GDPR Assessment Tool Market Regional Analysis:
European Market Insights
The Europe GDPR assessment tool market is anticipated to hold the largest share of about 34% by the end of 2035. The formation of regional data protection laws and the growing awareness of data privacy are estimated to fuel the market growth of GDPR assessment tool in the region. According to a recent report, around 100,884,532 cases of data breaches have been reported till December 2023. It accounts for 14% of the cases reported across the world and a gradual increase of around 45% was observed in November 2023. GDPR originated in Europe, it has presently opted for a data-driven approach, promoting worldwide adoption of GDPR services by businesses and it is compulsory for organizations to abide by the GDPR requirements. A higher level of international businesses that are involved with the European Union is anticipated to impact data protection procedures across the world very powerfully. Moreover, various companies worldwide with EU citizens as their customers are required to be aware of the regulations and abide by these new legal obligations to avoid heavy fines.
North American Market Insights
The North America GDPR assessment tool market is estimated to be the second largest, registering a share of about 25% by the end of 2035. The market’s expansion can be attributed majorly to the expansion of industrial development, the adoption of data protection regulations in the early stages, and the presence of key market players in the region. These factors have increased the potential as this region is the second largest user of this tool. Moreover, the growing demand of small and medium-sized enterprises and large enterprises is one of the major reasons that is fueling the GDPR assessment tool market growth. According to a recent report published by the Identity Theft Resource Center (ITRC), around 1862 data breaches have been reported in 2021 in the US. This number has broken the previous record of 1506 set in 2017 and has shown a 68% increase compared to the 1108 breaches in 2020. Moreover, the region is observing an increasing demand for IoT-connected devices and smart metering solutions, these applications require individual data that have the potential for personal tracking and energy consumption analysis.
