% was observed in November 2023. GDPR originated in Europe, it has presently opted for a data-driven approach, promoting worldwide adoption of GDPR services by businesses and it is compulsory for organizations to abide by the GDPR requirements. A higher level of international businesses that are involved with the European Union is anticipated to impact data protection procedures across the world very powerfully. Moreover, various companies worldwide with EU citizens as their customers are required to be aware of the regulations and abide by these new legal obligations to avoid heavy fines.

North American Market Analysis

The North America GDPR assessment tool market is estimated to be the second largest, registering a share of about 25% by the end of 2036. The market’s expansion can be attributed majorly to the expansion of industrial development, the adoption of data protection regulations in the early stages, and the presence of key market players in the region. These factors have increased the potential as this region is the second largest user of this tool. Moreover, the growing demand of small and medium-sized enterprises and large enterprises is one of the major reasons that is fueling the GDPR assessment tool market growth. According to a recent report published by the Identity Theft Resource Center (ITRC), around 1862 data breaches have been reported in 2021 in the US. This number has broken the previous record of 1506 set in 2017 and has shown a 68% increase compared to the 1108 breaches in 2020. Moreover, the region is observing an increasing demand for IoT-connected devices and smart metering solutions, these applications require individual data that have the potential for personal tracking and energy consumption analysis.

Research Nester
GDPR Assessment Tool Market size
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Companies Dominating the GDPR Assessment Tool Landscape

top-features-companies
    • Commvault Systems Inc.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • IBM Corporation
    • Softcat PLC
    • Microsoft Corporation
    • Mimecast Services Limited
    • Oracle
    • OneTrust, LLC.
    • SAP
    • Forcepoint
    • Veritas Technologies LLC

In-the-news

In The News

  • Commvault, a leading distributor of cyber resilience and data protection solutions for hybrid cloud organizations, has announced Commvault Cloud which is powered by Metallic AI – latest and distinctive platform which is playing a major role in changing the game. It displayed how IT and security teams can entirely improvise cyber resilience in a particular time period of non-stop ransomware and malicious cyberattacks.
  • IBM has released a report stating that 71% of Australian people have adopted to a newly developed hybrid cloud approach which can help drive digital transformation, whereas majority of people who are responding are struggling with the complexity to make all their cloud environments to work together. Moreover, organizations are facing skills gaps, security challenges and compliance obstacles, less than one quarter of Australian respondents manage their hybrid cloud environments.

Author Credits:  Abhishek Verma, Hetal Singh


  • Report ID: 5928
  • Published Date: Mar 27, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increasing awareness of data security and growing adoption of cloud computing are the major factors driving the growth of the GDPR assessment tool market.

The market size of GDPR Assessment Tool is anticipated to attain a CAGR of 8% over the forecast period, i.e., 2024-2036.

The major players in the market are Commvault Systems Inc., IBM Corporation, Softcat PLC, Microsoft Corporation, Mimecast Services Limited, Oracle, OneTrust, LLC., SAP, Forcepoint, Veritas Technologies LLC, and others.

The cloud-based segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the European region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
GDPR Assessment Tool Market Report Scope
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