The global GDPR services market will be worth nearly $2.7bn by 2023, up from more than $900m in 2018, registering a CAGR of 24% between 2018–23, Research and Markets has predicted.
The main driver of the growth will be the enforcement of GDPR regulations in the EU from May 2018, the report found.
Additionally, the generation of enormous amounts of data; heightened awareness for data security and privacy; and the demand for data processing transparency for improved security service delivery among organizations are also significant factors propelling the growth.
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"The SMEs segment is expected to record a higher growth rate during the forecast period as compared to the large enterprises segment," said Research and Markets. "Implementing GDPR can be overwhelming for SMEs that have limited resources or capital. GDPR may not be the top objective for many SMEs.
"However, the consequences of not complying with GDPR can lead to fines or the withdrawal of its business license within the EU region," the report added.
Due to the new regulations by the EU, the European region is anticipated to witness the fastest growth in the GDPR services market, the report found. However, GDPR regulations are expected to affect international companies with EU customers too as they must comply with regulations.