The new European regulation has already had a huge effect on data protection in Europe and it is really making a difference. Currently the European supervisory authorities have adopted strict sanctions for huge violations of data subject rights and a much more softer approach towards more negligible issues. Small companies have been given prescriptions and fines are rarely imposed. This trend will likely change soon.
Countries out of the EU are already starting to adopt rules similar to the GDPR so the scope of the regulation will probably indirectly expand. Individuals who are usually slower than businesses to get used to new regulations are also becoming more and more aware of their rights. Many consumers can now easily spot violations and are more likely to file a complaint against companies. On the other hand, businesses who handle personal data correctly and show this to their clients are starting to become recognized as trustworthy companies by more and more consumers which helps establish their brands.
Overall, GDPR is here to stay. If anything, the regulations regarding the processing of personal data are much more likely to become stricter than to weaken in the upcoming years.