NEWARK, Del, Dec. 06, 2023 (GLOBE NEWSWIRE) -- The consent management market size is poised to cross US$ 917.2 million in 2024 and is likely to attain a valuation of US$ 2,550.8 million by 2034. The consent management market share is projected to develop at a CAGR of 10.8% from 2024 to 2034.
As a prominent trend in the consent management environment, businesses are deliberately seeking user transparency. This entails a paradigm change toward clear and explicit communication with consumers about data collection, processing, and usage. The goal is to build trust via open information sharing, ensuring that consumers are thoroughly aware of how their data is being used. This tendency is consistent with the wider trend of ethical data practices, in which firms realize the commercial benefit of establishing and retaining user trust, eventually contributing to favorable brand perception and consumer loyalty.
The growing complexity of worldwide data protection standards like GDPR, CCPA, and others fuels a demand for consent management systems that enable effective global regulatory compliance. Businesses are looking for scalable and adaptive solutions that can function in various regulatory environments. This trend underscores the strategic necessity to limit legal risks associated with noncompliance, ensuring that firms can traverse the complex web of international data protection rules while being operationally efficient.
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Key Takeaways from the Consent Management Market Report:
- In 2023, the global market size stood at US$ 840.0 million.
- The consent management platform segment occupied 74.90% of the market shares in 2024.
- The large enterprise segment captured 27.10% of the market share in 2024.
- The market size in the United States is projected to rise at an 8.1% CAGR through 2034.
- The market size in Germany is anticipated to develop at a 10.9% CAGR through 2034.
- The market size in Japan is estimated to surge at an 11.2% CAGR through 2034.
- The market size in Australia is expected to thrive at a 13.2% CAGR through 2034.
“The consent management industry is influenced by legal changes, technical advances, and user expectations. Our findings highlight the strategic imperatives for firms to emphasize open data practices, harness AI for increased efficiency, adopt contextual consent models, traverse global legal complexity, and strike the correct balance between tradition and innovation. These variables will be critical in determining the success trajectories of enterprises in the consent management industry in the next years.” opines Sudip Saha, managing director at Future Market Insights (FMI) analyst.
Competitive Landscape
Key players in the consent management market’s competitive landscape provide a full range of solutions that solve the complex concerns of user permission, data transparency, and compliance with data protection legislation.
These leaders use their substantial resources, industry experience, and established customer bases to provide scalable, enterprise-wide solutions that address the diversified demands of significant businesses operating in a variety of industries.
Key Players in the Consent Management Market
- OneTrust
- TrustArc
- Cookiebot by Cybot A/S
- Quantcast Choice
- Crownpeak
- Didomi
- Usercentrics
- Piwik PRO
- TrustCommander
- CookieYes
Recent Developments Observed by FMI:
- In November 2023, InMobi, a leading provider of content monetization and marketing technologies that help businesses fuel growth, launched the InMobi Choice Consent Management Platform (InMobi CMP), a self-service solution designed to help publishers align with rapidly changing global privacy regulations.
- Rudderstack announced a fully integrated consent solution in October 2023 that works with both first-class permission solutions like OneTrust and custom-built systems.
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Consent Management Market Segmentation
By Solution:
- Consent Management Platform
- Consent Preference Management
- Compliance Management
- Cookie Consent Management
- Data Subject Rights Management
- Vendor Privacy Risk Management
- Privacy Assessments
- Others
By Services:
- Consulting Services
- Compliance Assessment and Audit
- Policy Development and Implementation
- Training and Education
- Data Mapping and Inventory
- Consent Lifecycle Management
- Incident Response and Management
- Vendor and Third-Party Management
- Others
By Deployment:
- Cloud
- On-Premises
By Enterprise Size:
- SMEs
- Large Enterprises
By Industry:
- Finance
- Manufacturing & Resources
- Distribution Services
- Services
- Public Sector
- Infrastructure
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
- Japan
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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