LONDON--(BUSINESS WIRE)--According to the latest procurement intelligence report from Technavio, the global data privacy and protection consulting services market is expected to grow at a CAGR of 18.8% over the next five years due to the digitization of data across industries.
The research report titled ‘Global Data Privacy and Protection Consulting Services Market: Procurement Market Intelligence Report 2017-2021’ provides an in-depth analysis of category spend, best procurement practices and cost saving opportunities, aimed at helping organizations achieve superior business performance. The report also provides insights on pricing, supplier positioning, and top companies, enabling sourcing professionals to improve their competitive advantage through procurement excellence.
“The global data privacy and protection consulting services market has seen tremendous growth over the past five years, due to upcoming GDPR regulations in Europe and increase in concerns regarding the protection of confidential data across industries,” says lead Technavio procurement specialist Angad Singh for category spend intelligence. “As consulting services provide better insights compared with internal DPOs due to their expertise in new technologies and regional privacy laws, the requirement for the services is expected to grow further,” adds Angad.
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Cost saving opportunities in the global data privacy and protection consulting services market
The adoption of various cost-optimization levers helps buyers of data privacy and protection consulting services realize direct cost savings and enhance category management and value benefits (including reduced procurement complexities).
Technavio procurement experts have segmented the cost saving opportunities in the global data privacy and protection consulting services market into the following value-enhancement opportunities:
- Adoption of technology
- Supplier Competition
- Adoption of negotiation strategies
- Optimization of procurement practices
- Bundling of services
Adoption of technology saving aspects
Buyers prefer to engage with suppliers who offer technologically advanced offerings to ensure more efficient and cost-effective delivery of services.
Suppliers adopt technologies such as automation (in threat detection, reporting, and restoration of data), hybrid cloud computing services, two-factor verification systems, and enlist encryption services such as data masking and 128-bit encryption to protect sensitive information.
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Optimization of procurement practices saving aspects
Buyers should look for suppliers with expertise in the latest technological innovations, as they can handle newer threats related to data breaches and thefts effectively.
Also, it is advisable for buyers to opt for suppliers with a global presence, as they will possess the expertise required to comply with data privacy and protection norms across geographical regions.
Bundling of services saving aspects
Buyers of data privacy and data protection consulting services traditionally adopted multiple sourcing based on areas of expertise. However, buyers are now moving toward integrated one-stop shops, as bundling of services can lead to a reduction in costs and management complexities.
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