GDPR Assessment Tool Market Trends

Growth Drivers

• Increasing Awareness of Data Security: Businesses are becoming more aware of their rights to confidentiality of their data and are worried about how people collect, utilize, and share their personal information. As the number of cases of high-profile data breaches and privacy crises is increasing, awareness regarding this tool is rising gradually. According to a recent report around 6.51 million data records were leaked in the first quarter of 2023 across the world. Data privacy is the main concern for businesses and they are holding on to GDPR compliance tool to meet the customer’s expectations. Moreover, various guidelines such as how companies can manage consent, protect subject data rights, and create awareness among people for data breaches.

• Growing Adoption of Cloud Computing: People have started adopting cloud computing and software-as-a-service (SAAS) on a large scale. With the help of cloud-computing, it’s easy for organizations to have the flexibility and scalability required to manage GDPR assessment tool. These features help businesses to manage the changing regulatory environments and shifting data volumes and make it easy for businesses to adapt to the changing needs. As organizations are using cloud computing on a large scale, demand for SaaS enterprises is growing progressively.

Challenges

• High-Cost Hampering Expansion of Market: The cost of the tool is very high which is limiting the growth of the GDPR assessment tool market. It becomes very difficult for small and medium-sized enterprises to use GDPR software and solutions as they have limited resources.

• Personal data provided for processing should be adequate and only the necessary details should be given that are needed. It should not be kept for a longer time than you need it.