Consent Management Market Growth Outlook with COVID-19 Impact Analysis by 2027 - Silktide,Crownpeak Technology, TrustArc Inc, OneTrust, Trunomi

This report on 'Consent Management market' provides the analysis on impact on Covid-19 on various business segments and country markets. The report also showcase market trends and forecast to 2027, factoring the impact of Covid -19 Situation.

The Covid-19 (coronavirus) pandemic is impacting society and the overall economy across the world. The impact of this pandemic is growing day by day as well as affecting the supply chain. The COVID-19 crisis is creating uncertainty in the stock market, massive slowing of supply chain, falling business confidence, and increasing panic among the customer segments. The overall effect of the pandemic is impacting the production process of several industries including Technology, Media and Telecommunications, and many more. Trade barriers are further restraining the demand- supply outlook. As government of different regions have already announced total lockdown and temporarily shutdown of industries, the overall production process being adversely affected; thus, hinder the overall Consent Management market globally.

Consent Management Market to 2027 - Global Analysis and Forecasts by Component (Software and Service); Deployment Type (On-Premises, and Cloud); End Use Industry (Retail, Government, IT & Telecom, BFSI, Healthcare, Education, Media & Entertainment, and Others)

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The world, at present, is experiencing a stricter data privacy legislation across the global economies. Globally operating organizations have no options left but to adopt cross-border and cross-regulatory compliance strategies in order to operate efficiently. One of the major factor (s) that has drastically impacted the way companies interact with customers and uses customer's data is the General Data Protection Regulation (GDPR), a data privacy regulation enforced by European Union (EU) on May 2018. As per the GDPR, the organization across the globe must have to take consent of EU citizen whose personal data it wants to process. Apart from GDPR, there are various privacy laws that are prevailing across the globe like Brazil's Lei Geral de Prote�ao de Dados (LGPD) and California Consumer Privacy Act (CCPA) among others. Consent management platform and solutions help the website to meet the GDPR and compliance, by gaining user consent for collecting their data (and for further using it) during website visit via cookies. It also helps the websites to automate and smoothen the consent management process.

Key findings of the study:

Asia-Pacific countries are witnessing high year-on-year growth during the forecast period. In China, various government initiative for data privacy is leading towards the growth of consent management market. For instance, in January 2019, the Chinese government announced a new national standard on personal information protection. This standard offers a framework used to govern information and communication technology (ICT) industry in China. Thus, the growing operation of IT firms which requires protection from data breaches in China and with the continuous growth in China's economy the need for consent management is increasing.

In recent years, it has been noticed that several organizations across various industries have faced criticism on account of customer's data leakage. Customer information or data are prime resources of any organization and is securing the data is one of the critical tasks of every organization. However, in this digitalized era, the rise in cybercrime is constantly increasing, affecting various organization's brand value. Several organizations across industries have faced challenges in securing their customer's data from cyber hackers in recent years. These incidents have led various large organizations as well as small & medium enterprises to opt for consent management solutions to protect the information of their customers. This factor is helping the market players operating in consent management market to capitalize their customer base and revenues.

Effective from 25th May, the EU GDPR regulation was introduced to improve the protection of European data rights and also standardize the process of safeguarding these rights. However, GDPR is not the sole consent management regulation that the internationally operating organizations need to obligate by. There are various data privacy regulations that have emerged as a result of GDPR. For instance, the California Consumer Privacy Act (CCPA) of 2018, the policy was similar to that of EU - GDPR and was passed in September 2018. Although the changes are anticipated to take place before its enactment in the year 2020, the organizations are avidly looking for tools and solutions that would enable them to assess their readiness for the upcoming norms and regulations.

Strategic Insights

New market initiatives were observed as the most adopted strategy in global consent management market. Few of the recent consent management market initiatives are listed below:

2018: Rakuten Marketing launched a new consent management platform (CMP) for brands, advertisers and publishers, compliant with the IAB Europe / Tech Lab Transparency and Consent Framework and developed to-date within a DigiTrust (now IAB Tech Lab) working group.

2018: Piwik PRO introduced Consent Manager to its analytics and marketing platform, Piwik PRO Marketing Suite, to provide a simple path to GDPR compliance of online marketing activities.

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