Consent Management Market to 2027 - Global Analysis and Forecasts by Component; Deployment Type; End Use Industry
NEW YORK, June 26, 2019 /PRNewswire/ --
The global consent management market was valued at US$ 85.60 Mn in 2018 and is expected to reach US$ 717.57 Mn by 2027 with a CAGR growth rate of 26.9% in the forecast period. The global consent management market has witnessed some profound changes in the owing to growing awareness towards data compliance, and majorly the advent of the GDPR legislation by the European Union (EU). Rising internet users and digitization initiatives have led to numerous businesses dependent upon digital content. The digital opportunity had been effectively led by individual companies who revolutionized the concept of data management through the internet. Monetization of data obtained through the internet led to numerous revenue streams for advertisement and marketing companies, however, caused troubles to the users who shared data.
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There is a rapid boom in the privacy technology market in recent years fueling consent management market.The number of vendors for consent management market is continuously increasing in the past years.
The marketplace of privacy technology has increasingly become a dynamic ecosystem.More than 800 companies provide consent management owing to the new compliance requirements by the GDPR.
Technology plays a crucial role in contemporary consent management. There is an uptick in the usage of privacy technology; also, the overall privacy budgets are increasing every year.
The consent management market by deployment type is segmented into on premise and cloud.Further, the companies that are planning to make substantial investments in consent management are expected to swiftly shift towards the modern platform by adopting either multi-tenant or cloud-based solutions.
The adoption of on-premises or cloud-based consent management is also highly influenced by the willingness of the companies to switch to novel vendors offering advanced consent management solutions.Apart from the large enterprises, various small and medium enterprises in the region are also adopting consent management solutions.
This trend is predominantly driven by the presence of a new category of cloud-only solutions, which are providing affordable as well as free subscription based models with quick setup. In the year 2018, the global consent management market experienced massive growth in the adoption of consent management by small and medium businesses.
Europe, consent management market, is recognized for being the region with significant penetration of consent management solution.The region is a hub of technological developments that compliances with economically robust countries.
Thus, more than half of internet users in Europe are more concerned with their online safety and consent than before.This is mainly attributed to the region's ability to remain digitally advanced with customer-centric businesses.
Also, as the service sector dominates the market, consumer data is the most crucial asset of the majority of companies operating in the region.Many of the US states have passed legislation and introduced the expansion of data breach notification rules and replicated some of GDPR's protection policies.
Similar to the European counterparts, these laws intend to offer better control and transparency over the personal data of the consumers. These factors are expected to drive the consent management market in North America.
The key players of consent management market are Consentmanager.net, Cybot, CIVIC, RAKUTEN MARKETING, Piwik PRO, Silktide Ltd, Crownpeak Technology, Inc., TrustArc Inc., OneTrust, LLC, and Trunomi Ltd.
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