Global GDPR Software & Tools Market Size By Type, By Deployment Mode, By Organization Size, By Geographic Scope And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
Global GDPR Software & Tools Market Size By Type, By Deployment Mode, By Organization Size, By Geographic Scope And Forecast
GDPR Software & Tools Market Size And Forecast
GDPR Software & Tools Market size was valued at USD 2.75 Billion in 2023 and is projected to reach USD 30.31 Billion by 2030, growing at a CAGR of 40.8% during the forecast period 2024-2030.
Global GDPR Software & Tools Market Drivers
The market drivers for the GDPR Software & Tools Market can be influenced by various factors. These may include
Strict Data Protection Laws Organisations are being forced to develop strong solutions in order to guarantee compliance with the stringent data protection laws, including the GDPR in the European Union. Businesses worldwide that handle the data of EU citizens are required to comply with GDPR regulations or risk facing severe fines.
Growing Cyber Threats and Data Breach Frequency Due to the increasing sophistication and frequency of cyber threats and data breaches, organisations are under more pressure than ever to invest in tools that will help secure sensitive data. GDPR software lowers the possibility of legal penalties and reputational harm by monitoring and guarding against data breaches.
Business Globalisation As companies grow internationally, they come across diverse data protection laws in different countries. GDPR software helps businesses simplify their attempts to comply with a variety of regulatory regulations by offering a centralised way to manage compliance across several jurisdictions.
Growing Consumer and Business Awareness of Data Privacy Businesses are investing in GDPR technologies as a result of growing consumer and business awareness of data privacy. Businesses are eager to show that they are committed to safeguarding consumer information since it can improve reputation and confidence.
Penalties for Non-Compliance Organisations that violate GDPR’s requirements face steep fines. Businesses have used GDPR software to make sure they are complying with the relevant data protection regulations and avoiding legal repercussions since they are afraid of facing significant financial penalties.
Rights of Data Subjects The GDPR gives people more authority over their personal information. Organisations utilise GDPR software to automate operations connected to data access, correction, and deletion, guaranteeing compliance with these obligations. This software helps handle and fulfil requests related to data subject rights in an efficient manner.
Complexity of Compliance Processes Data mapping, risk assessments, and continuous monitoring are just a few of the intricate procedures required to achieve and maintain GDPR compliance. GDPR software streamlines these processes, easing the pressure on internal resources and assisting organisations in navigating the complexities of compliance.
Cloud Computing’s Ascent The demand for GDPR-compliant solutions that can secure data stored in cloud environments has increased due to the proliferation of cloud computing services. In order to provide a complete approach to data security across on-premises and cloud-based systems, GDPR software frequently connects with cloud platforms.
Global GDPR Software & Tools Market Restraints
Several factors can act as restraints or challenges for the GDPR Software & Tools Market. These may include
Complexity and Implementation Difficulties Large organisations with substantial data processing operations may find it difficult to implement GDPR compliance. One potential barrier is the intricacy of incorporating GDPR software into current operations and systems.
Cost of Compliance Small and medium-sized businesses (SMEs) may find it costly to invest in GDPR software and solutions. For certain organisations, the expense of compliance, which includes software, training, and other resources, may be a barrier.
Lack of Knowledge and Understanding It’s possible that some organisations are unaware of the GDPR’s standards, which makes them unaware of the necessity of compliance solutions. For GDPR to be widely adopted, education and knowledge about the regulation and its consequences are essential.
Opposition to Change Within organisations, resistance to change can be a major impediment. New tools and procedures may be met with resistance from staff members and management, especially if they are seen as time-consuming or disruptive.
Global Differences in Data Privacy Rules Although GDPR is mainly applicable to the European Union, businesses who operate internationally may encounter difficulties in complying with the various data privacy rules that exist in various countries. This may make choosing and implementing GDPR solutions and software more difficult.
Data Security Issues Businesses can be worried about how secure the data that GDPR tools and software process is. Software flaws or security lapses may discourage adoption.
Restricted Customisation Options The ability to modify certain GDPR software to suit certain organisational requirements may be limited. This lack of adaptability could be a barrier for businesses with particular regulatory needs.
Regulatory Uncertainties The adoption of GDPR software may be impacted by modifications or uncertainties in the regulatory environment. If organisations expect legislative changes that could impact compliance needs, they can be reluctant to invest in tools.
Global GDPR Software & Tools Market Segmentation Analysis
The Global GDPR Software & Tools Market is Segmented on the basis of Type, Deployment Mode, Organization Size and Geography.
GDPR Software & Tools Market, By Type of Software/Tool
Data Discovery and Classification Tools Identify and classify sensitive data within an organization.
Data Governance Solutions Establish policies and procedures for data management and compliance.
Consent Management Platforms Manage and document user consent for data processing.
DSAR Tools Facilitate the handling of Data Subject Access Requests as required by GDPR.
IAM Solutions Control and manage user identities and access to ensure data protection.
Privacy Impact Assessment (PIA) Tools Evaluate and mitigate the privacy risks associated with data processing activities.
Incident Response and Breach Notification Tools Assist in detecting and responding to data breaches, ensuring compliance with notification requirements.
Others Additional specialized tools catering to specific GDPR-related needs.
GDPR Software & Tools Market, By Deployment Mode
On-Premises Software is installed and operated from the organization’s in-house server and computing infrastructure.
Cloud-Based Software is hosted on a cloud platform, providing flexibility and accessibility.
GDPR Software & Tools Market, By Organization Size
SMEs Small and Medium-sized Enterprises.
Large Enterprises Larger organizations with significant data processing needs.
GDPR Software & Tools Market, By Geography
North America Market conditions and demand in the United States, Canada, and Mexico.
Europe Analysis of the GDPR SOFTWARE & TOOLS MARKET in European countries.
Asia-Pacific Focusing on countries like China, India, Japan, South Korea, and others.
Middle East and Africa Examining market dynamics in the Middle East and African regions.
Latin America Covering market trends and developments in countries across Latin America.
Key Players
The major players in the GDPR Software & Tools Marketare
OneTrust
SAP
SAS Institute
Oracle
IBM
Informatica
Nymity
Proofpoint
Snow Software
Actiance
Report Scope
REPORT ATTRIBUTES
DETAILS
STUDY PERIOD
2020-2030
BASE YEAR
2023
FORECAST PERIOD
2024-2030
HISTORICAL PERIOD
2020-2022
UNIT
Value (USD Billion)
KEY COMPANIES PROFILED
OneTrust, SAP, SAS Institute, Oracle, IBM, Nymity, Proofpoint, Snow Software, Actiance
SEGMENTS COVERED
By Type, By Deployment Mode, By Organization Size and Geography
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