General Data Protection Regulation (GDPR) was introduced as a part of data protection reform across the European Union (EU). The GDPR is a new regulation that is applicable to all organizations whose business operation is in member states of the European Union. It also applies to those organizations operating outside of the EU but are selling goods and services to customers and enterprises in the EU. This basically means that all the major multinational companies in the world have to abide by the GDPR compliance. The guidelines are formulated to give EU citizens more control over their personal data. The data protection reform came into force in May 2016 and was mandatorily applicable from 25th May 2018. The type of data which is considered personal under the GDPR framework are name, photos, address, IP address, and other sensitive data (genetic data, biometric data, ethnic data, sexual orientation etc.)
Under Article 4 of GDPR, there are two types of data handlers, data processors and data controllers. A data controller is an individual, public authority, or any institution which determines the need and means of processing personal data. A data processor is an individual, public authority, or any institution which processes personal data on behalf of the controller. GDPR places more legal obligation on a processor to manage and maintain personal data and how they are being processed. The controller has to make sure that all the contracts with the processor are in compliance with GDPR. The key focus of GDPR is clarity in consent to use personal data, which basically means that now companies cannot use vague or complicated and confusing statements to take the consumer’s consent. On the contrary, there has to be total transparency when taking consent of any individual. The EU document for GDPR also lays down rules, making it mandatory for companies to notify the data protection authority about a data breach within 72 hours after becoming aware about it.
The impact of the GDPR framework is manifold. The regulation will impact each and every department of an organization, right from product development to human resource data, and sales & marketing. The regulation changes the way sales projection and sales targets are set. It will also change the way marketing and promotional activity are managed. Overall, the impact of GDPR on business is related to how companies process, store, and protect data of EU citizens. Storing personal data of EU citizens can only take place if the organization has proper consent. Therefore, going forward, companies have to streamline their business operations in such a way that it is compliant with GDPR reforms. With GDPR regulation now officially rolled out, global firms have spent huge amounts to ensure that they are compliant to the regulation.
Companies have spent money on hiring lawyers and data protection consultants and technologies to assist them to comply with the complicated GDPR regulation. Companies are also modifying their products and services that they are currently offering in the market or are expected to launch in the coming years. Major technology companies like Microsoft Corporation, 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. For instance, in January, 2018 Facebook Inc. said that it will remodify its privacy dashboard to make it more user-friendly. Similarly, Microsoft said that it will provide GDPR protection to all its customer across the globe. Though GDPR is expected to impact each and every industry, there are a few major industries most affected by GDPR namely, telecommunication, FinTech, social networking, and cloud computing.
GDPR is thus a major reform in the digital world and it is expected to influence countries in other major regions such as Asia Pacific to start modifying or introducing stricter rules for consumer data protection.
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.