Growing imperativeness of information and data protection in light of increased concerns regarding cyber-crimes and leak of personal data has supported the initiation of the EU General Data Protection Regulation (GDPR) assessment tools. Superseding the Data Protection Directive 95/46/EC, GDPR facilitates harmonizing of data privacy laws across European countries in order to empower and streamline processes in organizations that are involved with personal information.
That said, GDPR assessment tools support organizations in Europe to maintain standards of information security as per GDPR compliance. Albeit a situation of anxiety among IT and related sectors owing to GDPR, high penalties associated with avoidance of the regulation has compelled organizations to adopt GDPR assessment tools. With an ultimate focus to reduce a penalty worth €20 million, organizations across the European Union are adopting GDPR assessment tools to comply with GDPR. Moreover, the GDPR is also applicable to non-EU organizations that operate under the EU premises or if they are concerned with handling an EU client. This aspect has significantly pushed the use of GDPR assessment tools in the European Union.
Understanding the need for GDPR as a vital regulation act for enhancing security of personal data, its adoption is projected to expand at a meteoric CAGR of 35.6% in terms of value throughout, 2018-2028.
Surging Adoption Among Large Enterprises
Albeit a comparatively lower count of large enterprises in European Union, the GDPR assessment tools scenario has witnessed a surging demand from large enterprises. That said, sales of GDPR assessment tools among large enterprises in EU are expected to sky-rocket as compared to small and medium enterprises (SMEs) in the coming years, given their higher spending capacity as compared to SMEs. However, SMEs being larger in number are expected to pave potential growth opportunities for GDPR assessment tools. Given the mandatory compliance regulations for adopting GDPR standards for organizations under the EU regulatory framework, future of GDPR assessment tools is expected to remain optimistic in the forthcoming years.
Germany to Reign Supreme; UK to Follow the Suit
Since the implementation of GDPR across EU, the adoption of GDPR assessment tools in Germany is expected to remain high in the coming years. Being the first EU member state to sanction the new Data Protection Act in order be in alignment with the EU GDPR, the demand and adoption of GDPR assessment tools continue to witness a significant boost in the country, making it the most attractive among other EU member states.
On the contrary, United Kingdom has reported few of the larger and serious data breaches in the past two years. That said, GDPR assessment tools have never been more vital to organizations in the UK, with an ultimate goal to eliminate the possibilities of server hacks and data breaches across a multitude of IT firms and related industries in the country, be it a coordinated attack or a bunch of concentrated attacks on a specific industry. This factor has tremendously boosted the demand for GDPR assessment tools in the UK that is expected to showcase a higher level of lucrativeness in the following years with respect to incorporation of GDPR assessment tools.
Cloud-Based Deployment Platform to Speed Up
GDPR has witnessed a humongous proliferation across the EU, albeit a level of complexity associated with the regulation. That said, deployment of GDPR assessment tools using cloud platform has gained significant traction. Companies relying on cloud technology such as Salesforce and Dropbox are bound to ensure data practices that are in compliance with GDPR. Pervasiveness of cloud platform has led to the introduction of GDPR assessment tools that deliver solutions for cloud services. Consequently, increasing reliance on cloud platform has boosted the demand for cloud-based deployment of GDPR assessment tools.
The insights presented here are from a research study on Europe GDPR Assessment Tools Market by Fact.MR.