LONDON--(BUSINESS WIRE)--Global procurement intelligence advisory firm, SpendEdge, has announced the release of their ‘Data Privacy and Protection Consulting Services Market Procurement Research Report.’ The insights and data in this report provide a strategic analysis of the supply markets, factors influencing purchasing decisions, procurement best practices, pricing models, supplier landscape, and an analysis of the supplier capability matrix for the IT industry. This report breaks down the data and analysis behind the procurement of data privacy and protection consulting services and acts as an all-inclusive guide for making smart purchasing decisions.
“The demand for data privacy and protection services can be attributed to exponential growth in volumes of personal data being gathered by organizations for marketing and analytical purposes, and also the increasing stringency in regulations in major regions such as Europe,” says SpendEdge procurement research analyst Bhuvaneshwari Udayakumar. “The demand will continue to rise over the forecast period, as the volumes of data generated by businesses are expected to increase due to the digitization of business processes,” added Bhuvaneshwari.
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Key Report Features
| Supply Market Insights | Negotiation Strategies | ||
| Procurement Best Practices | Category Risk Analysis | ||
| Cost Saving Opportunities | Key Supplier Analysis | ||
| Pricing Models | Supplier Capability Matrix |
Report Insights
- The demand for these services is increasing globally due to the increase in data volumes and companies realizing the need for a dedicated data privacy and protection consultancy. Also, leading IT consultants like IBM, CGI, and HPE are entering the lucrative industry by providing more integrated data protection services by leveraging their already strong IT consultancy portfolio further adding to the demand.
- Procurement managers should identify suppliers with a high level of expertise in latest technological innovations, as they can handle newer threats related to data breaches and thefts effectively. Hence 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 various regions.
- A major procurement challenge for the buyers in this industry is the inconsistency in data privacy laws across regions. Data privacy and protection laws vary according to the region which makes it necessary for buyers to procure different services for every region in which they operate. Therefore buyers should engage with suppliers that possess expertise in regional regulatory norms.
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Data Privacy and Protection Consulting Services Market: Pricing Trends
Buyers have the option to choose the pricing models based on their requirements and the type of project. However, hourly based and subscription-based tariffs are the most adopted pricing models in the data privacy and data protection industry. Hourly based tariff is more suitable for complex projects and provides control over the project to buyers whereas subscription based tariffs protect buyers from market fluctuations. Risk-reward and project-based tariff also find comparable adoption in this market. The risk-reward pricing model motivates suppliers to maintain the quality of the service.
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