Newark, NJ, May 10, 2022 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global consent management market is expected to grow from USD 341.26 million in 2020 and to reach USD 1447.90 million by 2028, growing at a CAGR of 19.8% during the forecast period 2021-2028.
The consent management market is witnessing significant growth in the past years. This growth is attributed to the increasing cyberattacks, awareness of data compliance regulations, the execution of privacy by design (PBD) to improve data privacy, and the demand for consumers to manage their preferences and consent. Furthermore, the appearance of the internet and rising utilization of internet services and applications has raised the cyber-attacks where individual information is getting chopped. Hence, the requirement for consent management is growing so that consumers can maintain control of their data. Besides, the Covid-19 outbreak increased consent management demand because of an unexpected surge in internet activity due to cultural distancing norms and the worldwide adoption of work from home culture.
Consent management refers to a method that permits a website to meet GDPR regulation by getting user approval for accumulating their data by cookies throughout their visit. Consent management assists in creating, dynamic management, and enforcement of customers, along with organizational & jurisdictional privacy policies. An individual consent management system incorporates holding back all tracking until sufficient consent has been given.
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The global consent management market is expected to witness significant growth due to data breaches' expanding events and growing awareness about data compliance, stressing consent management requirements. Furthermore, the increasing demands of consumers to properly manage their preferences & consent and a growing understanding of data agreement regulations are also expected to drive the market growth during the forecast period. The dynamic and ever-changing regulatory availability and scenery of alternative open consent management platforms & players are anticipated to restrain the market growth throughout the prediction period. The surge in awareness about data privacy among users is expected to opportunities for market growth.
Key players operating in the global consent management market include Quantcast, Trunomi, Cookiebot, OneTrust, TrustArc, Crownpeak, BigID, Didomi, PossibleNOW, Secure Privacy, SAP SE, Verizon Media, Rakuten Advertising, Kochava, Appen Ltd, and among others. To gain a significant market share in the consent management market, the key players are now focusing on adopting product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. Kochava & Quantcast and Appen Ltd Company are a vital manufacturer operating in the consent management market.
- For example, in February 2020, Kochava & Quantcast partnered to deliver blended mobile & web app solutions for CCPA. The partnership's objective is to enable publishers & brands to empower customers to make privacy decisions whether they employ them through mobile or web apps. Quantcast has attached CCPA aid to its Quantcast Choice platform for the web.
- For example, in August 2021, Appen Ltd. declared the acquisition of Quadrant to increase its mobile-location-based data gathering offering.
Web app segment dominated the market and held the largest market share of 52.34% in the year 2020
On the basis of touchpoint, the global consent management market is segmented into web app and mobile app. Web app segment dominated the market and held the largest market share of 52.34% in the year 2020. This growth is attributed to the expanding adoption of a consent management platform to protect users' data on web applications.
Cloud segment dominated the market and held the largest market share of 55.23% in the year 2020
On the basis of deployment model, the global consent management market is segmented into cloud and on-premise. Cloud segment dominated the market and held the largest market share of 55.23% in the year 2020. This growth is attributed to accumulating various data, manipulating the data sets, reorganizing them for other consumers, or modifying a regulatory process.
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Software segment dominated the market and held the largest market share of 59.12% in the year 2020
On the basis of components, the global consent management market is segmented into services and software. Software segment dominated the market and held the largest market share of 59.12% in the year 2020. This growth is attributed to the increase as it helps control the complete life cycle of the users. It involves the storage, documentation, and collection of the users under its approval.
SMEs segment dominated the market and held the largest market share of 57.20% in the year 2020
On the basis of organization size, the global consent management market is segmented into large enterprise and SMEs. SMEs segment dominated the market and held the largest market share of 57.20% in the year 2020. This growth is attributed to the expanding cloud deployment mode that assists enhance their protection infrastructure and focusing on their hub competencies.
Regional Segment of Consent Management Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global consent management market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America region holds the largest market share in the year 2020. This growth is attributed to the different data policy laws in the region, and improving consumer-oriented privacy laws fuel the market. The market in Europe is expected to witness significant growth, owing to enacting the General Data Protection Regulation (GDPR) and needing data controllers to gain consent before accumulating and utilizing personal information.
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About the report:
The global consent management market is analysed on the basis of value (USD Million). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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