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Increasing volumes of data generated by different companies are expected to drive growth of the global GDPR solutions market during the forecast period. According to ZDNet, around 45% of companies run big data workloads on cloud computing. Increasing threats of data-theft, cyber-attacks, and cybercriminals trying to penetrate business networks have compelled business owners to adopt for GDPR solutions. According to Forbes, damages due to cyber-attacks will be around US$ trillion by 2021, warranting the need for GDPR solutions. This, in turn, is expected to drive growth of the global GDPR solutions market over the forecast period. Moreover, GDPR solutions have found applications in banking and finance institutions, in order to curb the latest threats in online fraud, which is expected to drive the market growth in the near future.
Key players in the market are focused on various growth strategies such as product launches, in order to gain competitive edge in the market. For instance, in June 2018, IBM, a U.S.-based information technology company, launched Software as a Service (SaaS) solutions for companies who want to uncover where their data is stored and address other issues related to GDPR solutions. This, in turn, is expected to drive the market growth during the forecast period.
Market Dynamics- Restraints
Budget constraints, especially in small and medium-sized enterprises in emerging economies is expected to restrain growth of the global GDPE solutions market in the near future.
Among regions, North America is expected to witness significant growth in the global GDPR solutions market during the forecast period. This is owing to early adoptions of cloud-based technologies and presence of key players in the region. Moreover, Asia Pacific is expected to witness lucrative growth during the forecast period, owing to awareness regarding GDPR solutions in emerging economies.
Major companies operating in the global GDPR solutions market are IBM Corporation, Microsoft Corporation, Veritas Software, Capgemini SE, Absolute Software Corporation, Micro Focus, and SAP SE.
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