Pune, India., Aug. 30, 2023 (GLOBE NEWSWIRE) -- In recent years, it has been noticed that several organizations across various companies have faced criticism because of customer data leakage. Customer information is the prime resource of every organization, and securing the data is one of the critical tasks of the organization. However, in this digitalized era, the rise in cybercrimes is affecting various organizations’ brand value. Several organizations have faced major challenges in securing their customers’ data from cyber hackers in recent years. These incidents have led various large organizations and small & medium enterprises to opt for consent management solutions to protect the information of their customers, further fueling the growth of the consent management market. This factor is helping the players operating in the consent management market to capitalize on their customer base and revenues.
Consent Management Market in terms of revenue was estimated to be worth $0.45 billion in 2022 and is poised to reach $2.02 billion by 2030, growing at a CAGR of 20.4% from 2022 to 2030 according to a new report published by The Insight Partners.
The growth of the consent management market is driven by increasing government regulations and norms for data protection and mounting data breaches incidents across various industries. Asia Pacific is anticipated to grow with the highest CAGR from 2022 to 2030.
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Browse Comprehensive TOC on "Consent Management Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis by Component (Solution, Services), Deployment (On-premises, Cloud-based), and End-use Industry (Retail, Government, IT and Telecom, BFSI, Healthcare, Education, Media & Entertainment, Others)"
List of Tables - 121
List of Figures - 71
No. of Pages - 182
Global Consent Management Market Scope:
| Report Coverage | Details |
| Market Size Value in | USD 0.45 Billion in 2022 |
| Market Size Value by | USD 2.02 Billion by 2030 |
| Growth rate | CAGR of 20.4% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
| Segments covered | Component, Deployment, End-use Industry, and Geography |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America. |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends |
A few of the data breach incidents that occurred in recent years are:
- In January 2021: Parler, the conservative social media app, witnessed that a hacker scraped its data. Approximately 70 TB of information was leaked, which included 99.9% of posts, messages, and video data containing EXIF data—metadata of date, time, and location. In addition, Parler’s Verified Citizens, or the users who had verified their identity by uploading their driving license or other photo ID, were also exposed.
- In February 2021: Nebraska Medicine announced that through a malware attack, a hacker accessed and copied files containing the personal and medical information of 219,000 patients.
- In March 2021: SITA, a global IT company that supports 90% of the world’s airlines, confirmed that it fell victim to a cyberattack, exposing the personally identifiable information (PII) of various airline passengers.
- In May 2021: various law offices of Bailey & Galyen faced a cyberattack that exposed the personal information of an undisclosed number of clients and employees.
- In June 2021: Wegmans Food Markets, a US supermarket chain, notified an undisclosed number of customers that their data was exposed after two of its cloud-based databases were misconfigured and made publicly accessible online.
Thus, the growing number of data breach incidents in various industries is rising the need for preference management tools, propelling the consent management software market growth.
UK Dominates Consent Management Market in Europe:
The UK has several data privacy regulations, such as the General Data Protection Regulation (GDPR), which require organizations to obtain consent from individuals before collecting or using their personal data. This has led to an increased demand for consent management tools that can help organizations comply with these regulations. Additionally, the increasing number of cyberattacks and data breaches has made individuals more aware of the importance of protecting their personal data. For instance, according to Kingfisher Insurance, its IT systems were breached by the famed ransomware cartel LockBit, and the company was forced to shut down the servers after discovering the cyber problem. The hackers retrieved 1.4 TB of firm data, including customer and employee information. Such incidents increased the demand for consent management services that can help individuals control their personal data and prevent it from being misused.
Despite not being a member of the European Union (EU), the UK continues to follow the data protection law firmly oriented towards the EU as well as the GDPR. In addition to GDPR, the government of the UK has also added a few different regulations, particularly in relation to cookies. The Information Commissioner's Office (ICO), as a competent authority in the UK, is not only financially strong but also widely regarded as much stricter and more active than German authorities. The ICO allows a few exceptions to the requirement for explicitly unambiguous consent such as cookies that can be set without prior consent must be “strictly necessary.” For example, cookies that allow a shopping cart to be saved for the next session or are used to ensure the security of online banking. Therefore, increased awareness of data privacy regulations, rising cyberattacks and data breaches, and growing demand for customer-centricity are key factors rising the demand for consent management platforms in the UK.
Global Consent Management Market: Segmental Overview
Based on component, the consent management market is bifurcated into Solution and Services. The solution segment held a larger share of the consent management market in 2022 and is anticipated to register a higher CAGR in the market during the forecast period. Based on deployment, the consent management market is bifurcated into On-premises and Cloud-based. The cloud-based segment held a larger share of the consent management market in 2022 and is anticipated to register a higher CAGR in the market during the forecast period. Based on end-use industry, the consent management market is segmented into Retail, Government, IT & Telecom, BFSI, Healthcare, Education, Media & Entertainment and Others. The BFSI segment held the largest share of the consent management market in 2022 and is anticipated to register the highest CAGR in the market during the forecast period.
Global Consent Management Market: Competitive Landscape
Crownpeak Technology Inc, consentmanager AB, International Business Machines Corp, Didomi SAS, HIPAAT International Inc, TrustArc Inc, OneTrust LLC, Piwik PRO LLC, PossibleNOW Inc, Rakuten Marketing LLC, Syrenis Ltd, and Didomi SAS are among the key consent management market players that are profiled in the report, which help in global traffic management. Several other essential consent management market players were analyzed for a holistic view of the market and its ecosystem. The consent management market report provides detailed market insights, which can help major players strategize their growth.
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Consent Management Market - Key Industry Dynamics:
Drivers:
- Growing Data Breaches Incidents Across Various Industries
- Increasing Government Regulations and Norms for Data Protection
Restraints:
- Growing Adoption of Other Privacy Tools
Opportunities:
- Rising Need for AI in Consent Management
Market Trends:
- Integration of Blockchain Technology
Recent Developments:
- In February 2022: PossibleNOW, a leading provider of consent and preference management platforms and consumer regulatory compliance solutions, announced a strategic partnership with best-in-class privacy compliance technology provider, TrustArc. This partnership has expanded privacy & preference capabilities within their respective platforms.
- In June 2023: OneTrust, the market-defining leader in trust intelligence, announced that its consent management platform (CMP) is now Google certified. It enables partners using Google publisher products to meet their compliance requirements with IAB Europe’s Transparency and Consent Framework (TCF).
Report Spotlights:
- Progressive industry trends in the Consent Management market to help players develop effective long-term strategies
- Business growth strategies adopted by developed and developing markets
- Quantitative analysis of the Consent Management market from 2022 to 2030
- Estimation of global demand for Consent Management
- PEST analysis to illustrate the efficacy of buyers and suppliers operating in the industry
- Recent developments to understand the competitive market scenario
- Market trends and outlook as well as factors driving and restraining the growth of the Consent Management market
- Assistance in the decision-making process by highlighting market strategies that underpin commercial interest, leading to the market growth
- Size of the Consent Management market size at various nodes
- Detailed overview and segmentation of the market, as well as the Consent Management industry dynamics
- Size of the Consent Management market in various regions with promising growth opportunities
Go through further research published by The Insight Partners: (Purchase with 10% Instant Discount):
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