Potential Impact of COVID-19 on GDPR Software and Tools Market
General Data Protection Regulation (GDPR) is a data protection reform which came into force in May 2016 and is mandatorily applicable from 25th May 2018 across the European Union (EU). EU citizens have gained more control over their personal data with the GDPR regulation. The GDPR regulation is applicable to all organizations operating in member states of the European Union and also to those organizations which are located outside the European Union but are selling goods and services to enterprises and customers in the EU. Therefore, globally, all multinational companies have to abide by the GDPR compliance. GDPR rules apply to controllers and processors, so cloud is also not exempted from enforcement. Data which is considered personal under the GDPR framework include photos, name, address, and other sensitive data such as biometric data, sexual orientation, genetic data, etc.
The impact of GDPR on business is related to how companies process, store, and secure data of EU citizens. GDPR regulation is expected to impact different departments of companies such as product development, human resource, and sales & marketing. Therefore, companies are streamlining their business operations in compliance to GDPR reforms. GDPR focuses on risk management as well and requires a risk assessment, and data protection impact assessment (DPIA) when there is high data protection risk involved. Companies are spending huge amounts to ensure that they are compliant to the regulation. These factors are driving the use of GDPR software and tools for assessing, implementing, and planning GDPR compliance.
Request For Covid19 Impact Analysis Across Industries And Markets @ https://www.transparencymarketresearch.com/sample/sample.php?flag=covid19&rep_id=55947
Companies are introducing software and tools such as data governance and management, assessment, security, and user consent tools to simplify the GDPR compliance process. Companies are also remodeling their products and services to accommodate changes facilitating compliance to GDPR regulations. Companies such as Facebook Inc., Google Inc., and Apple Inc. have already rolled out several features in their products that helps the user base to control their data. Major sectors most affected by GDPR include telecommunication, FinTech, social networking, and cloud computing. Operational failure of GDPR leads to adverse scrutiny of technology.
Hence, organizations have started adopting GDPR not just to avoid legal risks but for good data handling and achieving competitive advantage in the market as well. This factor is expected to create opportunities for the GDPR software and tools market over the forecast period. GDPR is a major reform in the digital world and is expected to influence consumer data protection rules of countries in other regions as well.
The global GDPR software and tools market can be segmented based on type, component, deployment type, and region. In terms of type, the GDPR software and tools market can be bifurcated into data controllers and data processors. Based on component, the GDPR software and tools market can be categorized into software/tools and services. Services segment accounts for largest share in the GDPR software and tools market. Software/tools segment is further segmented into compliance software, security tools, assessment, data governance and management tools, and user consent tools. Based on services the GDPR software and tools market is segmented into advisory services, analytics services, security, assessment services, technology & product implementation services, and other services. Based on deployment type, the GDPR software and tools market is segmented into on-premise and cloud.
