GDPR Software and Tools Market Size, Share, Growth, and Industry Analysis by Type (Cloud-based & On Premise), By Application (Small and Medium-Sized Enterprises & Large Enterprises), Regional Insights, and Forecast To 2031

Updated On: 15 April 2024

GDPR Software and Tools Market REPORT OVERVIEW

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The global gdpr software and tools market size was USD 1986.3 million in 2022 and market is projected to touch USD 7507 million by 2031, at a CAGR of 15.9% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the gdpr software and tools industry experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

The market for software products and tools that assist organizations in adhering to the GDPR's regulations is referred to as the "GDPR Software and Tools Industry." The General Data Protection Regulation (GDPR) is a law of the European Union that regulates data security and privacy for anyone living in the EU. It establishes stringent regulations and laws on how businesses gather, retain, handle, and transfer personal data. Many businesses rely on specialized software and solutions to manage and implement the required processes and controls due to the complexity of GDPR compliance.

These systems offer support for data mapping, consent management, data subject rights management, data breach reporting, privacy impact assessments, and data protection officer (DPO) support, among other GDPR compliance-related tasks. The GDPR places a strong emphasis on getting individuals' express and informed consent before processing their personal data. Tools for managing consent enable organizations to track consent, handle requests for consent, and provide people the option to withdraw their approval at any time.

COVID-19 Impact: Industry Shutdown Causes Market Distortion

The COVID-19 outbreak caused problems for manufacturers of services materials, including unstable markets, a drop in customer confidence, and difficulties with import and export commerce. The sourcing of raw materials, packaging, and distribution are all parts of the global supply chain. Due to lockdowns, moving commodities, labels, and other items has become difficult. In addition to having an immediate influence on markets, supply chains, supply and demand, and all of these other things, it also had a financial impact on the markets for services. The pandemic altered the dynamics of the industry, compelling organizations to redesign every aspect of their operational frameworks in order to preserve stability amidst the disturbances. Aside from that, the companies' business operations have been affected by the outbreak, which has an effect on the overall services industry. This has partially impacted the gdpr software and tools industry.

LATEST TRENDS

"Privacy Management Platforms to Boost the Market Growth"

Privacy management platforms are a key trend which have gained significant importance in the GDPR software and tools industry. These solutions give businesses a centralized way to handle numerous privacy and data protection compliance issues. Platforms for privacy management assist businesses in compiling and maintaining a thorough inventory of their personal data holdings. By enabling data mapping, they help businesses understand how personal data moves across different systems, procedures, and outside parties. Understanding data dependencies and potential hazards is made easier by doing this. Platforms for privacy management provide solutions for managing consent at every stage of the data lifecycle. They enable businesses to get, monitor, and store individual permission. These systems give businesses the ability to manage requests for consent cancellation and give them access to tools for updating and disseminating privacy policies. This will enhance the market sales. Thus, during the forecast period, the aforementioned factors are anticipated to fuel market growth. The global market will benefit from these factors. Thus, a key trend that is opening up potential for the industry to grow is privacy management platforms. These new developments are mostly to blame for the market's overall growth.

GDPR Software and Tools Market SEGMENTATION

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• By Types 

Based on type, the market is classified into Cloud-based & On Premise.

• By Application

Based on the market is categorized into small and medium-sized enterprises & large enterprises.

DRIVING FACTORS

"Data Privacy that Gives the Market Extra Boost"

Growing awareness of data privacy is a significant driving factor in the GDPR software and tools industry. People are becoming more conscious of their rights to the privacy of their data and are concerned about how businesses gather, use, and share their personal information. This awareness has been heightened by high-profile data breaches and privacy crises. Customers are therefore calling for more stringent data protection regulations, openness, and control over their personal data. Businesses are under pressure to priorities data privacy and embrace GDPR compliance tools in order to live up to customer expectations as a result of this awareness. The GDPR has been extremely important in helping organizations become more conscious of data privacy issues. The rule imposes stringent guidelines on how companies must manage consent, protect data subject rights, and notify the public of data breaches. These elements support market growth. As a result, the growth, and the growing awareness of data privacy will boost the industry. It will contribute to the expansion of the services industry and it will improve the gdpr software and tools market growth.

"Cloud Computing to Encourage Market Expansion"

The adoption of cloud computing and Software-as-a-Service (SaaS) solutions has had a significant impact on the GDPR software and tools industry. Organizations have the scalability and flexibility needed to manage GDPR compliance thanks to cloud computing and SaaS technologies. These solutions make it simple for enterprises to adapt to their changing needs by letting them scale up or down their resources in accordance with data quantities, user needs, and compliance requirements. These scalability and flexibility are especially useful for businesses managing changing regulatory environments and shifting data volumes. Software and tools for the GDPR that are located in the cloud do away with on-premises infrastructure and the related maintenance costs. Organizations can use the pay-as-you-go model made available by cloud service providers to lower up-front costs and ongoing costs. As a result, these factors are collectively promoting market expansion, increasing company revenues. As a result, above mentioned factors will help the market to boost.

RESTRAINING FACTORS

"High Cost to Impede Market Expansion"

The high cost of the programmer is the limiting factor for market expansion. It can be expensive for businesses to implement GDPR software and solutions, especially for small and medium-sized firms (SMEs) with tight resources. The costs cover software licenses, implementation fees, employee training, as well as continuous upkeep and support. Some businesses might be hesitant to engage in specific GDPR solutions due to the cost. This factor is impeding market expansion. This may be a significant issue limiting market expansion. If this problem is fixed, the market will start to grow right away.

GDPR Software and Tools Market REGIONAL INSIGHTS

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"North America Dominating the Market Across the Globe"

The market for gdpr software and tools is in North America has benefited from the region's expanding industrial development, and various driving factors which has increased the potential sectors as this region is the largest user of the product. The key factor driving the growth of the gdpr software and tools market share is the growing demand of products in small and medium-sized enterprises & large enterprises is one of the major reasons to drive the market. Rapid urbanization developments will further boost the overall market.

KEY INDUSTRY PLAYERS

"Leading Manufacturers to Boost Product Demand"

Study includes information on the market players and where they stand within the sector. Data is being collected and made available through proper research, mergers, technical advancement, growing production facilities, and cooperation. The study on materials offers details on manufacturers, regions, types, applications, sales channels, distributors, traders, dealers, research findings, and more.

List of Market Players Profiled

• Oracle (U.S.)
• Onetrust (U.S.)
• IBM (U.S.)
• SAP (Germany)

REPORT COVERAGE

The study goes into great detail about market segmentation by type and application. The study examines a broad range of participants, including existing and potential market leaders. A considerable market expansion is anticipated as a result of several important factors. In order to provide market insights, the research additionally analyses elements that are probably to boost gdpr software and tools market share. The report makes forecasts for market expansion during the projected time period. The objective of the regional study is to explain why one region dominates the worldwide market. There are a lot of issues that have all been carefully considered that prevent the industry from growing. The research also contains a market strategic analysis. It includes thorough market information.