The GDPR market is predicted to grow from $907.4m in 2018 to $2.7bn in 2023, according to research published by MarketsandMarkets, reflecting a CAGR of 24% during the forecast period.
The growth over this period will be primarily driven by the implementation of GDPR across the EU from May 2018. Other growth factors include the generation of massive amounts of data, an increased need for data security and privacy, and demand for more data processing transparency.
Visit Innovation Enterprise's Digital Strategy Innovation Summit in Sydney, September 17&18, 2018.
During the forecast period, the large enterprise segment is expected to account for a larger share of the GDPR services market as they are expected to achieve compliancy with higher efficiency than SMEs. Larger organizations also run the risk of damaging their global reputation by not being compliant.
"Europe is expected to account for the largest share of the GDPR services market during the forecast period, as GDPR has been adopted by the EU since May 2018," said MarketsandMarkets. "GDPR represents a business opportunity for European organizations to gain an advantage over their competitors."
While GDPR is strictly an EU regulation, it is expected to affect international markets too, and international companies with EU citizens as customers need to comply in order to avoid fines.