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.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
~8% |
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Base Year Market Size (2023) |
~ USD 3 Billion |
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Forecast Year Market Size (2036) |
~ USD 17 Billion |
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Regional Scope |
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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:
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Deployment |
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Application |
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End User |
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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.
Author Credits: Abhishek Verma, Hetal Singh
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