The global data privacy and data protection consulting market was valued at almost USD 5 billion in 2016 and is expected to surpass USD 11 billion by 2021.
Procurement market intelligence analysts have announced its latest market research report on data privacy and data protection consulting services for the period 2017-2021. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the data privacy and data protection consulting services market during the forecast period. Some of the top vendors listed in this industry analysis include Deloitte, EY, KPMG, PwC, and Booz Allen Hamilton.
North America led the global market for data privacy and data protection consulting services during 2016 with a market share of around 65%. The high growth of the market in this region is attributable to the its strong economy and the presence of major top Fortune 500 companies in the region.
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According to Angad Singh, a procurement specialist at Technavio for research on category spend intelligence, “The emergence of two-step verification is revolutionizing the global data privacy and data protection consulting services market. Two-step verification is a process wherein a confirmation email or SMS is used to check the identity of the personnel accessing the data. This acts an extra layer of security into the system.”
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The new procurement market intelligence report analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Increase in data volumes
Large volumes of data are being generated and collected by businesses for various reasons, including analytics. Companies are recording every aspect of clients, suppliers, and employees to gain insights that can help them better manage their businesses, resulting in an exponential rise in data volumes. Large volumes of data are hard to store safely and securely, and it is no longer possible for most organizations to ensure the safety of data and associated processes internally. This is leading to the demand for data protection and privacy consulting services.
Digitization of records across industries
The risk of data theft and high management costs associated with storing data in non-digital formats physically is prompting organizations to convert their data into digital formats. Companies are extensively using Big Data analytics to engage in more targeted marketing and building better customer relationships. The adoption of Big Data also revokes the risk of violation of data privacy and protection laws due to breaches, owing to cyber-attacks or negligence on the part of employees, which is creating demand for data privacy and protection services that can provide advice on how to mitigate the risk of such eventualities.
Impact of social media
The growth of social media increases the risk of data privacy and protection law violation. The integration of social media into the business makes them more susceptible to cyber-attacks, especially when businesses are using intimate data of customers. This also increases the risk of wrongful use of personal information of a buyer’s customers. New laws introduced in Europe such as right to be forgotten is adding the requirement for businesses such as social media websites, search engines, and online commerce to employ data privacy and protection consultancy service, thereby propelling the demand for data privacy and data protection consulting services.
A more detailed analysis is available in the procurement market intelligence report titled, ‘Global Data Privacy and Data Protection Consulting Services – Procurement Market Intelligence 2017’.
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