The GDPR assessment tools market is expected to grow to a valuation of US$ 33.3 million by the end of the year 2023, and will likely expand at a CAGR of 36% over the forecast period (2023 to 2033).
Security concerns and cybercrime prevalence will remain major factors driving GDPR assessment tools market growth. There has been an upward trend of GDPR assessment tool providers on the market, as GDPR has become the industry standard for privacy protection among consumers.
| Data Points | Key Statistics |
|---|---|
| Estimated Base Year Value (2022) | US$ 30 million |
| Expected Market Value (2023) | US$ 33.3 million |
| Anticipated Forecast Value (2033) | US$ 721 million |
| Projected Growth Rate (2023 to 2033) | 36% CAGR |
The GDPR assessment market expansion will likely be supported by:
Organizations are more likely to assess their GDPR compliance using automated tools. Using artificial intelligence and machine learning, these tools identify and flag potential noncompliance issues in documents and other sources of data. A growing risk within businesses will lead to increased demand for GDPR risk management tools to help organizations identify and mitigate GDPR compliance risks.
Businesses and organizations are seeking GDPR assessment tools in order to facilitate their compliance and reputation management processes in the market. Considering the harsh penalties associated with non-compliance, many businesses use GDPR assessment tools to facilitate compliance. In the European Union (EU), the General Data Protection Regulation (GDPR) governs the privacy of citizens and affects all organizations that process personal information from EU citizens, regardless of their location.
A rise in data breaches and thefts in North America will increase the demand for GDPR assessment tools in the market. A large demand for GDPR assessment tools may also arise in countries with similar data protection laws, such as Canada, Japan, and Brazil.
For instance, the Spanish data protection authority (AEPD) released a tool, named 'Evalua_Riesgo', on 14 September 2022, to analyze the risk factors associated with the processing of personal data. Data Protection Impact Assessments ('DPIAs') can be conducted quickly with it, and measures and safeguards can be suggested to mitigate residual risks, allowing organizations to assess intrinsic risks related to data processing activities in a preliminary, non-exhaustive manner.
Businesses will continue to recognize the importance of GDPR compliance in the future, thus increasing the demand for GDPR assessment tools in the market. Business owners can use these tools to assess their compliance status, identify areas for improvement, and implement the changes needed to improve. Businesses will continue to seek out GDPR assessment tools in the future, in order to comply with regulatory requirements, protect the data of their customers, and improve their overall data privacy and security practices.
Data collected by the Information and Data Protection Commissioner (IDPC) from 259 SMEs found that most of them were in the middle to high range of knowledge about GDPR-related issues. Together with the Malta Chamber of SMEs and the Malta Employers' Association, the IDPC commissioned the survey as part of a broader effort to raise GDPR awareness among the public and business community.
In order to ensure compliance with GDPR and best practices, organizations are providing their employees with GDPR training tools. Tools like these often include interactive courses, quizzes, and other learning stuff. By using these tools, security vulnerabilities can be identified, data protection policies can be assessed, and GDPR compliance can be tracked.
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The General Data Protection Regulation (GDPR) implemented on May 2018, aims to declare the rights of EU citizens to protect the personal data and the 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, 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.
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.
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.
Principal Consultant
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.
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
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.
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GDPR Assessment Tools Market
