Published by TMR Research Insights
Posted on August 31, 2021
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.
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.
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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.
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.
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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.
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Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals. Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information, we offer customized solutions through adhoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.
TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision.
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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.
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.
Request a Sample –
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.
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.
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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.
More Trending Reports by Transparency Market Research –
About Us
Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals. Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information, we offer customized solutions through adhoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.
TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision.
Contact
Transparency Market Research
USA – Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Blog: https://tmrblog.com/
Follow Us: Twitter | LinkedIn
