iCrowdNewswire   Jan 17, 2021  2:36 PM ET

The report of GDPR Services Market summarises the market opportunities and market ramifications that arose as a result of the COVID-19 pandemic.

GDPR compliance provides transparency between the customer and the company. With the advent of GDPR in 2018, companies across various industry verticals had to restructure their entire business processing systems in line with different compliances. Some of the main countries that lead all other countries in GDPR compliance include the United States, the United Kingdom, Spain, Germany, and the Netherlands. More than 50% of companies operating in these countries have mostly or entirely become compliant with GDPR.In terms of industry verticals, manufacturing, retail, utilities, and telecommunications were leading in GDPR compliance. Companies operating in these sectors have spent a large share of their global revenues on restructuring their business processes according to GDPR compliance. US-based businesses are expected to spend between USD 2-10 million to meet GDPR requirements. This share is projected to be higher for European-based firms. The whole idea behind GDPR was to rebuild the trust of customers between different companies and create a more transparent environment for customers to openly share their personal data without being violated, lost, or misused.

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Regional Analysis

Geographically, the global GDPR services market has been segmented into the Asia Pacific, North America, Europe, and the rest of the world (the Middle East & Africa and South America).

Europe dominates the global GDPR services market, whereas North America is the second-largest market in terms of market share in the global market for GDPR services. The US is the main market for GDPR services. Enterprises operating in North America, with a clientele in Europe, must comply with GDPR. A significant number of North American-based businesses work with European-based clients. Some of the major brands with a large customer base in Europe include McDonald’s, General Electric, DuPont, and Goldman Sachs, among others.

The rest of the world comprises the regions of South America and the Middle East and Africa. In both South America and the Middle East and Africa, a significant number of companies are spreading to various areas, including Europe. These organizations are required to follow GDPR to function successfully in Europe, which means that companies need GDPR services and solutions to be able to comply fully with all the regulations set out in the GDPR Act.

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