Consent Management Services Market Expected to Expand at a Steady 2023-2030 | OneTrust, Quantcast, Cookiebot, iubenda, Trunomi, TrustArc, Crownpeak, Piwik PRO, BigID , and CIVIC, SAP SE

Software solutions called consent management services to give businesses the ability to track and record the consent that clients or other stakeholders have provided to process their personal data. With the help of these services, organisations can more effectively manage their compliance obligations by obtaining and storing customer or other stakeholder consent by the law. By 2030, it is anticipated that the global market for consent management services will be valued at $ 1,218.23 million, growing at a compound yearly growth rate of 18.1%.

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Customers' growing demands for data security and privacy, as well as the expansion of laws governing how businesses must manage consumer data, are the main drivers of this rise. The significance of consent management services, which enable businesses to retain customer data safely and in compliance, is highlighted by this anticipated rise.
Due to its widespread availability and ease of use, the web app category is anticipated to among the categories represent the greatest revenue share and increase at a rapid rate throughout the forecast period. The need for web-based consent management services is also being driven by the expanding requirement for organisations to comply with data privacy and security standards, as these services help ensure compliance with these regulations. The segment is expanding in part because of the rise of software-as-a-service (SaaS) providers of consent management services.

Due to its low cost and widespread availability, the cloud-based segment in the deployment mode is anticipated to experience the greatest CAGR throughout the projection period. Organizations without the technical resources or infrastructure to build and maintain on-premise systems favour cloud-based consent management services. Additionally, organisations may easily scale up or down their consent procedures thanks to the high scalability and flexibility offered by cloud-based consent management platforms.

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As per end users, the market for worldwide consent management services is predicted to develop significantly for both SMEs and large corporations. SMEs are using cloud-based services' scalability and affordability to meet their consent management demands. Large businesses, on the other hand, benefit from huge capital expenditures that allow them to implement on-premise solutions.

Due to the large concentration of cloud-based service providers and the growing uptake of consent management solutions by small and medium-sized businesses (SMEs) in this region, North America is anticipated to lead the consent management services market in terms of value. Because of this, SMEs in North America have invested a lot in utilising the scalability and affordability of cloud-based technologies to serve their consent management requirements.

The Canadian government and IBM Corporation established a strategic cooperation in January 2022 to create and implement cloud-based technologies for privacy and consent management. It is anticipated that the collaboration between IBM and the Canadian government would accelerate the uptake of cloud-based consent management systems in North America.

The Adobe Consent Platform, a cloud-based consent management tool that enables organisations to effectively manage and preserve user data, was introduced by Adobe Systems Incorporated in March 2022. The Adobe Consent Platform makes it easier to store user data and gives businesses more control over their compliance with data protection and privacy laws. IBM announced its collaboration with the Canadian government in January 2021 to promote the use of cloud-based consent management systems across North America.

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