The General Data Protection Regulation (GDPR) implemented on May 2018, aims to declare the rights of EU citizens to protect the personal data and privacy of their information. The regulation highlights the responsibility of businesses doing business in and with the EU in handling the personal data of their citizens. The regulation gives individuals, prospects, customers, contractors, and employees more power over their data and takes away power from organizations that collect data for monetary gain.
According to this regulation, the non-compliant businesses face hefty fines, which can amount to 4% of their annual global revenue. In order to comply with the GDPR, organizations must conduct a GDPR assessment, which enables organizations to identify the key risk areas and implement an action plan to mitigate these risks. The ever increasing number of data breaches and identity thefts continues to accelerate the adoption of GDPR assessment tools.
Impact of COVID-19 Pandemic Outbreak on GDPR Assessment Tools Market
In the wake of the increasing spread of the COVID-19 pandemic, enterprises and organizations across all spheres of public and private life have adopted measures to mitigate harm caused to their employees and customers, faced with this public health emergency.
Many organizations have adopted homeworking policies during the pandemic, and this sudden change in the homeworking environment has bought several data protection risks for which organisation was unprepared, especially with respect to personal data protection risks. Thus, to comply with the data protection regulations and to stay protected from various data breaches, organizations adopt various GDPR assessment tools.
The GDPR assessment tools market has shown significant growth during the pandemic, it is expected that the growth will increase by nearly 4% - 6% in Q1-Q3 2020, and it is expected that the market will continue to become a mainstay in the post-pandemic world as well.
GDPR Assessment Tools Market: - Market Dynamics
Increasing Adoption of GDPR Assessment Tools to Stay Comply with GDPR
Risk assessments are a core component of the GDPR. Any organization within the scope of the GDPR must conduct regular risk assessments. Conducting risk assessments ensure organizations to properly identify potential security incidents and to deploy appropriate defense measures.
This GDPR assessments tools enable organizations to identify the key risks and implement an action plan to mitigate these risks covering: GDPR staff training, Data Protection Impact Assessment (DPIA), implementing GDPR compliant policies and procedures, implementing a GDPR compliant cookies consent solution on their company website and effectively managing Data Subject Access Requests (DSAR).
Thus, to stay compliant with GDPR, organizations are continuously adopting GDPR assessments tools, resulting accelerated growth in the market.
Increasing Frequency of High-Profiled Data Breaches and Public Concerns over Privacy would drive the Market Growth
The number of breaches reported each day continues to rise. Around 160,000 data-breach notifications have been made to European authorities in the 18 months since GDPR came into force, and the number of breaches and other security incidents being reported is on the rise. This clearly states that the impact of GDPR has raised the awareness in organizations regarding their rights and obligations under EU data protection law.
According to a Linklaters analysis, GDPR-related data breach notifications across major European markets have surged by two-thirds over the past year. Most of the data breaches were associated to the confidentiality and access by unauthorized third parties, either through malicious acts such as hacking, sending emails or documents to the wrong recipients, and the theft or loss of unsecured mobile devices and laptops. The rise in frequency of number of data breaches among organizations would drive the growth of GDPR assessment tools market.
Regional Overview: Europe is expected to Witness the Fastest Growth in the GDPR Assessment Tools Market
Based on geography, the European region is expected to witness the fastest growth in the GDPR assessment tools market as GDPR has been adopted by the European Union since May 2018. Though GDPR originated in Europe, it is expected to affect international markets as well. Many companies across the globe with any EU citizens as customers need to be aware of and comply with these new legal obligations to avoid fines.
Thus, organizations across the globe are continuously adopting GDPR assessment tools to stay compliant with GDPR. The high level of international businesses involving the EU is expected to influence robust data protection procedures around the world.
GDPR Assessment Tools Market: - Key Players
Key players in the GDPR assessment tools market are focusing on product innovation and strategic partnerships with the regional vendors to collaborate for offering advanced GDPR assessment tools to effectively comply with GDPR compliance and stay protected from high-profiled data breaches. The major players offering GDPR assessment tools include
- Commvault Systems Inc.
- Softcat Plc
- Mimecast Services limited
- IBM Corporation
- Microsoft Corporation
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain of the global GDPR assessment tools market.
The report provides an in-depth analysis of parent market trends, macroeconomic indicators and governing factors along with GDPR assessment tools market attractiveness as per segments. The report on GDPR assessment tools market also maps the qualitative impact of various factors on GDPR assessment tools market segments and geographies.
Regional analysis includes:
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, Rest of Latin America)
- Europe (Germany, Italy, U.K, Spain, France, BENELUX, Russia, Rest of Europe)
- East Asia (China, Japan, & South Korea)
- South Asia & Pacific (India, ASEAN, Australia & New Zealand, Rest of South Asia Pacific)
- Middle East and Africa (GCC Countries, Turkey, South Africa, Rest of MEA)
GDPR Assessment Tools Market- Report Highlights:
- A detailed overview of parent market of GDPR assessment tools market
- Changing GDPR assessment tools market dynamics in the industry
- In-depth segmentation of the GDPR assessment tools market
- Historical, current, and projected GDPR assessment tools market size by value
- Recent industry trends and developments in GDPR assessment tools market
- Competitive landscape of the GDPR assessment tools market
- Strategies for key players in GDPR assessment tools and services offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on GDPR assessment tools market performance
- Must-have information for GDPR assessment tools market players to sustain and enhance their market footprint
GDPR Assessment Tools Market: - Segmentation
By Deployment :
By Service :
- Implementation and Integration
- Support and Maintenance
By Tool :
- Privacy Impact Assessment Tool
- Data Inventory and Mapping Automation Tool
- Readiness and Accountability Tool
- Incident and Breach Management Tool
- Subject Access Rights Portal Tool
- Website Scanning and Cookie Compliance Tool
- Vendor Risk Assessment Tool
- Consent Management Tool
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