Global Consent Management Market SWOT Analysis To 2027 Lead By Consentmanager, Cybot, CIVIC, RAKUTEN MARKETING, Piwik PRO, Silktide, Crownpeak, TrustArc, OneTrust, Trunomi

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 by component is led by the software segment. Since, the advent of GDPR, a large number of changes were needed in the digital ecosystem. Business and website owners across the globe are faced with a completely new set of rules with regards to defining, collecting, as well as storing and using the personal data of the European residents and citizens. Under the stringent regulation laid down by the EU, companies are supposed to obtain consent from the EU-based users proactively. The content is necessary for the advertisers and marketers to process any European consume data. In addition to this, the businesses are also required to obtain separate consents for separate purposes and then ease the process of withdrawing the consent for the user. Also, there is a need for a certain level of transparency for the consent obtained.

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Some of the leading players in global market are Consentmanager.net, Cybot, CIVIC, RAKUTEN MARKETING, Piwik PRO, Silktide Ltd, Crownpeak Technology Inc., TrustArc Inc, OneTrust, LLC,
Trunomi Ltd.

Factors such as high year-on-year spending towards compliance and consent management solutions and growing advancements in technology are expected to fuel the consent management market growth during the forecast period. Factors such as continuous revision, addition, amendments in the existing consent management related legislation and guidelines by various government agencies is projected to drive the consent management market among developing economies. The European region, the government and BFSI sectors, are the major end-users poised to drive the market of consent management in this region during the forecast period. The increasing number of cyber-attacks and data breach incidences of the sensitive consumer data is driving the demand for security solutions as well as threat intelligence based function among consent management.

The consent management market is segmented on the end-user industry, i.e. retail, government, technology, financial services, healthcare, education, media & entertainment, and others. The BFSI segment is expected to hold a prominent market share during the forecast period. Consent management solution in the financial service sector enables the efficient management of customer preferences on data processing and change in consent settings. The vendor offers inbuilt review processes to ensure continued compliance. Data privacy is at high priority in the financial sector. Banks, financial institutions, and insurance companies manage a massive amount of sensitive and confidential data about their customers.

The global consent management market by deployment is led by cloud segment. The cloud-based uses exploit virtual technology in order to host the applications of enterprises offsite. Therefore, it is largely adopted by small and medium enterprises. Deployment of cloud eliminates capital related overheads, the feature of data back up on a regular basis is available, and also the companies are entitled to pay only for the resources they utilize. It is feasible for the enterprises which plan an expeditious expansion at a global scale, as the cloud has greater appeal to connect with more partners, clients, customers, and other businesses across the locations with minimum effort.

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This release was published on openPR.