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.
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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.
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.
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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.
Key players operating in the global GDPR software and tools market include Absolute Software Corporation, Alert Logic, Inc., Actiance Inc., BMC Software, Inc., Capgemini SE, Cisco Systems, Inc., DXC Technology Company, FTI Technology LLC, Infosys Limited, Oracle Corporation, Sopra Steria Group SA, TrustArc Inc. and MetricStream Inc.