General Data Protection Regulation (GDPR) is a data protection reform which came into force in May 2016 and is mandatorily applicable from 25th May 2018 across the European Union (EU). EU citizens have gained more control over their personal data with the GDPR regulation. The GDPR regulation is applicable to all organizations operating in member states of the European Union and also to those organizations which are located outside the European Union but are selling goods and services to enterprises and customers in the EU. Therefore, globally, all multinational companies have to abide by the GDPR compliance. GDPR rules apply to controllers and processors, so cloud is also not exempted from enforcement. Data which is considered personal under the GDPR framework include photos, name, address, and other sensitive data such as biometric data, sexual orientation, genetic data, etc.
The impact of GDPR on business is related to how companies process, store, and secure data of EU citizens. GDPR regulation is expected to impact different departments of companies such as product development, human resource, and sales & marketing. Therefore, companies are streamlining their business operations in compliance to GDPR reforms. GDPR focuses on risk management as well and requires a risk assessment, and data protection impact assessment (DPIA) when there is high data protection risk involved. Companies are spending huge amounts to ensure that they are compliant to the regulation. These factors are driving the use of GDPR software and tools for assessing, implementing, and planning GDPR compliance. Companies are introducing software and tools such as data governance and management, assessment, security, and user consent tools to simplify the GDPR compliance process. Companies are also remodeling their products and services to accommodate changes facilitating compliance to GDPR regulations.
Companies such as Facebook Inc., Google Inc., and Apple Inc. have already rolled out several features in their products that helps the user base to control their data. Major sectors most affected by GDPR include telecommunication, FinTech, social networking, and cloud computing. Operational failure of GDPR leads to adverse scrutiny of technology. Hence, organizations have started adopting GDPR not just to avoid legal risks but for good data handling and achieving competitive advantage in the market as well. This factor is expected to create opportunities for the GDPR software and tools market over the forecast period. GDPR is a major reform in the digital world and is expected to influence consumer data protection rules of countries in other regions as well.
The global GDPR software and tools market can be segmented based on type, component, deployment type, and region. In terms of type, the GDPR software and tools market can be bifurcated into data controllers and data processors. Based on component, the GDPR software and tools market can be categorized into software/tools and services. Services segment accounts for largest share in the GDPR software and tools market. Software/tools segment is further segmented into compliance software, security tools, assessment, data governance and management tools, and user consent tools. Based on services the GDPR software and tools market is segmented into advisory services, analytics services, security, assessment services, technology & product implementation services, and other services. Based on deployment type, the GDPR software and tools market is segmented into on-premise and cloud.
Based on region, the global GDPR software and tools market can be categorized into North America, Asia Pacific, Middle East & Africa, South America, and Europe. Europe accounts for largest share in the GDPR software and tools market. Europe is expected to dominate the market over the forecast period as well.
Key players operating in the global GDPR software and tools market include Absolute Software Corporation, Alert Logic, Inc., Actiance Inc., BMC Software, Inc., Capgemini SE, Cisco Systems, Inc., DXC Technology Company, FTI Technology LLC, Infosys Limited, Oracle Corporation, Sopra Steria Group SA, TrustArc Inc. and MetricStream Inc.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
With a robust experience in creating exceptional market reports, Transparency Market Research has emerged as one of the trusted market research companies among a large number of stakeholders and CXOs. Every report at Transparency Market Research goes through rigorous research activity in every aspect. The researchers at TMR keep a close watch on the market and extract beneficial growth-boosting points. These points help the stakeholders to strategize their business plans accordingly.
TMR researchers conduct exhaustive qualitative and quantitative research. This research involves taking inputs from the experts in the market, focused attention on recent developments, and others. This method of research makes TMR stand out from other market research firms.
Here's how Transparency Market Research helps the stakeholders and CXOs through the reports:
Inculcation and Evaluation of Strategic Collaborations: The TMR researchers analyze recent strategic activities like mergers, acquisitions, partnerships, collaborations, and joint ventures. All the information is compiled and included in the report.
Perfect Market Size Estimations: The report analyzes the demographics, growth potential, and capability of the market through the forecast period. This factor leads to the estimation of the market size and also provides an outline about how the market will retrieve growth during the assessment period.
Investment Research: The report focuses on the ongoing and upcoming investment opportunities across a particular market. These developments make the stakeholders aware of the current investment scenario across the market.
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.