Global consent management market size was US$ XX Bn in 2019 and is expected to reach US$ XX Bn by 2027, at a CAGR of 19% during the forecast period.
Global Consent Management Market
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Global consent management market Definition
Consent management is a platform, tool, process, set of policies or a system which is used to take consent from consumers or users to process their personal data anytime and anywhere. It also allows users to store and modify settings and gives them an ability to change and opt-out particular settings.
Global consent management market Dynamics
An increasing concern regarding privacy of the consumers and rising adoption of most comprehensive laws and regulations concerning consumer privacy is a major driving factor behind the growth of the market. Rising understanding of data compliance regulations, surging demand of consumers to manage their preferences and consent, growing data breaches and cyber attacks, ongoing advancements in digital consent management platform, escalating adoption rate of consent management platform among publishers and increasing adoption of GDPR and CCPA data privacy policies by the various companies across the globe are expected to improve growth of the market during the forecast period. In addition, rising demand of consent management platform to perform activities such as processing of personal data, overseas transfer of data and automated decision making is ultimately propelling the growth of the market.
However, dynamic and ever changing regulatory scenery and availability of alternative open consent management platforms and vendors are major restraining factors that could hinder the expansion of the market.
Global Consent Management Market: Segmentation Analysis
By touchpoint, the web app segment dominated the market in 2019 and is projected to witness fast growth at a CAGR of XX% during the forecast period. Increasing adoption of consent management platform to give privacy to the user’s data on the web applications is attributed to the growth of the market. A number of web browsers are required to run the various web applications. There is a no need to install and download web application touchpoints on the individual device of the end user. Web browsers are basically used to open different websites and to search many different concepts and terms. Thus, increasing need of consumer privacy while browsing the internet and to gain better experience is making more demand of consent management tools for web app touchpoints.
Global Consent Management Market: Regional Analysis
Region-wise, Europe held the largest market share in 2019 and is expected to maintain its dominance at a CAGR of XX% during the forecast period. The UK, Germany, Spain, Italy, and France are the major key contributors behind the growth of the market. The growth is attributed to the rising introduction of stringent laws and regulations by the European Union’s General Data Protection Regulation (GDPR) to protect consumer data across the Europe.
MMR study found that, on 25 May 2018, the EU GDPR has come into force and restructured the data privacy landscape across the Europe. GDPR is basically intended to provide consumers or individuals better transparency and control over their private data and to allow businesses to accomplish legalized processing of personal data. Also in Nov 2019, IAB Europe has launched its Consent Management Platform (CMP) validator testing tool to assist various companies to comply with European data protection and privacy laws, which is further expected to improve growth of the market in the coming years.
However, North America is projected to witness fast growth at a CAGR of XX%. The US and Canada are dominating the market in the region. Increasing mandatory rules by GDPR and CCPA to adopt consent management platforms (CMPs) in various businesses in the U.S to provide control, choice and consent to their online customers, to satisfy compliance needs is impelling the growth of the market in NA region. For instance, on January 1, 2020, the California Consumer Privacy Act (CCPA) came into force with the most stringent laws on consumer privacy regulations in the United States.
The objective of the report is to present a comprehensive analysis of the Global Consent Management Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Consent Management Market dynamics, structure by analyzing the market segments and projects the Global Consent Management Market. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Consent Management Market make the report investor’s guide.
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Global Consent Management Market, By Component
Global Consent Management Market, By Touchpoint
• Mobile App
• Web App
Global Consent Management Market, By Deployment Mode
Global Consent Management Market, By Organization Size
• Large Enterprises
• Small and Medium-sized Enterprises (SMEs)
Global Consent Management Market, By Region
• North America
• Asia Pacific
• South America
• Middle East and Africa
Global Consent Management Market, Key Players
• OneTrust, LLC
• Trunomi Ltd
• TrustArc Inc
• Crownpeak Technology, Inc
• Piwik PRO
• BigID, Inc
• SAP SE
• HIPAAT International Inc
• Osano, Inc
• Otonomo Technologies Ltd
• Verizon Media
• PossibleNOW, Inc
• Usercentrics GmbH
• Rakuten, Inc
South America & MEA
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