Consent management mentions a process that concedes a website to meet GDPR by acquiring user consent for collecting their data through cookies during their visit. A consent management platform (CMP) allows brands to mechanize their consent management process, building it easier to be GDPR compliant.
The global consent management market expected to increase market value by USD 825 million, with spurring CAGR in the forecast period from 2020-2027. The main growth driver that drives the size of the consent management market is bolstering internet services, rising global nature of digital operations, and business around the world is booming.
The introduction of general data protection regulation GDPR aims to harmonize various data protection requirements in Europe and formulate uniform data protection regulations. The Regulations apply to corporate bodies that exercise data control or data processing rights following public, and private laws drive the consent management market.
The rising complex nature of information, increasing data protection law, and the necessity to adhere to all legal guidelines and emerging tech companies expected to drive the market growth of the global consent market.
GDRP aims to strengthen the responsibility of personal data processors and improve the transparency of data processing. According to the GDPR clause, companies must consciously establish a privacy protection mechanism, and the system and processing must default to privacy protection. Enterprises are obliged to ensure that personal data is processed for a specific purpose and must prove that data protection is the core of their IT framework and solution design.
A detailed legal framework has established to provide consumers with the best protection when shopping online. The framework aims to regulate online transactions. Taking into account the rising development of the digital field, the emergence of the structure is natural. The GDPR of cross-border e-commerce companies aims to regulate the use of data. One of the main results of the new standard is that consumers will better understand their data. Thus, companies seeking growth must-win online shoppers’ trust, and the safe and transparent collection and use of their data is a top priority.
The advent of the internet and increasing use of internet services and applications have increased the cyber-attacks where personal information is getting hacked. Therefore, the need for consent management is rising so that customers can keep control of their data.
Based on the component, the global consent management market bifurcated into Services, Software. The software segment is dominating the maximum share of the global consent management market in the forecast period. The consent management software demand is rising as it helps manage the entire life cycle of the users. It includes the collection, storage, and documentation of the users under its consent. The software allows an organization to record the consent interactions with their customers, employees, and users. The documented permission will enable them to choose what purposes they accept to control access to their data. Moreover, the software will allow publishers, advertisers, and tech companies to integrate and comprehend the user experience across various domains and devices to dispense the right to customize the experience based on a user’s choice.
Based on the touchpoint, the global consent management market segmented into Mobile App, Web App. The web app segment dominates the market share for the global consent management market. The web application completely works on a web browser and often use for searching different terms. Therefore, publishers can collect various data points to help advertise personalized advertisements to users. However, they are multiple users who do not want to submit their data as they are concerned about privacy. Thus, the market demand for consent management is fueling in the global market.
Based on the deployment, the global consent management market categorized into Cloud, On-premises. The cloud segment captures the highest share in the global consent management market for the forecast period from 2020-2027. It is mainly due to the collection of different data and manipulate the data sets and reorganize them for different customers or when a regulatory requirement changes. Moreover, cloud-based deployment used to secure data from web applications and mobile applications for easily maintaining and upgrading them.
Based on the organization size, the global consent management market classified into Large Enterprises, Small, and Medium-sized Enterprises (SMEs). The Small and medium-sized enterprises segment helps in fueling the market share for the global consent management market. It is mainly due to the growing cloud deployment mode that helps improve their security infrastructure and keep them focused on their core competencies.
Based on geography, the global consent management market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America is the world’s fastest-growing global consent management market, accounting for the largest share. It is mainly due to the various data policy laws in the region; increasing customer-oriented privacy laws fuel the consent management market.
Companies such as Consentmanager.net, Cybot, CIVIC, RAKUTEN MARKETING, Piwik PRO, Silktide Ltd, Crownpeak Technology, Inc., TrustArc Inc., OneTrust, LLC, Trunomi Ltd, and others are key players for global consent management market.
By Organization Size
Consent management is a process that acknowledges a website to meet GDPR by acquiring user consent for collecting their data through cookies during their visit.
The global consent management market will reach a market value of USD 825 million during the forecast period from 2021-2027.
The consent management market is growing at a CAGR of 18.6% during the forecast period.
Online Data Protection Policy and Rising cyber-attacks are the growth drivers of the consent management market.
Consent Management Platforms allow websites to inform visitors about the type of data they wish to collect and ask users for consent for specific processing purposes.