The Global Consent Management Market size is expected to reach $1.2 billion by 2027, rising at a market growth of 21.9% CAGR during the forecast period. Consent management refers to the process, system, or set of compliances that enable customers and patients to decide the kind of health data they would like to permit their care providers to access. In addition, it allows consumers and patients to declare their participation in e-health initiatives and to set up consent directives to decide who can access their protected health information (PHI), for what objective, and under what situations. In addition, consent management helps in the dynamic management, creation, and enforcement of consumers, along with organizational & jurisdictional privacy policies.
In the present scenario, the world is witnessing stringent data privacy legislation across numerous countries. Several global companies or organizations are adopting cross-regulatory and cross-border compliance strategies to effectively work with the system. The increasing cases of individual data breaches across numerous sectors and growing privacy technology across the world are estimated to augment the demand for consent management solutions in the market. In addition, the companies operating in the consent management market are substantially adopting the consent management solution, and meeting the increasing demand and requirement for such solutions.
Factors like growing concerns related to the privacy of the customer and the increasing adoption of most of the regulations and policies regarding customers’ privacy are estimated to bolster the growth of the consent management market over the forecast period. Additionally, the increasing awareness of data compliance regulations, the growing demand of consumers to properly manage their preferences & consent, and the rising cases of data breaches and cyber-attacks would accelerate the growth of the market. Along with that, the high adoption rate of consent management platforms among publishers, the constant improvements in digital consent management platforms, and the growing adoption of GDPR & CCPA data privacy policies by numerous organizations around the world are projected to fuel the growth of the market over the forecast period.
The outbreak of the COVID-19 pandemic has impacted every sector of the business domain. The imposition of various restrictions like the travel ban, lockdown, and temporary ban on manufacturing units has negatively impacted various industrial sectors. The disruption caused by the pandemic has negatively impacted various manufacturing, technology, and service-based industries, in which the consent management market has also witnessed a decline in sales across the globe during the initial phase of the pandemic.
Digitalization is one of the fastest-growing concepts adopted across the globe. People and companies are highly preferring digital mediums to establish a communication bridge between them. Various online tools and platforms are enabling companies to reach out to their potential customers while retaining their existing customers. In addition, people have been shifting to the online mode of communication and online shopping during the pandemic, as a result increasing the popularity of these modes of communications. All these transactions and communications require the customer to add their sensitive data on these sites or apps, and thus, augment the demand for consent management solutions in the market.
With the rising awareness among enterprises regarding the importance of fulfilling all the regulatory compliances related to data collection and usage, the demand for consent management software has increased in the last few years. In addition, the introduction of various regulatory policies and compliances is also compelling enterprises to build a strong security system and thus, fueling the demand for consent management software and services.
There are several amendments carried out by the regulatory authorities from time to time, which makes it difficult for the companies to adhere to a specific law for a considerable time. The ongoing changes in different policies along with the introduction of various new regulations and compliances are restricting companies from adopting consent management solutions and thus, hampering the growth of the consent management market over the forecast period.
Based on Component, the market is segmented into Software and Services. The professional services are needed at the time of implementation and even after the deployment of the consent management software. In addition, professional services consist of implementation, consulting, and support & maintenance services. As these services are a bit complicated, service providers need to have high levels of technical knowledge, skills, and expertise. There are numerous consent management vendors that provide professional services & consulting on the basis of customer-specific needs.
Based on Deployment Mode, the market is segmented into On-premise and Cloud. The cloud deployment mode is estimated to procure the highest growth over the forecast period. Cloud-based software offers numerous features to handle data sets and re-organize them as needed for various customers or when regulatory compliances change. In addition, this mode is among the most preferred deployment mode for safeguarding web & mobile applications and is utilized by most Small and Medium-sized Enterprises (SMEs) since it is simple to manage and upgrade.
Based on Touch Point, the market is segmented into Mobile App and Web App. Numerous data points can be gathered by the publishers to assist advertisers provide more customized advertisements to the clients. Though, several customers are highly apprehensive about their privacy when they browse the internet and do not want to submit all the necessary information to the publishers to achieve a more customized experience.
| Report Attribute | Details |
|---|---|
| Market size value in 2020 | USD 315.6 Million |
| Market size forecast in 2027 | USD 1.2 Billion |
| Base Year | 2020 |
| Historical Period | 2017 to 2019 |
| Forecast Period | 2021 to 2027 |
| Revenue Growth Rate | CAGR of 21.9% from 2021 to 2027 |
| Number of Pages | 179 |
| Number of Tables | 323 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling |
| Segments covered | Component, Deployment Mode, Application, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
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| Restraints |
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Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. North America is expected to showcase a promising growth rate in the consent management market over the forecast period. The presence of various data privacy laws is estimated to fuel the growth of the regional market. In the US, there is no central federal level privacy law but the nation has various vertically-focused federal privacy laws, and the next generation of consumer-oriented privacy laws prevailing in the country.
Free Valuable Insights: Global Consent Management Market size to reach USD 1.2 Billion by 2027
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include OneTrust, LLC, Quantcast, Piwik Pro SA, TrustArc Inc, Cookiebot CMP (Cybot), Iubenda s.r.l, Trunomi, Crownpeak, BigID, Inc., and CivicUK.
By Component
By Deployment Mode
By Touch Point
By Geography
The global consent management market size is expected to reach $1.2 billion by 2027.
Growing digitalization across the world are driving the market in coming years, however, dynamic nature of the regulatory compliances have limited the growth of the market.
OneTrust, LLC, Quantcast, Piwik Pro SA, TrustArc Inc, Cookiebot CMP (Cybot), Iubenda s.r.l, Trunomi, Crownpeak, BigID, Inc., and CivicUK.
The software segment is estimated to dominate the consent management market over the forecast period.
The web app segment is anticipated to garner the highest market share over the forecast period. Web apps are wholly operated on the web browser. Users do not need to install and download this touchpoint on their local machine.
Europe is projected to garner the maximum share in the market over the forecast period. In the consent management market, Europe is the prominent region after enacting the GDPR and the mandating the data controllers to get consent prior to their collection and usage of personal information.
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