Europe GDPR Assessment Tools Market to Witness Widespread Expansion During 2018-2028
The GDPR assessment tools market is envisaged to record a spectacular 35.6% CAGR between the forecast period 2018 and 2028, according to a recent FactMR study.
[ClickPress, Wed Sep 04 2019] Fact.MR has published a new research report on global Europe GDPR assessment tools market sizes, upcoming industry trends and growth opportunity through 2018-2028 to its online database that tries to unveil the various scenarios prevailing in the Europe GDPR assessment tools market. This assessment delivers a smart compilation of primary and secondary data which provides a clear insight about the future plans expected to impact the Europe GDPR assessment tools market. This study comprises of prominent data which makes it a beneficial source for investors, analysts and industry experts to acquire necessary knowledge associated to the fundamental market trends, opportunities and growth drivers during the stated forecast by 2028.
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The EU General Data Protection Regulation (GDPR), which has superseded the Data Protection Directive 95/46/EC, aims at harmonizing data privacy laws across Europe. With GDPR becoming the standard of reliability among consumers, with regard to their personal data’s privacy, there has been a rise in number of service providers of GDPR assessment tools in Europe. GDPR assessment tools have gained high demand recently as, aiding the businesses in achieving 100% GDPR compliance. GDPR assessment tools market is envisioned to witness a rapid rise, driven by the requirement for the regulation of data processing apropos of an individual, company, or organization. Mandates on compliance of GDPR to not only EU organizations, but also non-EU companies operating in Europe or handling clients in Europe, will further proliferate expansion of the GDPR assessment tools market. Growing cyber-crime prevalence and privacy concerns with regard to personal data, which have made enforcement of GDPR essential, will continue to be one of the key growth determinants for the GDPR assessment tools market. The GDPR assessment tools market is envisaged to record a spectacular 35.6% CAGR between the forecast period 2018 and 2028, according to a recent FactMR study.
Exorbitant Emphasis on Data Protection Advocating Essentiality of GDPR Assessment Tools
Proliferation of the internet across the globe has meant that concerns apropos of personal data, its protection and privacy have become exorbitant. Recent privacy issue crisis, such as that of Facebook, has led consumers to rethink on sharing their personal information with online portals. GDPR assessment tools are therefore gaining tremendous momentum in Europe, facilitating regulation of data privacy and protection.
Growth of the GDPR assessment tools market will continue to be significantly driven by requirement of German businesses to gain intelligence on their customer data’s location, which is an imperative need when customers demand deletion of their data. Organizations are continuously seeking GDPR assessment tools providers, as understanding data controllers & processors currently fall among their top priorities as well as is a key prerequisite of GDPR.
GDPR Assessment Tools Market: Expeditious Requirement of GDPR Assessment Tools among Non-compliant Organizations Creating Lucrative Avenues
Nearly half of the organizations in Europe are not yet compliant to GDPR, although they have been preparing for the same since 2016 – when the law was approved. These organizations are therefore rapidly seeking GDPR assessment tools on account of the complexity and extensive steps involved in the compliance process. With absolute data control being sought-after among the GDPR non-compliant organizations, for maintaining their market reputation and preventing the associated penalties, growth of the GDPR assessment tools market will witness significant momentum in the forthcoming years. Amid swelling expansion of modern businesses, there has been a dramatic evolution in the IT industry, which in turn has made data distribution rigorous and data mapping challenging. GDPR assessment tools are likely to witness robust adoption among these businesses, as they lack intelligence on data storage location, and data transmission, and therefore are vulnerable to threats of data breach. The need for identifying dishonest business processes, which result in contractual risk with suppliers of unsanctioned IT, will further continue to fuel growth of the GDPR assessment tools market in Europe.
GDPR Assessment Tools Market: Adoption in Social Media & Digital Marketing and Penetration of Cloud-based Tools to Emerge as Key Trends
Complexity of the GDPR has intensified the cloud technology service platforms, leading the cloud-reliant businesses to comply with GDPR for ensuring their data practices. Lower percentile of identification of GDPR’s impact on the cloud-based services among IT organizations is a major focus area for GDPR assessment tools providers. As personal data sharing is a default procedure for cloud-service providers assisting organizations, their services are required to be unique to comply with GDPR. GDPR assessment tools providers are therefore introduced cloud-based tools to tap the potential opportunities in the area, thereby supporting growth of the GDPR assessment tools market.
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High penalties associated with non-compliance of GDPR, organizations and businesses are seeking GDPR assessment tools to facilitate the compliance process and maintain their reputation and brand management. Digital and social media marketing platforms have been witnessing automation in recent years, which in turn has created the need for declaration of data management activities with consent. This has further driven demand for GDPR assessment tools in social media and digital marketing, wherein data management in the marketing processes is bound to adhere to GDPR. This, coupled with rapid rise of the digital and social media marketing, will substantially fuel growth of the GDPR assessment tools market in the near future.
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